1. Ulusal Uygulamalı Etik Kongresi Bildiriler Kitabı (pdf fotrmatında)
Transkript
1. Ulusal Uygulamalı Etik Kongresi Bildiriler Kitabı (pdf fotrmatında)
8/86$/ 8<*8/$0$/,(7ù..21*5(6ù .ù7$%, .LWDEÖQ+D]ÖUODQPDVÖQD.DWNÖGD%XOXQDQODU 0XUDW$UÖFÖ6HOPD$\GÖQg]OHP%DUÖQ$EUHN&DQERODW&LKDQ&DPFÖ 6LQDQ.DGLUdHOLN(OLIdÖUDNPDQ(UGHPdLIWoL&H\ODQdL]PHOL/HYHQW'RøDQ 2QXU(UWXøUXOúDKDQ(YUHQ$KPHW(\LP3ÖQDU*HQo%LODO*O(PUDK*QRN &HP.DP|]W$\ûH.DUDRøOX6LEHO.LEDU(OoLQgQGHU*QFHOgQNDO g]JHgQHQOL6HQHPg]\UHN'HQL]6R\VDO=HKUD7DKWDNÖOÖo &H\GD%DûDN7DQ(UGHP7DQHUùVNHQGHU7DûGHOHQ (+DQGH7XQD(UD\<DøDQDN6LUHO<HOPDQ (PHN<ÖOGÖUÖP3H\PDQ<ÖOGÖ] 7h%$·QÖQNDWNÖODUÖ\OD\D\ÖPODQPÖûWÖU 2FDN .DSDNYH'L]JL 6RQHU6R\VDO LLL 7(ú(..h5 8OXVDO 8\JXODPDOÖ (WLN .RQJUHVL QLQ WP PHVOHNOHUGHQ GûQUOHULPL]LQ WRSOXPVDO \DûDPÖPÖ]D LOLûNLQ HWLN VRUXQODUÖ HQ JHQLû NDWÖOÖPOD WDUWÖûPDODUÖQÖ VDøOD\DUDN |QHPOL ELU GHøHU ELOJLVL ELULNLPL \DUDWPD\Ö EDûDUGÖøÖQÖ GûQ\RUX] %X NLWDSOD GD NRQJUHPL]LQ ELULQFL JQ DoÖOÖû NRQXûPDODUÖ YH SDQHOOHUGHNL WDUWÖûPDODUÖQ WDPDPÖ LOH VXQXOPXû ELOGLULOHULQ oRøXQX ELU DUD\D JHWLUHUHN EX ELULNLPL NDOÖFÖ NÖOPD\Ö DPDoODPDNWD\Ö] 8OXVDO 8\JXODPDOÖ (WLN .RQJUHVL QLQ JHUoHNOHûPHVLQGH GHVWHNOHULQL HVLUJHPH\HQ 5HNW|UP]3URI'U8UDO$NEXOXW5HNW|U<DUGÖPFÖODUÖPÖ]3URI'U0HKPHW8WNX 3URI 'U &DQDQ dLOLQJLU 3URI 'U $KPHW $FDU 3URI 'U )DWRû <DUPDQ 9XUDO YH 3URI 'U 1H]LK *YHQ·H PLQQHWWDUÖ] $\UÖFD EL]H GHVWHNOHULQL HVLUJHPH\HQ )HQ (GHEL\DW)DNOWHVL'HNDQÖ3URI'U0HKPHW7RPDN·DVRQVX]WHûHNNUOHU .RQJUHPL]GHNL SDQHOOHULQ G]HQOHQPHVLQGH \DUGÖPÖQÖ HVLUJHPH\HQ 6D\ÖQ 1XUL dRODNRøOX·QD YH NDWNÖODUÖQGDQ GROD\Ö 3URI 'U &DQDQ g]JHQ YH 6(0 %DûNDQÖ 3URI 'U+VH\LQ9XUDO DWHûHNNUELUERUoELOLUL] .RQJUHQLQ G]HQOHQPHVLQGH YH NLWDEÖQ KD]ÖUODQPDVÖQGD NLWDEÖQ LON VD\IDVÖQGD DGODUÖQÖ VÖUDODGÖøÖPÖ] oRN VD\ÖGD DUDûWÖUPD J|UHYOLPL] YH |øUHQFLPL]LQ SDKD ELoLOPH] NDWNÖODUÖ ROPXûWXU %X GHøHUOL GRVWODUÖPÖ]ÖQ \DQÖ VÖUD NRQJUHQLQ G]HQOHQPHVLQGH E|OPP]Q GLøHU WP |øUHWLP \HOHUL YH DUDûWÖUPD J|UHYOLOHULQLQ GHVWHNOHULQL GH XQXWDPD\Ö] %|OP 6HNUHWHULPL] 6D\ÖQ /H\OD ùSHN YH ùGDUL ùûOHU 0HPXUXPX] 6D\ÖQ )DLN7XQo XQ\DUGÖPODUÖQÖGDDQPDGDQJHoHPH\L] 6RQ RODUDN .RQJUH .LWDEÖQÖQ EDVÖOPDVÖQD PDGGL GHVWHN VDøOD\DQ 7UNL\H %LOLPOHU $NDGHPLVL QHûNUDQODUÖPÖ]ÖVXQX\RUX] ùdù1'(.ù/(5 7(ú(..h5 LLL *LULû3URI'U$NÖQ(UJGHQ 8\JXODPDOÖ(WLN1H7U%LU%LOJLùoHULU" $d,/,ú.218ú0$/$5, 2'7h)HOVHIH%|OP%DûNDQÖ3URI'U$NÖQ(UJGHQ·LQ$oÖOÖû.RQXûPDVÖ 2'7h5HNW|U<DUGÖPFÖVÖ3URI'U0HKPHW8WNX·QXQ.RQXûPDVÖ 'HYOHW%DNDQÖ<ÖOPD].DUDNR\XQOX·QXQ.RQXûPDVÖ 3URI'UùRDQQD.XoXUDGL·QLQ.RQXûPDVÖ 0('<$(7ù÷ù3$1(/ù 3DQHO <|QHWLFLVL 1XUL dRODNRøOX 3DQHOLVWOHU 'DYLG %HUFKDUG 2NWD\ (NûL 0XVWDID *|]DODQ1XUL.D\Öû$\GÖQ6H]JLQ 7(5g56ù<$6(7ùú'h1<$6,9((7ù.3$1(/ù 3DQHO<|QHWLFLVL$NÖQ(UJGHQ3DQHOLVWOHU$KPHWùQDP.D\D*YHQo2UKDQ%LUJLW8OXo *UNDQ&HQJL]*OHo'RøX(UJLO+LNPHW8OXøED\ %ù/'ù5ù/(5 (PHO%DûWUN$NoD )RWRøUDIÖQ´$U]X1HVQHVLµ2ODUDN.DGÖQ%HGHQL+DEHU)RWRøUDIÖQÖQ0DQWÖøÖh]HULQH%LU 7DUWÖûPD 6HPLKD$NÖQFÖ ùQVDQ+DNODUÖYH'HPRNUDVL (PHO$N|]HU 6L\DVHWLQYH(WLøLQ(VWHWLNOHûWLULOPHVL<HûLOOHûWLULOPHVLh]HULQH %HUQD$UGD ´ùû$KODNÖµ$oÖVÖQGDQ7ÖS1HUHGH\L]"1HUH\H*LGL\RUX]" =DNLU$YûDU 0HG\DGD.ODVLN(WLN.RGODU%LUùOO]\RQPX" (UGHP$\GÖQ 7ÖS(WLøLQGH7HPHOùONHOHU ùQD\HW3HKOLYDQ$\GÖQ (øLWLPYHgøUHWLPGH(WLN %DVUL%DUXW 7UN%DVÖQÖQGD(WLN 9DKLW%ÖoDN 'HPRNUDWLN7RSOXPGD3ROLV(WLøL úHEQHP%LOJHW 0HG\DGD(WLN6RUXQODUÖQd|]PQGH$YUXSD0HG\D3ODWIRUPODUÖQGD2OXûWXUXODQgQHULOHU YH<DVDO(QVWUPDQODUGDNL'XUXP 6DEUL%\NGYHQFL $KODN(QGVWULVL (UGDO&HQJL] $KODN<DUJÖODUÖ0HûUX<DUJÖODUPÖGÖU" <DVLQ&H\ODQ .UHVHOOHûPH6UHFLQGH(WLN6RUXQODU 6DUDdHOLN 'HøHU<DUJÖODUÖQGDg]QHOOLN1HVQHOOLN7DUWÖûPDVÖh]HULQHELUùQFHOHPH 1HVULQdREDQRøOX +DVWDQH<|QHWLPLQLQ+HNLP²+DVWDùOLûNLVLQH0GDKDOHVLQLQ(WLN%R\XWODUÖ 0XVD'RøDQ dHYUH(WLøLYH%L\RORMLNdHûLWOLOLN +DOXN(UGHP %LUùQVDQ+DNNÖ2ODUDN<DûDPD+DNNÖYH6RUXQODUÖ 6HUYHW*|]HWOLN 6WRDFÖODUGD(UGHPgøHVL2ODUDN$PSLULN%LU'HQHPH 'DYLG*UQEHUJ 8\JXODPDOÖ(WLNYH$ULVWRWHOHV·WH(WLN5HWRULNùOLûNLVL .H]EDQ*OHU\] 6DQDWYH(WLN $OL+DOÖFÖ (WLN.RQXVXQXQ7UN%DVÖQ<D]ÖPÖQGD7HPHO$ODQODUD<|QHOLN(OH$OÖQÖû6ÖNOÖøÖ 6HYJLù\L dDøÖPÖ]GDYH(WLNWH%XQDOÖP 1XUWHQ.DUD *D]HWHFLOHULQ.OWUHOYH6L\DVDO$UNDSODQODUÖQÖQ+DEHU6HoLPOHULh]HULQGHNL(WNLVL 6LEHO2NWDU (NRQRPLN.UL]LQLQùû(WLøLQGH$oWÖøÖ2ODQDNODU$ODQÖ 1LPHWgQUYH$\ûHdDWDOFDOÖ 0HG\D3ROLWLNDODUÖQÖQ'HPRNUDWLNOHûPHVL6UHFLQGH.UHVHOYH8OXVDO0HG\D8]DPODUÖQGD (WLNùNL].XOHOHUgUQHN2OD\Ö <DPDQgUV 8\JXODPDOÖ(WLN8\JXODPDVÖ](WLNYH)HOVHIH<DSPDQÖQ(WLøL ùEUDKLPg]GHPLU 'RøD\Ö´(YLPL]µ2ODUDN$OJÖODPDN1HR.RQIo\VoOøQdHYUH(WLøLh]HULQH %HGUL\H,ûÖNg]ND\D 0HG\DGD(WLNùONHOHULQ.XUXPVDOODûPDVÖ +DIL]Hg]WUN 7ÖSWD$\GÖQODWÖOPÖû2QDPgøUHWLVL%DøODPÖQGD+HNLPLQ5RO +DNDQ3R\UD] 0DVDOGDQ'HYOHWHùOHWLûLP(WLøLYH'HYOHW)HOVHIHVL$oÖVÖQGDQ%LU0DVDO2NXPD'HQHPHVL úNUDQ6HYLPOL 7ÖEEL6RV\DO+L]PHW(WLøL 0HKPHWúDKLQ (QIODV\RQYH(WLN 'HPHW7DûGHOHQ 7RSOXPD8\XP6DøODPDNPÖ*HUoHNOLøL$QODPDNPÖ" 1HûHW7RNX 0RGHUQLWHYH(WLN (UVLQ7|UHFL1HFGHW.HVPH]YH7XQFHUhQH\ %LOLûLP7HNQRORMLVLùQWHUQHWYH(WLN 6DGÖN7XPD\ )RWRøUDILN*|UQWhVWQGHQ(WLN7DUWÖûPDODU *OL]8OXo 7UN0HG\DVÖQGD(WLN6RUXQODUgUQHN2OD\ODUYHgQHULOHU 3ÖQDU8\DQ 9DWDQVHYHUOLN*HUHNHQGHQ)D]ODVÖ +DVDQhQGHU 8\JXODPDOÖ(WLN3DQPRUDOL]P $OHPGDU<DOoÖQ <]\ÖOGD(WLN.DYUDPÖQÖQgQHPLQLQ$UWPDVÖQD1HGHQ2ODQ*HUHNOLOLNOHU $VOÖ<D]ÖFÖ $KODNL'HøHUOHQGLUPHGH*HQHOùONHOHUPL<RNVD7HNLO'XUXPODUPÖgQFH*HOLU" 6HGDW<D]ÖFÖ gWHQD]LYHgOP2UXFX úDKLQ<HQLûHKLUOLRøOX 'RøDGDg]JUON(ûLWOLNYH$KODN<RNWXU (./(5 (.2'7h)HOVHIH%|OP8\JXODPDOÖ(WLNWHùNLQFL(øLWLP7H]VL]<NVHN/LVDQV 3URJUDPÖ (.2'7h8<(7$08\JXODPDOÖ(WLN$UDûWÖUPD0HUNH]L$PDoODUÖ (.2'7h8<(7$06(0ùûELUOLøLLOH<UWOHQ0HG\D(WLøL6HUWLILND3URJUDPÖ *LULû 8\JXODPDOÖ(WLN1H7U%LU%LOJLùoHULU" 3URI'U$NÖQ(UJGHQ 7KLV ZDV RXU SDUDGR[ QR FRXUVH RI DFWLRQ FRXOG EH GHWHUPLQHG E\ D UXOH EHFDXVH HYHU\ FRXUVH RI DFWLRQ FDQ EH PDGH WR DFFRUG ZLWK WKH UXOH 7KH DQVZHU ZDV LI HYHU\WKLQJFDQEHPDGHWRDFFRUGZLWKWKH UXOH WKHQ LW FDQ EH PDGH RXW WR FRQIOLFW ZLWK LW 6R WKHUH ZRXOG EH QHLWKHU DFFRUG QRUFRQIOLFWKHUH /:LWWJHQVWHLQ 3KLORVRSKLFDO ,QYHVWLJDWLRQV SDU , ´8\JXODPDOÖ (WLNµ NDYUDPÖ DGÖ LFDEÖ HWLøLQ |øUHQLOHELOHFHøL |øUHWLOHELOHFHøL YDUVD\ÖPÖQGDQ \ROD oÖNDU %X GD HWLøLQ ELU WU ELOJL ROGXøXQX NDEXOOHQPHN GHPHNWLU %XUD\D NDGDU KHU ûH\ \ROXQGD $QFDN HWLøLQ QH WUGHQ ELU ELOJL ROGXøX VRUXOGXøXQGD LûOHUNDUÖûÖU*HQHORODUDNHøLWLPLQLoLQGHHWLøLQ\HULVRUXOGXøXQGDLûOHUGDKDGDNDUÖûÖU %XVRQVRUX\D\DQÖWYHUHELOPHNLoLQELU|QFHNLQH\DQL HWLøLQQHWUELUELOJLROGXøXQD NDUDU YHUPHN JHUHNLU %X \D]Ö X\JXODPDOÖ HWLøLQ LoHUGLøL \D GD LoHUPHVL JHUHNHQ DGÖQD ´HWLNJUDPHULµGHGLøLPELOJLWUQHNÖVDELUJLULûQLWHOLøLQGHGLU 8\JXODPDOÖ HWLN ´HWLNµ V|]FøQQ |QQH ´PHG\Dµ ´ELRµ ´VL\DVHWµ ´WÖSµ ´PHVOHNµ YE JHWLULOHUHN ROXûWXUXODQ SHN oRN DODQÖ LoHUHQ ELU NDYUDPGÖU %|\OHFH PHG\DHWLøLELRHWLNWÖSHWLøLLûHWLøLJLELNDYUDPODUODLIDGHHGLOPHNLVWHQHQûH\RQODUÖQ EHOOL ELU WRSOXPXQ HWLN JUDPHUL EWQQQ SDUoDODUÖ ROGXøXGXU 8\JXODPDOÖ HWLN JUDPHUL NDPXVDO DODQGD ROXûDQ \D GD VUHNOL ELU ELoLPGH ROXûDJHOHQ EX SDUoDODUÖQ EWQQ LIDGH HGHU %X DQODPGD HWLN JUDPHUL NDPXVDO DODQÖQ LVNHOHWLQL \D GD WXWNDOÖQÖ ROXûWXUXU 'RøUXOXN GUVWON RQXU JYHQ JLEL HWLN GHøHUOHULQ JOREDO YH WRSOXPVDO NDPXVDO DODQODUGDQ GÖûODQÖ\RU ROPDVÖ RQODUÖQ |]HO \D GD LQDQoVDO DODQD KDSVHGLOPHVL HWLN JUDPHULQLQROXûDPDGÖøÖJHUoHøLQLQELUEDûNDELoLPGHLIDGHVLGLU 8\JXODPDOÖHWLNJUDPHULNDYUDPÖQGDJHoHQ´JUDPHUµV|]FøQGHQQRUPDOGHDQODûÖODQ VDELW D SULRUL |QFHGHQ EHOLUOHQPLû NXUDOODU EWQQ &KRPVN\ NDVWHWPL\RUXP *UDPHU NDYUDPÖ JHQo :LWWJHQVWHLQ·ÖQ DQODGÖøÖ ELoLPGH ELU NXUDOODU EWQGU DQFDN EX NXUDOODU |QFHGHQ EHOLUOHQPLû WHSHGHQ LQPH YD]HGLOPLû DSULRUL X]DNWDQ LGDUH HGHQ NXUDOODU GHøLOGLU *UDPHU V|]Fø ROJXODUÖQ GRøUXODUÖQ GHøHUOHULQ NDPXVDO DODQ LoLQGHNL \DUDWÖOÖû ROXû D\UÖûPD \HQLGHQ G]HQOHQPH \RNROXû WHNUDU RUWD\D oÖNÖû YE VUHoOHULQL LIDGH HGHU %X VUHoOHU \DQL HQ JHQHO DQODPGD WRSOXPVDO JUDPHU ROXûXPX ELUH\OHULQ NDPXVDO DODQGD \DSWÖNODUÖ LûOHU V|\OHGLNOHUL V|]OHU R\QDGÖNODUÖ GLO R\XQODUÖ ELOLQoOL \D GD ELOLQoVL] NDUDUODUÖ WXWWXUGXNODUÖ FDQOÖ PHWDIRUODU NÖVDFDVÖ V|\OHPVHO GLVFXUVLYH YH V|\OHPVHO ROPD\DQ QRQGLVFXUVLYH SUDWLNOHULQLQ \DûDPD ELoLPOHUL IRUPV RI 2'7h)HOVHIH%|OP 8OXVDO8\JXODPDOÖ(WLN.RQJUHVL OLIH/HEHQVIRUPHQRODUDNNXOODQÖPWDU]ODUÖQÖPRGHG·HPSORLLIDGHHGHU%XUDGDELUROJX\X ´JHUoHN ROJXµ ELU GHøHUL ´JHUoHN GHøHUµ ELU GRøUX\X ´JHUoHN GRøUXµ ELU HøUL\L ´JHUoHN HøULµ RODUDN J|VWHUHQ |QFHGHQ EHOLUOHQPLû ELU FHWYHO ELU WHUFPH HO NLWDEÖ YV \RNWXU %XUDGD QH YDUGÖU" %XUDGD JHo :LWWJHQVWHLQ·LQ \DûDPD ELoLPOHUL IRUPV RI OLIH /HEHQVIRUPHQGHGLøLoHUoHYHYHDUNDSODQ \DSÖSHWPHOHULSUDWLNOHULYDUGÖU%LUGRøUX\XELU GHøHUL ELU ROJX\X DQODPDPÖ]Ö VDøOD\DQ ELU oHUoHYH IUDPHZRUN YH ELU DUNDSODQ EDFNJURXQGGÖUdHUoHYH\XNDUÖGDVD\GÖøÖPV|\OHPVHOYHV|\OHPVHOROPD\DQSUDWLNOHULQ |QHUPHVHO ELOJL G]H\LQH oÖNDQ EX G]H\GH LIDGH HGLOHELOHQ NÖVPÖQÖ DUNDSODQ LVH EX SUDWLNOHUL DQODPODQGÖUDQ DQFDN ELOJLQLQ DUNDVÖQGD KHQ] ELOJL ROPD\DQ DPD ELOJL\L PPNQ NÖODQ NÖVPÖQÖ LIDGH HGHU (WLN JUDPHUL LûWH EX HQ JHQHO DQODPGD LIDGH HWWLøLPL] WRSOXPVDO JUDPHULQ HWLNOH LOJLOL RODQ SDUoDVÖGÖU %X SDUoD GRøDO RODUDN JHQHO DQODPGDNL WRSOXPVDO JUDPHUGHQ VR\XWODQDPD] %X VR\XWODPD\Ö EL]OHU \DQL IHOVHIHFLOHU YHWRSOXPELOLPFLOHUHøLWLPYHDUDûWÖUPDDPDFÖ\OD\DSDUÖ] %|\OH ELU VR\XWODPD VRQXFXQGD ELUNDo NDYUDP E\WHo DOWÖQD DOÖQDELOLU %X NDYUDPODUGDQ EX \D]Ö oHUoHYHVLQGH ûXQODU |Q SODQD oÖNÖ\RU HøLWLP HWLN JUDPHU NXUDO oHUoHYHYHDUNDSODQ ,, (øLWLPL HQ JHQLû DQODPGD LQVDQÖ GRøXPGDQ |OPH NDGDU HWNLOH\HQ HøLS ENHQ ELU ûHNOH VRNDQ ELU VUHo RODUDN DOJÖOÖ\RUXP (WLN LVH LQVDQÖQ ´QH \DSPDOÖ\ÖP QDVÖO \DûDPDOÖ\ÖPµ VRUXVXQD YHUGLøL YHUPH\H oDOÖûWÖøÖ VLVWHPDWLN \DQÖWWÖU (øLWLP YH HWLN DUDVÖQGDNL EX DoÖN YH ]RUXQOX LOLûNL\L 6RNUDWHV·LQ ´.HQGLQL WDQÖµ V|] oRN J]HO LIDGH HGHU(øLWLPNÖVDFD\DûDPER\XVUHQKLoELWPH\HQHWLNELUNHQGLQLWDQÖPDVUHFLGLU ùNLQFL RODUDN 6RNUDWHV·LQ ELU EDûND V|] EL]H HøLWLP HWLN LOLûNLVLQLQ SDUDGRNVDO QLWHOLøLQL J|VWHULU6RNUDWHVN|W VRILVWOHUGHQ NHQGLQL D\ÖUPDN LoLQ KHU ]DPDQNL LURQLN WDYUÖ\OD N|W VRILVWOHUGHQ GDKD ´HUGHPOLµ ROGXøXQX ]LUD KLo GHøLOVH NHQGLVLQLQ ´KHU ûH\L ELOPHGLøLQL ELOGLøLQLµ VRILVWOHULQ LVH KHU ûH\L ELOGLNOHULQL ]DQQHWWLNOHULQL V|\OHU (øLWLPEXDQODPGD|PUER\XVUHFHNRODQELU´NHQGLQLWDQÖ\DPDPDµVUHFLGLUGH hoQF RODUDN HøLWLP YH HWLN LOLûNLVLQLQ SDUDGRNVDO ELU GLøHU ER\XWXQX 6RNUDWHV HUGHPLQ ´|øUHQLOHPH] |øUHWLOHPH]µ ELU ûH\ ROGXøXQX V|\OH\HUHN YXUJXODU (WLN YH HøLWLP LOLûNLVLQGHNL EX SDUDGRNVX $ULVWRWHOHV (WKLFD 1LFKRPDFKHD DGOÖ HVHULQGH HWLN ELOJLQLQ SKURQHVLV ´|øUHQLOHPH]µ ´|øUHWLOHPH]µ ´XQXWXOPD]µ ELU WU ELOJL ROGXøX ûHNOLQGH LIDGH HGHU ´3UDWLN HUGHPµ RODUDN EDWÖ GLOOHULQH oHYULOHQ SKURQHVLV·L EHQ ´HWLN ELOJLµ RODUDN oHYLUL\RUXP YH ELOLûVHO NDWHJRULOHUOH LIDGH HGLOHPH\HQ ORJRV ROPD\DQ EX ELUWXKDI´ELOJLµ\LGHHøLWLPVUHFLQLQKHPELUHUHøLWHORVKHPGHELUEDûODQJÖoQRNWDVÖ RODUDN J|U\RUXP $ULVWRWHOHV HWLN ELOJL\L DNOÖQ oRN |]HO ELU NXOODQÖP ELoLPL RODUDN EHWLPOHU (WLN ELOJL DNOÖQ NXUDPVDO NXOODQÖPÖQGDQ HSLVWHPH IDUNOÖGÖU ]LUD R GHøLûHELOHQLQ ROXPVDOÖQ ELOJLVLGLU $QFDN HWLN ELOJL GHøLûHELOHQLQ ELU WU ELOJLVL RODQ KHVDS NLWDSOD LOJLOL RODQ WHNQRNUDWWHNQLV\HQ]DQDDWNDUPKHQGLVLQ ELOJLVLQGHQ WHFKQH GHIDUNOÖGÖU7HFKQHLOHSKURQHVLV·LQRUWDN\DQÖLNLVLQLQGHELUWUELOJLYHGHQH\LPL\DSÖS HWPHOHUL LoHUPHVLGLU $QFDN WHFKQH·GH EX \DSÖSHWPHOHUGH EXOXQDQ LQVDQ PDUDQJR] PLPDU N|SHN HøLWLFLVL 79 SURJUDPFÖVÖ YE \DSÖS HWPHOHULQL |QFHGHQ EHOLUOHQPLû KHVDS NLWDS NXUDOODUÖQD J|UH JHUoHNOHûWLULU %X KHVDS NLWDS NXUDOODUÖ LOH RUWD\D oÖNDUÖODQ HVHU DUDVÖQGD KHP PDQWÖNVDO KHP GH ]DPDQVDO DQODPGD ELU ´|QFHOLNµ ´VRQUDOÖNµ V|] NRQXVXGXU %XUDGD NXUDOODU \DSÖS HWPHOHUL :LWWJHQVWHLQ·ÖQ WDELUL\OH ´X]DNWDQ LGDUH HGHUµ %XQD NDUûÖ SKURQHVLV·WH ´NXUDOODU X]DNWDQ LGDUH HWPH]OHUµ %XQODUÖQ QH ROGXøX DûDøÖGD WDUWÖûÖODFDN (WLN \DSÖS HWPHOHULPL]GH HWLN NXUDO LOH HWLN NDUDUHGLP DUDVÖQGD $NÖQ(UJGHQ³8\JXODPDOÖ(WLN1H7U%LU%LOJLùoHULU" PDQWÖNVDO \D GD ]DPDQVDO ELU ERûOXN \RNWXU SKURQHVLV VDKLEL LQVDQ 3KURQLPXV VRPXW ELU GXUXP NDUûÖVÖQGD ´GRøUX RODQ ûH\L \DSDQµ LQVDQGÖU 3UDWLN HUGHP VDKLEL LQVDQ |QFHGHQ EHOLUOHQPLû NXUDO NXUDPODUÖ VRPXW GXUXPODUD X\JXOD\DQ LQVDQ GHøLOGLU 7HFKQH ELOJLVLQGH ELU ûH\LQ NXUDOODU SURJUDPODU SURMHOHU YE ELU EDûND ûH\H DKûDED WDûDN|SHøHYEX\JXODQPDVÖV|]NRQXVXGXU7HFKQHLOH3KURQHVLVDUDVÖQGDNLGLøHUIDUNODUÖ |øUHQPHN LVWH\HQ RNX\XFXODU \XNDUÖGD YHUGLøLPL] QXPDUDOÖ GLSQRWXQGDNL $ULVWRWHOHV·LQ HVHULQL RNX\DELOLUOHU %HQLP EX \D]ÖGD YXUJXODPDN LVWHGLøLP ûH\ HWLN ELOJLQLQ NXUDOODUOD RODQ SDUDGRNVDO LOLûNLVL YH EX LOLûNLQLQ HøLWLP EDøODPÖQGD ELUD] GHûLOPHVLGLU 'HUGLPL ELU EDûND DoÖGDQ V|]H G|NHOLP ´(WLN HøLWLPLQLQ NXUDOODUOD KLo LOLûNLVL \RN PXGXU"µ VRUXVX 6RNUDWHV·LQ ´IHOVHIH |øUHWLOHPH]OLøLµ \D GD $ULVWRWHOHV·LQ ´(WLN ELOJHOLøLQ |øUHWLOHPH]OLøLµ SDUDGRNVXQD EHQ]HU 6RUXODUD \DQÖW KHP ´HYHWµ KHP ´KD\ÖUµGÖU +D\ÖU HWLN HøLWLPLQ NXUDOODUOD KLo LOJLVL \RNWXU +D\ÖU HWLN ELOJHOLN |øUHWLOHPH] +D\ÖU IHOVHIH |øUHWLOHPH] %X o VRUX\D GD \DQÖW ´KD\ÖUµ GÖU ûD\HW HWLN ELOJL\L HWLN NXUDOODUÖ |UQHøLQ ELU GLOLQ JUDPHUL VHQWDNV DQODPÖQGD JLEL |QFHGHQ EHOLUOHQPLû KHVDSNLWDS LûL VDELW NXUDOODU WRSODPÖ RODUDN J|UUVHN ho VRUX\D GD \DQÖW ´HYHWµWLU ûD\HW HWLN ELOJL\L HWLN NXUDOODUÖ E|\OH J|UPH] LVHN <D]ÖPÖQ JHUL NDODQÖQGD EX VRUXODUD´HYHWµ\DQÖWÖQÖYHUHELOPHQLQWHPHOOHULQLGHûPH\HoDOÖûDFDøÖP .XUDO NRQXVXQGDNL IHOVHIL J|UûOHU $ULVWRWHOHV YH GDKD \DNÖQODUGD .DQW·D NDGDU JLGHU $QFDNHWLNYHUHWRULNEDøODPÖQGDNXUDOODLOJLOLJ|UûOHULQLON|UQHNOHULQL·QFL <]\ÖOGD *+HUEHUW 0HDG YH .HQQHWK %XUNH JLEL GûQUOHUGH J|UHELOLUL] %X GûQUOHU LQVDQÖQ WRSOXP LoLQGHNL VÖUDGDQ JQON \DSÖS HWPHOHULQGH NDUûÖODûWÖøÖ GXUXPODU YH VRUXQODU ]HULQH NDID \RUPXûODU YH LQVDQÖQ EX GXUXP YH VRUXQODU NDUûÖVÖQGD \DSPDVÖ JHUHNHQ VHoLPOHULQ WHSNLOHU GHøLO WDQÖP LFDEÖ HWLN QLWHOLNWH ROGXøXQX YXUJXODPÖûODUGÖUgUQHøLQ%XUNHLQVDQÖQ\DSÖSHWPHOHULQLQV|]OHGLPOHULQLQVLPJHVHO YH HWLN \|QQ YXUJXODPDN DPDFÖ\OD ´H\OHPµ YH ´KDUHNHWµ DFWLRQ YH PRWLRQ NDYUDPODUÖQÖ ELUELULQGHQ D\ÖUÖU %XUNH·H J|UH H\OHPHN H\OHP LQVDQ NÖ]ÖRøOXQXQ HQ EHOLUJLQ QLWHOLøLGLU LQVDQ VLPJHVHO H\OHPOHUGH HWLN \DSÖS HWPHOHUGH EXOXQDELOHQ WHN KD\YDQWUGUùQVDQNRQXûDELOLUV|]YHUHELOLULNQDHGHELOLU\DODQV|\OH\HELOLU%XQXQ \DQÖQGD QHVQHOHU YH KD\YDQODU VDGHFH KDUHNHW HGHELOLUOHU %LU EDûND GH\LûOH H\OH\HELOPHN VHoLP \DSDELOPHN NDUDU YHUHELOPHN HWLN NLûLOLN LoHULU \D GD JHUHNWLULU dRøX \DSÖS HWPHOHULPL]GH ûX \DGD EX GXUXP NDUûÖVÖQGD ´HYHWµµKD\ÖUµ ´GRøUXµ µ\DQOÖûµ GL\HELOPHN HWLN WDYÖU WDNÖQPDN GHPHNWLU ´+DUHNHWµ NDYUDPÖ HWLN GÖûÖGÖU VDGHFHYHVDGHFHLQVDQH\OHPLGLUHWLNRODQ\DGDRODELOHQ %XUNH·Q EX J|UûQH NDWÖOPDNOD ELUOLNWH ûXQX HNOHPHNWH GH \DUDU J|U\RUXP %XUNH·Q DPDFÖQÖQ |UQHøLQ D\QÖ ´KDUHNHWLQµ ELU KD\YDQ WDUDIÖQGDQ \DSÖOÖUVD HWLN GÖûÖ ELU LQVDQ WDUDIÖQGDQ \DSÖOÖUVD PXWODND HWLN LoLOLøLQL V|\OHPHN ROGXøXQX VDQPÖ\RUXP 3HN oRN LQVDQ KDUHNHWL GH VDGHFH ´KDUHNHWµ RODUDN NDODELOLU \DQL HWLN DODQÖ GÖûÖQGDGÖU gUQHøLQ NÖUGD WHN EDûÖPD SLSR LoL\RUXP 9XUJXODQPDN LVWHQHQ ûH\ SHN oRN LQVDQ ´KDUHNHWLQLQµ ]RUXQOX RODUDN HWLN DODQD JLULûLGLU %X ]RUXQOXOXøX GRøXUDQ ûH\ |WHNL LQVDQODUGÖU gUQHøLQ SLSRPX NÖUGD \DOQÖ]NHQ GHøLO GH HYGH NÖ]ÖPÖQ \DQÖQGD LoL\RUVDP D\QÖKDUHNHWSLSRLoPHPHWLNDODQDJLUHU%LUD]GDQJ|UHFHøLPL]JLELDUWÖND\QÖKDUHNHW SLSRLoPHPELUoÖSODNROJXEUXWHIDFWROPDNWDQoÖNÖSELUGLOR\XQXQXQODQJXDJHJDPH SDUoDVÖRODQVRV\DONXUXPVDOROJXLQVWLWXWLRQDOIDFWROXU .XUDOOD LOJLOL EX EHOLUWWLøLP J|UûOHU QFL <]\ÖOÖQ LNLQFL \DUÖVÖQD NDGDU ROGXNoD \]H\VHO YH NÖVPL NDOPÖûWÖU .XUDO ]HULQH JHUoHN ELU LOJLQLQ EDûODQJÖo QRNWDVÖ /XGZLJ :LWWJHQVWHLQ·LQ 3KLORVRSKLFDO ,QYHVWLJDWLRQV DGOÖ NLWDEÖQÖQ |OPQGHQ VRQUD ·GH 8OXVDO8\JXODPDOÖ(WLN.RQJUHVL \D\ÖPODQPDVÖ ROPXûWXU )HOVHIHGH ROGXøX NDGDU GLøHU LQVDQ ELOLPOHULQGH GH GHYULPFL J|UûOHUH \RO DoDQ EX \DSÖWÖQ DUGÖQGDQ :LWWJHQVWHLQ VRQUDVÖ NXUDO J|UûOHUL $XVWLQ 5\OH :LQFK 7RXOPLQ 6HDUOH JLEL $QJOR6DNVRQ *DGDPHU +DEHUPDV $SHO JLEL $OPDQILOR]RIODUWDUDIÖQGDQGHøLûLNDoÖODUGDQJHOLûWLULOPLûWLU g]HWOHEXIHOVHIHFLOHUEL]H NXUDOOD LOJLOL ûXQX V|\OHUOHU ùQVDQÖQ \DSÖS HWPHOHULQLQ EHOOL ELU NÖVPÖ HWLN DODQ GÖûÖ RODQ ´KDUHNHWOHUµ \D GD oÖSODN ROJXODUGÖU $QFDN oRøX LQVDQ H\OHPOHUL DOWHUQDWLI \ROODU DUDVÖQGD \DSÖODQ YH GHøHU \DUJÖODUÖ WDûÖ\DQ HWLN VHoLPOHUGLU %X LNLQFL WU \DSÖS HWPHOHU IL]LN \DVDODUD EDøOÖ ´KDUHNHWµ GHøLO JQGHOLN VÖUDGDQ GLO LoLQGH VRPXWODûDQ NXUDOODUD EDøOÖ GLO R\XQODU \D GD GLO HGLPOHULGLU ODQJXDJHJDPH VSHHFK DFW %X V|\OHGLNOHULPL]L :LWWJHQVWHLQ·GHQELU|UQHNOHDoDOÖP :LWWJHQVWHLQ \XNDUÖGD GLSQRW EHOLUWWLøLP \DSÖWÖQGD oO ELU D\UÖP \DSDU 'H\LP H[SUHVVLRQGLOR\XQXODQJXDJHJDPH\DûDPDELoLPLIRUPRIOLIH:LWWJHQVWHLQ·HJ|UHELU GH\LP ELU V|]FN YH\D ELU WPFH DQODPÖQÖ EHOOL ELU GLO R\XQX EDøODPÖQGD \DQL EX GLO R\XQX LoLQGHNL URO VD\HVLQGH ND]DQÖU 'LO R\XQX \D GD :LWWJHQVWHLQ VRQUDVÖ IHOVHIHFLOHULQ GH\LPL\OH GLO HGLPL NDYUDPÖQÖ :LWWJHQVWHLQ·LQ NHQGL YHUGLøL |UQHNOHUOH û|\OH DoDELOLUL] ´%LU ûH\L EHWLPOHPH ELU ûH\LQ EHWLPOHQPHVLQGHQ \ROD oÖNDUDN oL]LPLQGHQ R ûH\L \DSPDN ELU ROD\Ö DQODWPDN ELU ROD\ KDNNÖQGD \RUXP \DSPDN ELU KLSRWH] ROXûWXUXS VÖQDPDN ELU GHQH\LQ EXOJXODUÖQÖ WDEOR YH GL\DJUDPODU ELoLPLQGH VXQPDN ELU R\XQGD URO DOPDN ûDUNÖ V|\OHPHN ELOPHFH o|]PHN ûDND \DSPDN IÖNUD DQODWPDN ELU DULWPHWLN SUREOHPL o|]PHN \DEDQFÖ ELU GLOGHQ oHYLUL \DSPDN VRUX VRUPDNWHûHNNUHWPHNODQHWRNXPDNELULQLNDUûÖODPDNGXDHWPHNµ <XNDUÖGDNL GLO R\XQX|UQHNOHULQGHQ DQODûÖODFDøÖ ]HUH EL]LP ´GLOµ GHQLQFH JHQHOGH DQODGÖøÖPÖ] GDU WDQÖPÖQ GÖûÖQD oÖNDU :LWWJHQVWHLQ·ÖQ GLO NDYUDPÖ 2 KDOGH GLO HGLPOHUL HQ JHQLû DQODPGD ´GLOµ LOH \DSÖS HGLOHQ ûH\OHU ROX\RU $XVWLQ·LQ WDQÖPÖ\OD GLO HGLPL ´V|]OHUOH\DSÖSHGLOHQûH\µGLU gUQHøLQ´HYHWµV|]FøQEHOOLELUNXUDOODUEDøODPÖQGD VDUI HWPHN ELU ´HYOLOLN NRQWUDWÖQÖQµ ELU SDUoDVÖGÖU $\QÖ ELoLPGH ´ERû ROµ GH\LPLQLQ EHOOL ELU NXUDOODU VLOVLOHVL EDøODPÖQGD ERûDQPD ROJXVXQXQ ELU SDUoDVÖ ROPDVÖ JLEL $XVWLQ 6HDUOH +DEHUPDV JLEL GûQUOHULQ oHûLWOL DPDoODUOD JHOLûWLUGLNOHUL GLO HGLPL VÖQÖIODPDODUÖ WD[DQRP\ YDUGÖU $XVWLQ GLO HGLPOHULQLQ ELU WRSOXP LoLQGH LOHWLûLP DoÖVÖQGDQ |QHPOL RODQODUÖQD YHUGLøL LVLP LOORNXV\RQHUHGLPOHU LOORFXWLRQDU\ DFWV GLU +HSVLHWLNDoÖGDQ|QHPOLRODQEXWUHGLPOHUHLûDUHWHGHQILLOOHUHV|]FNOHU$XVWLQ·LQ YHUGLøL |UQHNOHU ûXQODUGÖU ´%HOLUWPHNµ ´EHWLPOHPHNµ ´LGGLD HWPHNµ ´LND] HWPHNµ ´LûDUHW HWPHNµ ´\RUXP \DSPDNµ ´HPUHWPHNµ ´NXPDQGD HWPHNµ FRPPDQG ´WDOHS HWPHNµ UHTXHVW ´HOHûWLUPHNµ ´|]U GLOHPHNµ ´VDQVU HWPHNµ ´RQD\ODPDNµ ´KRû NDUûÖODPDNµ ZHOFRPH ´V|] YHUPHNµ ´LWLUD] HWPHNµ ´WDOHSWH EXOXQPDNµ GHPDQG YH ´WDUWÖûPDNµDUJXH$XVWLQ·HJ|UHùQJLOL]FH·GHELQLQVWQGHEXWUILLOYDU :LWWJHQVWHLQ·DJHULG|QHUVHNGL\HELOLUL]NLRQDJ|UHGH\LPOHUDQODPODUÖQÖ\XNDUÖGD |UQHNOHQGLUGLøLPL] GLO R\XQODUÖ LoLQGH NXUDOODUD EDøOÖ NXOODQÖPODUÖQGDQ DOÖU %X GLO HGLPOHULQLQEDøODPÖQGDQVR\XWODQÖUVDGH\LPDQODPÖQÖ\LWLULUYH:LWWJHQVWHLQ·ÖQGH\LûL\OH ELUJUOWGHQ´ERûDG|QHQELUoDUNWDQµEDûNDELUûH\ROPD]'LOLPL]R]DPDQ´WDWLOH JLGHUµ :LWWJHQVWHLQ·D J|UH EX GLO R\XQODUÖ \D GD GLO HGLPOHUL GH RQODUÖ NDSVD\ÖFÖ ELU ELoLPGH LoLQGH WDûÖ\DQ ´\DûDPD ELoLPOHULµ IRUPV RI OLIH /HEHQVIRUPHQ EDøODPÖQGD GHøHUOHQGLULOPHOLGLU'H\LPOHULQDQODPODUÖQÖ\DQL\DSÖSHWPHOHULPL]LROXûWXUDQVWDQGDUW NXOODQÖP WDU]ODUÖQÖ EHOLUOH\HQ GLO HGLPOHULQLQ NHQGLOHUL GH GDKD NDSVD\ÖFÖ ELU DODQ RODQ \DûDPD ELoLPOHULQLQ ELU SDUoDVÖGÖU YH EXQODU WDUDIÖQGDQ EHOLUOHQLU ´<DûDPD ELoLPOHULµ NDYUDPÖ oRN WDUWÖûPDOÖ YH oHWUHILO IHOVHIL VRUXQODU LoHUHQ ELU NDYUDPGÖU 7RXOPLQ EX $NÖQ(UJGHQ³8\JXODPDOÖ(WLN1H7U%LU%LOJLùoHULU" NDYUDPÖHWLN\DSÖSHWPHOHULPL]LGHLoLQHDODQNXUDODEDøOÖGDYUDQÖûODUEDøODPÖQGDû|\OH |]HWOHU D <DûDPD ELoLPOHUL HSLVWHPLNHQWHOHNWHO LGHDOOHU GHøLO SUDWLN \DSÖS HWPHOHUGLU E <DûDPD ELoLPOHUL\OH DQODWÖOPDN LVWHQHQ ûH\ LQVDQ GRøDVÖQÖQ \D GD NOWUQ GHøLûPH\HQ GHøLûNHQGLU G]HQL GHøLO SHN oRN DoÖGDQ EDNÖODELOHFHN NOWUHO ELU %LU EDûND :LWWJHQVWHLQ |øUHQFLVL RODQ 6HDUOH GD \DûDPD ELoLPOHUL NDYUDPÖQÖ ´oHUoHYHµ IUDPHZRUN YH ´DUNDSODQµ EDFNJURXQG PHWDIRUODUÖ\OD DQODWPD\D oDOÖûÖU gUQHøLQ LoLQGH ´NHVµ V|]FøQQ JHoWLøL GHøLûLN GH\LPOHU GûQHOLP ´3DVWD\Ö NHVµ ´'DøÖ NHVµ ´*QHûL NHVµ JLEL ´.HVµ V|]Fø EXUDGD PHWDIRU GHøLO OkI]vOLWHUDO DQODPGD ROVXQ<DQL´NHVµ´NHVNLQELUûH\OHELUEDûNDûH\LGRøUDPDNµDQODPÖQGD´3DVWD\ÖNHVµ GH\LPLQLQDQODPÖQÖLoLQGHNXOODQÖOGÖøÖGLOR\XQXEHOLUOHU%XQHROVXQ"%LUGRøXPJQ NXWODPDVÖ ROVXQ .Ö]ÖP $\ûH·QLQ GRøXP JQ ROVXQ %X GLO R\XQX EDøODPÖQGD ´SDVWD\ÖNHVµGH\LPLQGHQQHDQOÖ\RUVXQ"GL\HVRUXOGXøXQGDFHYDS´$\ûHGRøXPJQ SDVWDVÖQÖ NHVL\RUµ ´$\ûH·QLQ GRøXP JQQGH SDVWD NHVLOPLûµ ´$\ûH·QLQ \DûDGÖøÖ ONHGH GRøXP JQOHUL NXWODQÖUPÖûµ ´'RøXP JQOHULQGH DGHW SDVWD \HPHNPLûµ %X \DQÖWODUÖ RQODUD \]OHUH KDWWD EHONL GH ELQH oÖNDUDELOLUL] ùûWH HSLVWHPLN G]H\GH NDODQ ELOJL WU |QHUPHOHU LoLQH KDSVHGLOHELOLS FPOHOHU KDOLQGH LIDGH HGLOHELOHQ NOWUHO \DSÖSHWPHOHULQELOJLVLQH´oHUoHYHµDGÖQÖYHUL\RUX]YHELUGH\LPLQDQODPÖQÖEXoHUoHYH EHOLUOHU GL\RUX] %X GLO R\XQXQX ´oHUoHYHµ NDYUDPÖQÖ DQODPDN LoLQ NXOODQGÖN (OOH WXWXOXSJ|]OHJ|UOHQFPOHOHUOHLIDGHHGLOHELOHQDQODPÖEHOLUOH\HQELOJL .ODVLNWLSLNJHOHQHNVHOIHOVHIHEXQRNWDGDLûLELWLULU%LOJLQLQ/RJRVDUNDVÖQGDELOJL ROPD\DQKLoELUûH\RODPD]+HUûH\ELOJLLOHEDûODUELOJLLOHELWHU+D\DOHWELOJLRODFDN GHøLO\D 3HNL ELOJLQLQ DUNDVÖQGD HSLVWHPLN ´oHUoHYHQLQµ DUNDVÖQGD ELU ´DUNDSODQµ RODPD] PÖ" ùûWH EX VRUX\X :LWWJHQVWHLQ +HLGHJJHU *DGDPHU 'HUULGD JLEL ·QFL <]\ÖO GûQUOHUL JQGHPH JHWLULUOHU %L] LNLQFL ELU GLO R\XQX NXUJXOD\DUDN GH\LPOHULQ DQODPÖQGD KD\DWL V|] VDKLEL ROGXøXQX VH]GLøLPL] DQFDN HSLVWHPLN ELOJL G]H\LQGH \DNDOD\DPDGÖøÖPÖ] EX ´DUNDSODQµ NDYUDPÖQÖ DQODPD\D oDOÖûDOÖP +DWÖUOD\DOÖP NL KkOk :LWWJHQVWHLQ·LQ ´<DûDPD ELoLPOHULµ NDYUDPÖQÖ WDUWÖûÖ\RUX] ùNLQFL GLO R\XQXPX]GD LNL GH\LP NXOODQDOÖP %X LNL GH\LPGH GH ´NHVµ V|]Fø \LQH PHFD]L GHøLO OkI]vOLWHUDO DQODPGD\DQL´NHVNLQELUûH\OHELUEDûNDûH\LGRøUDPDNµDQODPÖQGDNXOODQÖOVÖQùûWHLNL GH\LP ´'DøÖ NHVµ ´*QHûL NHVµ %X NH] LNL GH\LP NXOODQPD JHUHNoHPL DoÖNODPDNODEDûOD\DOÖP$UNDSODQNDYUDPÖ|]HOELUWDULKVHOOLN²]DPDQVDOOÖNER\XWXLoHULU %LULQFLGLOR\XQXEL]HDUNDSODQÖQWDELU\HULQGHLVH´ûLPGLNLJHoPLûµER\XWXQXLNLQFLGLO R\XQX LVH EL]H DUNDSODQÖQ ´ûLPGLNL JHOHFHNµ ER\XWXQX J|VWHUPH\L DPDoOÖ\RU %LULQFL GH\LPLRNXUXPD\|QHOWL\RUXP´'DøÖNHVµGH\LPLQGHQQHDQOÖ\RUVXQX]" <ÖO PWKLû ELU WHNQRORML YDU 'HY GDø NHVPH PDNLQHOHUL YDU SURMH KD]ÖU IDODQFD GDø NHVLOLS DUDVÖQD |]HO ELU WQHO \DSÖODFDN YV YV ùûWH EX YH EHQ]HUL FHYDSODUÖ YHUL\RUVXQX] +DNOÖVÖQÖ] GD 'H\LP \HULQGH\PLû 'H\LPL DQODPDQÖ] LoLQ ´oHUoHYHµ ELOJLVL \HWWL GH DUWWÖ ELOH úLPGL YDUVD\DOÖP LNL <]\ÖO JHULGH \DûÖ\RUX] YH EHQ VL]H D\QÖ VRUX\X R ]DPDQ <]\ÖO \|QHOWL\RUXP ´'DøÖ NHVµ 1H DQOÖ\RUVXQX]" 6L] ûDûÖUÖ\RUVXQX] |QFH DPD KHPHQ WRSDUODQÖS RNXGXøXQX] -XOHV 9HUQH URPDQODUÖQÖ KDWÖUOÖ\RU YH EDûOÖ\RUVXQX] VD\PD\D ´g\OH ELU ]DPDQ JHOHFHN NL GHY GDø NHVPH PDNLQHOHUL RODFDN 'HY NXûPDNLQHOHU KDYDGD XoDUDN EX GDøODUÖ NHVHFHNOHU YV YVµ +DLûWHûLPGLDQODGÖQÖ]'H\LP\LQH\HULQGH\PLû$QODPDNLoLQQH\DSWÖQÖ]"&HYDS%LU DUNDSODQ \DUDWWÖQÖ] +D\DOHWL oDøÖUGÖQÖ] 2 GD oDøUÖQÖ]D \DQÖW YHUGL 9HUPH\HELOLUGL GH 7LSLNNODVLNHøLWLPFLOHUJLELoDøÖUPD\DELOLUGLQL]GH2QODUÖQGHGLøLJLELGHUGLQL]NL´%X 8OXVDO8\JXODPDOÖ(WLN.RQJUHVL oRN VDoPDµ ´%X GH\LP \HULQGH GHøLOµ YV YV $PDVL] RQODUGDQ IDUNOÖVÖQÖ] +D\DOHWOHUH LQDQÖ\RUVXQX] ùûWH KD\DOHW ELOJL EX ùûWH ORJRV ROPD\DQ ELOJL EX +HPHQ G]HOWL\RUXP $UNDSODQÖ ORJRV \DSWÖQÖ] $UWÖN R ELU ´oHUoHYHµ ELOJLVL ROGX $PD GDKD |QFH ´\RN JLEL\GLµ 6L]LQ R GH\LPL DQODPD VUHFLQL] LoLQGH RUWD\D oÖNWÖ $QODPDQÖ]Ö R VDøODGÖ 7ÖSNÖ J|UPHPL VDøOD\DQ DPD EHQLP J|UHPHGLøLP J|]PQ UHWLQDVÖ JLEL 'HYDP HGHOLP ´*QHûLNHVµ$QODGÖQÖ]PÖ"0HWDIRUGHøLOOLWHUDODQODPGDNHV&HYDS´1DVÖOROXU" *QHû SH\QLU PL NHVHOLP" %X oRN VDoPD $QODPDGÖP %HQLP DQODPDGÖøÖP ELOPHGLøLP ûH\ ELOJL GHøLOGLUµ %X WLSLN NODVLN DNDGHPLV\HQ \DQÖWÖ +D\DOHW ELOJL\L oDøÖUDUDN DQODPDN %XQX RNXUODUÖQ KD\DOHW JFQH EÖUDNÖ\RUXP *QHûL QDVÖO NHVHUGLQL]"$WDODUÖPÖ]ÖQGHGLøLJLELLQVDQKD\DOHWWLøLPGGHWoH\DûDU g]HWOHUVHNHWLNDODQV|]NRQXVXROGXøXQGDNXUDONDYUDPÖGH\LPGLOR\XQX\DûDPD ELoLPL HNVHQLQGH |QHUPHVHOELOJL SURSRVLWLRQDO NQRZOHGJH HSLVWHPLN G]H\LQL DûDQRQWR SUDWLN ELU \DSÖS HWPHOHU \DûDPD GQ\DVÖQÖ OLIH ZRUOG /HEHQVZHOW YDUVD\PDN ]RUXQGDGÖU %|\OH ELU GQ\DGD HWLN ELOJL /\RWDUG·ÖQ GH\LPL\OH ´GLO R\XQODUÖQÖQ KHWHURMHQOLøLQLµ NDEXOOHQPHN ]RUXQGD <LQH E|\OH ELU GQ\DGD :LWWJHQVWHLQ·LQ GHøLûL\OH ´X]DNWDQ LGDUH HWPH]OHUµ NXUDOODU EX GLO R\XQODUÖQÖ úLPGL ELUD] GD EX VRQ QRNWD ]HULQGHGXUDOÖP %LU NXUDO X]DNWDQ LGDUH HWPH] 1H\L HWPH]" <DSÖS HWPHOHULPL]L %LU NXUDO ´ELU \RO LûDUHWL JLELGLU %LU \RO LûDUHWL EL]H QH WDUDID JLWPHPL] JHUHNWLøLQL NHVLQ RODUDN J|VWHULU PL"µ 7DELL NL J|VWHUPH] .XUDOODU \RO LûDUHWOHUL JLEL EL]H VHoHELOHFHøLPL] DOWHUQDWLI \ROODUÖ J|VWHULUOHU $PD KHU \RO LûDUHWL JLEL KHU NXUDO GD ´\DQOÖûµ \RUXPODQDELOLU *HFH ELUIÖUWÖQDVRQXFX\ROLûDUHWLG|QPûGHRODELOLU%X\]GHQELUNXUDOGDELU\ROLûDUHWL JLEL KHU LKWLPDOL GHøHUOHQGLUHELOHQ XVWD ELU ûRI|U JLEL DQFDN X\JXODPD WHNQLøLQL ELOHQ ELULQH \DUGÖPFÖ RODELOLU %X EDøODPGD KLo ELU NXUDO GLO R\XQODUÖQÖQ KHWHURMHQOLøL LoLQGH NHQGLNXOODQÖPODUÖQÖWPD\UÖQWÖODUÖ\ODGLNWHHGHPH]<LQHEXEDøODPGDGLOR\XQODUÖELU NXUDOODUEWQRODUDN|QFHGHQEHOLUOHQPLûVDELWELUNDONOVRODUDNGûQOHPH]%X DQODPGD ´NXUDOD EDøOÖOÖNµ UXOH IROORZLQJ |UQHøLQ &KRPVN\·GH ROGXøX JLEL GLOLQ VDELW KRPRMHQ GRøXûWDQ JHOHQ NXUDOODUÖ WDUDIÖQGDQ EDøODQPDN GHøLO WDP DNVLQH GLO R\XQODUÖQÖQ KHWHURMHQOLøLQL \XNDUÖGD |UQHNOHQGLUGLøLPL] PPNQ NÖODQ NXUDOD EDøOÖOÖNWÖU $QODP DoÖNODPDODUÖ \DQL V|]FNOHULQ NXOODQÖPÖQÖ EHOLUOH\HQ QRUPODUGÖU NXUDOODU $QFDN EX DQODP DoÖNODPDODUÖ LoLQGH ROXûWXNODUÖ GLO HGLPOHUL YH \DûDPD ELoLPOHULQHJ|UHSHNoRNIDUNOÖûHNLOOHUDOÖUODU%XGHPHNLVWHGLøLPLELUV|]ONLoLQGHNL DQODP DoÖNODPDODUÖQÖ |UQHN YHUHUHN GH DQODWDELOLUL] +LoELU V|]ON ELU V|]FøQ DQODPÖQÖ \DQL NXOODQPD ELoLPOHULQL EWQ D\UÖQWÖODUÖ\OD YHUHPH] %L]LP ELU V|]ONWHQ \DUDUODQDELOPHPL] LoLQ R GLO NRQXVXQGD SHN oRN ûH\ ELOPHPL] GLøHU ELU GH\LûOH NXOODQPDX\JXODPD WHNQLøLQL ELOPHPL] JHUHNLU %X DQODPGD NXUDOODU SUDWLN \ROX\OD \DYDû \DYDû SUDWLøLQ |QJ|UGø GHøLûNHQOHUH GHøLûPHOHUH EDøOÖ RODUDN KHP |øUHQLOHQ KHPGH\DSÖSHGLOHQûH\OHURODUDNJHOLûLUYHEHOLUJLQOHûLU %X V|\OHGLNOHULPL] HWLN NXUDOODU LoLQ GH JHoHUOLGLU (WLN NXUDOODU GD VÖUDGDQ GLO NXUDOODUÖ JLEL VDELW NDONOVYDUL DNVL\RPODUGDQ IDUNOÖ VWDWGHGLU %LULVL VL]H JHOLS ´EDQD HWLøL|øUHWLUPLVLQ"µGHUVHEXLQVDQÖQVL]GHQHWLøLQELOJLVLQL\DQLEXNRQXGDNLNXUDPODUÖ YH QRUPDWLI NXUDOODU EWQQ LVWHGLøLQL ELOLUVLQL] $PD EX NLûL\H VDELW NDONOV NLWDEÖQDEHQ]HUNXUDOODUWRSODPÖQÖELUUHoHWHJLELYHUHELOLUPLVLQL]"9HUPH\HoDOÖûÖUVDQÖ] EX ELU WU ´ûLGGHWµ \D GD KDNVÖ]OÖN ROPD] PÖ" 6L]H ELULQLQ JHOLS ´EDQD VDWUDQo |øUHWLU PLVLQL]"µGHGLøLQLGûQQ1HLVWHQGLøLQLELOL\RUVXQX]$PDVDWUDQoR\XQXJLELNHVLQ NXUDOODUD EDøOÖ ELU R\XQ V|] NRQXVX ROGXøXQGD ELOH R NLûL\H VDWUDQo |øUHWPH $NÖQ(UJGHQ³8\JXODPDOÖ(WLN1H7U%LU%LOJLùoHULU" WHûHEEVQ] ELU WU ´ûLGGHWµ \D GD KDNVÖ]OÖN LoHUHFHNWLU gUQHøLQ RQD YHUHFHøLQL] NXUDOODU DUDVÖQGD ´WHN ELU NDUHGH LNL WDû ELUGHQ EXOXQDPD]µ NXUDOÖ \HU DODFDN PÖGÖU" %HQ]HU ûHNLOGH EL]OHU HWLN NXUDOODUÖ GD GLO JLEL EHOOL GRøDO RUWDPODU LoLQGH |øUHQLU YH |øUHWLUL] (WLøLQ WP HYUHQVHO NXUDOODUÖQÖ ELU NLWDS LoLQGH WRSODVDN ELOH EX GXUXP ELU \DEDQFÖGLO|øUHQPHNLoLQELUV|]OøH]EHUOHPH\HNDONPD\DEHQ]HU 6RQXo RODUDN EX \D]ÖQÖQ EDûOÖøÖQGD VRUPXû ROGXøXP VRUX\D G|QHUVHN (WLN HøLWLPLQLQ NXUDOODUOD KHP GH oRN LOJLVL YDUGÖU \DQÖWÖ DøÖU EDVÖ\RU $QFDN WP \D]Ö ER\XQFD YXUJXODPD\D oDOÖûWÖøÖP JLEL EX LOJL NXUDO NDYUDPÖQÖQ GRøUX DOJÖODQPDVÖQD EDøOÖ <D]ÖPÖQ EDûÖQGD :LWWJHQVWHLQ·GDQ \DSWÖøÖP DOÖQWÖGDNL NXUDO SDUDGRNVX HWLN NXUDOODUÖQ \DûDPÖ |QFHGHQ EHOLUOH\HQ VDELW IRUPOOHU RODUDN DOJÖODQPDVÖ \]QGHQ RUWD\DoÖNDU(WLNNXUDOODUKD\DWVUHFLLoLQGH\DûDQDQGHQHQHQJHoHUOLøLQLNHQGLLoLQGH ROXûWXUDQ GLQDPLN VLVWHPOHUGLU $QFDN E|\OH ELU EDNÖû DoÖVÖ SDUDGRNVXQ o|]OPHVLQL VDøOD\DELOLU %X \D]Ö ER\XQFD NXUDO SDUDGRNVXQD EDøODPD\D oDOÖûWÖøÖP 6RNUDWHV·LQ YH $ULVWRWHOHV·LQ IHOVHIHQLQ YH HWLN ELOJLQLQ |øUHWLOHPH]OLøL SDUDGRNVX GD DQFDN EX EDNÖû DoÖVÖ\OD RUWDGDQ NDONDELOLU 6|]OHULPL ´HWLN HøLWLPLQLQ NÖVÖU ROPD\DQ G|QJVµ RODUDN DGODQGÖUGÖøÖP ELU GûQFH\OH ELWLUHFHøLP %X \D]ÖGD LûOHPH\H oDOÖûWÖøÖP NXUDO NDYUDPÖQÖQ EL]L ]RUXQOX RODUDN NDUûÖ NDUûÖ\D JHWLUGLøL D\UÖQWÖODUÖQÖQ D\UÖ ELU \D]ÖQÖQ NRQXVX ROGXøX ELU G|QJGU EX %X G|QJ\ NÖVDFD +HLGHJJHU·LQ GH\LûL\OH LIDGH HGHUVHN ´$QODPD\D NDWNÖGD EXOXQDELOHFHN ELU \RUXP \RUXPODQDFDN RODQÖQ ]DWHQ DQODûÖOPÖû ROGXøX ELU \RUXPGXUµ %X DQODPD G|QJV PDQWÖN NXUDOODUÖQD J|UH NÖVÖU ELU G|QJGU %LOLPVHO DQODPDGD DQODPDN LVWHGLøLQL] ûH\L R ûH\L DQODPD\D \|QHOLN \|QWHP LoLQGH YDUVD\DPD]VÖQÖ] (WLN ELOJL\L NXUDPVDO HSLVWHPH YH WHNQLN WHFKQH ELOJLGHQ D\ÖUDQ ûH\ EX G|QJQQ HWLN ELOJLGH NÖVÖU ROPDN ELU \DQD WDP WHUVL HWLN HøLWLPLQLQYHELOJLVLQLQWHPHOLQLROXûWXUGXøXJHUoHøLGLU(WLNHøLWLPL\OHXøUDûDQODUÖQEX QRNWD\Ö oRN L\L DQODPDVÖ JHUHNL\RU (WLN HøLWLPL DoÖVÖQGDQ EX NH] :LWWJHQVWHLQ·LQ GH\LûL\OH \D GD ELU V|]FøQ NXOODQDUDN EX G|QJ\ WHNUDUOD\DOÖP (WLN HøLWLPL VUHFLQH NDWÖODQODU |øUHWPHQ |øUHQFL DQQH EDED YE EX VUHFLQ NXUDOODUÖQÖ GRøUX X\JXODPD WHNQLøLQH VDKLS ROPDOÖGÖUODU %XWHNQLøH VDKLS RODPD]ODUVD HWLN ELOJLQLQ NHQGLVL ELUWHFKQHROPDNWDQ|WH\HJLGHPH] ,,, 2UWD 'RøX 7HNQLN hQLYHUVLWHVL )HOVHIH %|OP HOHPDQODUÖ RODUDN EL]OHU GH WRSOXPXPX]XQ HWLN JUDPHULQLQ ROXûXPXQGD NXUDOODUÖQ GRøUX X\JXODPD WHNQLøLQH NDWNÖGD EXOXQPDN DPDFÖ\OD QLYHUVLWH VW \|QHWLPLQLQ GH GHVWHN YH NDWNÖODUÖ\OD \ÖOÖ EDûÖQGD VHIHUEHU ROGXN %X VHIHUEHUOLøLQ LON PH\YHVL .DVÖP GH JHUoHNOHûWLUGLøLPL] , 8OXVDO 8\JXODPDOÖ (WLN .RQJUHVL ROPXûWXU (OLQL]GHNL EX NLWDS EX NRQJUHGH VXQXODQ ·LQ ]HULQGHNL VD\ÖGD WHEOLøLQ ELU NÖVPÖQÖ YH NRQJUHQLQ LON JQQGH \DSÖODQ LNL SDQHOLQ 0HG\D (WLøL YH 6L\DVHW (WLøL GHûLIUH HGLOHQ ND\ÖWODUÖQÖ LoHUL\RU ,, 8OXVDO 8\JXODPDOÖ (WLN .RQJUHVL WDULKL \ÖOÖ (NLP D\Ö RODUDN EHOLUOHQPLûROXSKD]ÖUOÖNoDOÖûPDODUÖEDûODPÖûWÖU ùNLQFL RODUDN 2'7h )HOVHIH %|OP \ÖOÖ EDûÖQGD 8\JXODPDOÖ (WLN 7H]VL] <NVHN /LVDQV 3URJUDPÖ EDûODWPÖûWÖU úLPGLOLN ´0HG\D (WLøLµ YH ´ùû (WLøLµ PRGOOHUL\OH ùNLQFL gøUHWLP oHUoHYHVLQGH \UWOHQ EX SURJUDP KDOHQ G|QHPLQL WDPDPODPÖûWÖU EN](N hoQF RODUDN \ÖOÖQGD 5HNW|UOøH EDøOÖ RODUDN ELU 8\JXODPDOÖ (WLN 0HUNH]L NXUXOPXûWXU 7UNL\H·GH ELU LON RODQ EX GLVLSOLQOHU DUDVÖ PHUNH]LQ EDûNDQOÖøÖQÖ )HOVHIH %|OPP]QELU|øUHWLP\HVL\DSPDNWDGÖUEN](N 8OXVDO8\JXODPDOÖ(WLN.RQJUHVL '|UGQF RODUDN )HOVHIH %|OP 8\JXODPDOÖ (WLN 0HUNH]L YH 6UHNOL (øLWLP 0HUNH]L LûELUOLøL LOH KHU \ÖO ´(WLN %LOLQoOHQPH +DON .RQIHUDQV YH 3DQHOOHULµ G]HQOHQPHNWHGLU 6RQ RODUDN 8\JXODPDOÖ (WLN 0HUNH]L 6UHNOL (øLWLP 0HUNH]L LOH RUWDN RODUDN ´0HG\D(WLøL6HUWLILND3URJUDPÖµEDûODWPÖûWÖUEN](N 7PEXHWNLQOLNOHULQJLWJLGHoRøDOPDVÖD\QÖ]DPDQGD7UNL\HPL]LQHWLNJUDPHULQLQ JHOLûPHVLROJXQODûPDVÖGHPHNWLU%XVUHFHKHSLPL]LQDNWLIELoLPGHNDWÖOPDVÖLVHNHQGL EDûÖQDHWLNELU\NPOONWU 'LSQRWODU $ULVWRWHOHV(WKLFD1LFKRPDFKHD:'5RVV7KH:RUNVRI$ULVWRWOH2[IRUGED %N]$(UJGHQ´,OHWLûLPELOLPGH1LWHOLNVHO.XUDO$UDûWÖUPDODUÖµ.XUJX'HUJLVL6 .%XUNH7KH5KHWRULFRI5HOLJLRQ%RVWRQV ,ELG ´dÖSODNROJXµ´NXUXPVDOROJXµNDYUDPODUÖLoLQEN]-6HDUOH6SHHFK$FWV&DPEULGJH %|OP /:LWWJHQVWHLQ3KLORVRSKLFDO,QYHVWLJDWLRQV1HZ<RUN %XIHOVHIHFLOHULQJ|UûOHULLoLQEN]5-%HUQVWHLQ%H\RQG2EMHFWLYLVPDQG5HODWLYLVP 3KLODGHOSKLD /:LWWJHQVWHLQRS&LWSDU -/$XVWLQ+RZWRGR7KLQJV:LWK:RUGV2[IRUGV ,ELGS /:LWWJHQVWHLQRSFLWSDUSDU %N]-)+XQWHU´)RUPVRI/LIHLQ:LWWJHQVWHLQ·V3KLORVRSKLFDO,QYHVWLJDWLRQVµ$PHULFDQ 3KLORVRSKLFDO4XDUWHUO\FLOWV 67RXOPLQ´&RQFHSWVDQG([SODQDWLRQRI+XPDQ%HKDYLRUµ70LVFKHOHG+XPDQ$FWLRQ 1HZ<RUNLoLQGHV -6HDUOH7KH&RQVWUXFWLRQRI6RFLDO5HDOLW\1HZ<RUN%O -)/\RWDUG7KH3RVWPRGHUQ&RQGLWLRQ0DQFKHVWHUV[[Y /:LWWJHQVWHLQ7KH%OXHDQG%URZQ%RRN1HZ<RUNV /:LWWJHQVWHLQ3KLORVRSKLFDO,QYHVWLJDWLRQVSDU ,ELGSDU 1&KRPVN\5XOHVDQG5HSUHVHQWDWLRQV1HZ<RUNV 0+HLGHJJHU%HLQJDQG7LPH1HZ<RUNV $d,/,ú.218ú0$/$5, 2'7h)HOVHIH%|OP%DûNDQÖ3URI'U$NÖQ(UJGHQ·LQ$oÖOÖû .RQXûPDVÖ 6D\ÖQ5HNW|U9HNLOLP6D\ÖQ%DNDQODU'HøHUOL.RQXNODU 8OXVDO 8\JXODPDOÖ (WLN .RQJUHVLQH KRû JHOGLQL] %X VDEDK VDDW ·GH 0HG\D (WLøL3DQHOLPL]·GHLVH7HU|U6L\DVHWùû'Q\DVÖYH(WLN3DQHOLPL]YDU<DUÖQo D\UÖ VDORQGD ELOLPVHO ELOGLUL VXQXODFDN 7UNL\H·QLQ KHU \HULQGHQ JHOHQ ELOLP LQVDQODUÖPÖ]ÖQ PHG\D PHQVXSODUÖPÖ]ÖQ Lû HWLøLQGHQ PKHQGLVOLN HWLøLQH NDGDU JHQLû ELU \HOSD]HGH ONHPL]LQ X\JXODPDOÖ HWLN JUDPHULQH NDWNÖODUÖQÖ L]OH\HFHøL] 7UNL\H·GH ELU NRQXGDGDKD2'7h·QQELULONLJHUoHNOHûWLUPHVLQGHQE\NJXUXUGX\X\RUX] *HoHQ VHQH EX VDORQGD EHQLP \|QHWWLøLP ELU PHG\D HWLøL SDQHOL \DSÖOGÖ %X SDQHOH NDWÖODQ YH EXJQ GH DUDPÖ]GD RODQ .RUNPD] $OHPGDU·ÖQ ELU WPFHVLQL WHNUDUODPDN LVWL\RUXP 6RQ GHUHFH LOJLQo ELU WPFH\GL DNOÖPD ND]ÖQPÖû ELU \ÖOGÖU ´%X LûLQ >PHG\D HWLøLQLQ@µ GHGL VD\ÖQ $OHPGDU ´NXUDOODU QRUPODU JHOLûWLUPHNWHQ EDûND EDUÖûoÖO >EDUÖûoÖOÖQ DOWÖQÖ oL]L\RUXP@ ELU \ROX \RNWXUµ (YHW QRUPODU NXUDOODU JHOLûWLUPHNWHQ EDûND ELU \ROX \RNWXU EX LûLQ 0HG\D·\Ö NDOGÖUÖQ ¶PHVOHN HWLøL· YH\D ¶Lû HWLøL· GH\LQ KHSVLQLQEDûÖEXQRUPODUÖRWRUHJODV\RQQRUPODUÖQÖNR\PDNWDQELUEDûNDGH\LûOHHWLN JDPHUL ROXûWXUPDNWDQ JHoL\RU %HQFH EX FPOH NRQJUHQLQ |]HW FPOHVL RODFDN .RQXûDFDøÖP oRN ûH\ YDUGÖ DPD |EU NRQXûPDFÖODUD YDNLW WDQÖPDN YH WDUWÖûPDOÖ JHoHFHøLQL VDQGÖøÖP PHG\D SDQHOLPL]LQ GH YDNWLQL DOPDPDN LoLQ ELU WHûHNNU QRWX LOH V|]OHULPHVRQYHUL\RUXP .RQJUH·QLQ LON JQ JHUoHNOHFHN RODQ LNL SDQHOLPL]LQ ROXûPDVÖQD NDWNÖGD EXOXQDQ 0ONL\H · VÖQÖI DUNDGDûODUÖPD |]HOOLNOH 1XUL dRODNRøOX .XUWXOXû 7DûNHQW 6DPL *QHU 0HKOLND 7XUJXW (UD\ 'HYULPFL 8OXo *UNDQ 1HGUHW 8OXøED\·D VRQVX] WHûHNNUOHU 6ÖQÖI DUNDGDûÖP ROPD\DQ 0ONL\HOLOHUGHQ EDûWD VD\ÖQ EDNDQ <ÖOPD] .DUDNR\XQOX ROPDN ]HUH +LNPHW 8OXøED\·D úHEQHP %LOJHW·H YH %HOPD *QHU·H GH WHûHNNUOHU gQ VÖUDODUD EDNWÖøÖPGD DGÖQÖ EXUDGD VD\DPDGÖøÖP VD\DUVDP VÖQÖI \RNODPDVÖ JLEL RODFDN 0ONL\HOLOHUH 0ONL\H UXKXQX 2'7h·\H WDûÖGÖNODUÖ LoLQ WHûHNNUOHU 3URI 'U ,RQQD .XoXUDGL·\H GH EL]L KHU ]DPDQ GHVWHNOHGLNOHUL LoLQ WHûHNNUHGL\RUXP7PNDWÖOÖPFÖODUDYHL]OH\HQOHUHGHWHûHNNUHGL\RUYHKHSLQL]HLNL JQER\XQFDNH\LIOLELU]LKLQ]L\DIHWLGLOL\RUXP 2'7h5HNW|U9HNLOL3URI'U0HKPHW8WNX·QXQ.RQXûPDVÖ 6D\ÖQ%DNDQODUÖP6D\ÖQ.DWÖOÖPFÖODU'HøHUOL.RQXNODU6HYJLOLgøUHQFLOHU 8OXVDO 8\JXODPDOÖ (WLN .RQJUHVLQH NDWÖOGÖøÖQÖ] LoLQ ûNUDQODUÖPÖ VXQX\RUXP 2UWD 'RøX 7HNQLN hQLYHUVLWHVL )HOVHIH %|OP WDUDIÖQGDQ G]HQOHQHQ 8OXVDO 8\JXODPDOÖ (WLN .RQJUHVL WRSOXPVDO \DûDPÖPÖ]ÖQ KHU DODQÖQGD NDUûÖODûWÖøÖPÖ] HWLN VRUXQODUÖQ WDUWÖûÖOPDVÖ LoLQ X\JXQ ELU RUWDP \DUDWPD\Ö DUDûWÖUPDFÖODUÖPÖ]ÖQ YH PHVOHNOHULQGH HWNLQOLNOHULQL VUGUPHNWH RODQODUÖQ HWLN VRUXQODUÖPÖ] YH o|]P \ROODUÖ ]HULQH ELUOLNWH GûQPHOHULQL VDøODPD\Ö DPDoODPDNWDGÖU 0HG\D Lû VL\DVHW LOHWLûLP WÖS LQVDQ KDNODUÖ HNRQRPL oHYUH PKHQGLVOLN YH WHNQRORMLGH ELU IHOVHIH GDOÖ RODUDN 8OXVDO8\JXODPDOÖ(WLN.RQJUHVL NXUDPVDO YH X\JXODPDOÖ HWLN NRQXODUÖQD LOLûNLQ VRUXQODUÖQ WDUWÖûÖOÖS o|]P \ROODUÖ ]HULQH GûQFH UHWLOHFHøL 8OXVDO 8\JXODPDOÖ (WLN .RQJUHVL ONHPL]GH EX DODQGD \DSÖODQ LON NRQJUHGLU ùON ROPDVÖQD NDUûÖQ NRQJUHPL]H oHûLWOL DODQODUGDQ \DNODûÖN NDGDU DUDûWÖUPDFÖ YH GûQU NDWÖOPDNWDGÖU .DWÖOÖPGDNL EX \RøXQOXN YH oHûLWOLOLN ONHPL]GH KHU DODQGDQ GûQUOHULPL]LQ YH D\GÖQODUÖPÖ]ÖQ HWLN VRUXQODUÖQ DøÖUOÖøÖQGDQ QH GHQOL UDKDWVÖ] ROGXNODUÖQÖQ ELU J|VWHUJHVL VD\ÖOPDNWDGÖU $VOÖQGD EX UDKDWVÖ]OÖN WRSOXPXQ KHU NHVLPLQGH YDUGÖU 2 KDOGH D\GÖQODUÖPÖ]ÖQ ELU J|UHYL GH SHN oRN ROXPVX]OXøXQ ND\QDøÖ RODUDN J|UOHQ YH ELU WUO RUWDGDQ NDOGÖUDPDGÖøÖPÖ] VRUXQODUÖ VLVWHPDWLNELU\ROODD\GÖQOÖøDNDYXûWXUPDNYHo|]P\ROODUÖQÖRUWD\DNR\PDNWÖU .RQJUHPL]GDKDVDøOÖNOÖELUWRSOXPVDO\DûDPKHGHILQHGRøUXJLGHQ\ROGDDWÖODQELU DGÖPGÖU 2'7h EX \ÖO LONL G]HQOHQHQ 8OXVDO 8\JXODPDOÖ (WLN .RQJUHOHULQL VUGUPH\L YH ONHPL]GH VRQ JQOHUGH VÖNoD GLOH JHWLULOHQ HWLN NDYUDPÖQÖ DNDGHPLN WDUWÖûPD G]H\LQH WDûÖPD\Ö 7UNL\H·GH SHN oRN NRQXGD |QGHUOLN HWPLû ELU QLYHUVLWH RODUDN J|UHYOHUL DUDVÖQGD VD\PDNWDGÖU 7RSOXPXQ EWQ NHVLPOHULQGH HWLN NDYUDPODUOD GûQPH YH WDUWÖûPD DOÖûNDQOÖøÖQÖQ \HUOHûPHVL LoLQ VRUXQODUD o|]P DUDPDNWD HQ HWNLOL \|QWHP EHOLUJLQ ELU NXUDPVDO YH ROJXVDO oHUoHYHGH DUDûWÖUPD \DSPD RODUDN J|UOPHNWHGLU 7P oDOÖûPD DODQODUÖQGD HWLN PHG\D HWLøL oHYUH YH WHNQRORML HWLøL Lû HWLøLNÖVDFDX\JXODPDOÖHWLNQH\D]ÖNNLEXJQQLYHUVLWHSURJUDPODUÖQÖQYHLû\DûDPÖQÖQ D\UÖOPD] ELU SDUoDVÖ GXUXPXQD JHOHPHPLûWLU 2'7h YH QLYHUVLWHPL]LQ )HOVHIH %|OP úXEDW ·GH EDûODWÖODFDN 8\JXODPDOÖ (WLNWH <NVHN /LVDQV 3URJUDPÖ LOH EX DODQGD HNVLNOLøLQL GX\GXøXPX] ELU oDOÖûPD\D GD |QFON HWPH\L J|UHYOHUL DUDVÖQGD VD\PDNWDGÖU %X \NVHN OLVDQV SURJUDPÖ |]HOOLNOH NDPXGD YH |]HO NHVLPGH oDOÖûDQODUD \|QHOLN RODUDN WDVDUODQPÖûWÖU 3URJUDPGDNL GHUVOHU YH ELWLUPH SURMHVL |øUHQFLOHUH HWLN ELOJLQLQ NXUDPVDO WDULKVHO YH X\JXODPD\D \|QHOLN \|QOHULQL GHøHUOHQGLUPH \HWLVL ND]DQGÖUPD\ÖDPDoODPDNWDGÖU hQLYHUVLWHPL] D\UÖFD IDNOWHOHULPL]GH HWLN NXUXOODUÖ ROXûWXUDUDN DUDûWÖUPD YH |øUHWLP HWNLQOLNOHULQH IDUNOÖ ELU EDNÖû DoÖVÖQGDQ \DNODûPD\Ö YH QLYHUVLWHOHULPL]GH QH \D]ÖNNLûLPGL\HNDGDUEHONLGHWHNQRORMLQLQ\DûDPÖPÖ]DEXGHQOLJLUPHPLûROPDVÖQGDQ |WU J|] DUGÖ HGLOPLû RODQ HWLN GHøHUOHQGLUPH HWNLQOLøLQL KLoELU GÖû HWNL ROPDNVÖ]ÖQ NHQGLVL ELU ]RUXQOXOXN RODUDN J|UPû YH X\JXODPD oDOÖûPDODUÖQD EDûODPÖûWÖU 'HPRNUDWLN ELU |UJWOHQPH \DSÖVÖ\OD KHU IDNOWH NHQGL HWLN NXUXOODUÖQÖ ROXûWXUDFDN DUDûWÖUPDYH|øUHQLPHWNLQOLNOHULQL\DOQÖ]FDELOLPVHOELUEDNÖûDoÖVÖQGDQGHøLOELUNH]GH IHOVHILEDNÖûDoÖVÖQGDQGHøHUOHQGLUHFHNWLU 2'7h8OXVDO8\JXODPDOÖ(WLN.RQJUHVLYHV|]QHWWLøLPL]EXHWNLQOLNOHUOHHWLN oDOÖûPDODUÖQÖ YH IHOVHIH\L EXJQ ROGXøX JLEL LOHUGH GH GHVWHNOH\HFHN YH EX NRQXGD GLVLSOLQOHU DUDVÖ \HQL DUDûWÖUPD DODQODUÖQÖQ DoÖOPDVÖQD oHûLWOL DUDûWÖUPD DODQODUÖ DUDVÖQGD LOHWLûLPLQ DUWPDVÖQD \DUGÖPFÖ RODFDNWÖU %WQ NDWÖOÖPFÖODUD YH NRQJUH\H EDûDUÖOÖ oDOÖûPDODUGLOL\RUYHVD\JÖODUVXQX\RUXP 'HYOHW%DNDQÖ<ÖOPD].DUDNR\XQOX·QXQ.RQXûPDVÖ 'HøHUOL 0LVDILUOHU EX NRQXûPD EHQFH FLGGL ELU WDOLKVL]OLNOH PDOXO (YYHOD 3URI .XoXUDGL NRQXûVD\GÖ YH HWLN NXUDPODUÖQ QH ROGXøXQX DQODWVD\GÖ EL] GH R NDYUDPODUÖQ WDULILQGHNL GHøHUOHULQ VDGDNDWL\OH NRQX\X WDUWÖûPDGD GDKD FHVXU GDKD \UHNOL GDKD HWNLQYHLoHULNOHULLWLEDUL\OHGHGDKDGRøUXûH\OHUV|\OH\HELOLUGLN %HQ EX GDYHWL DOGÖøÖP ]DPDQ HWLN NDYUDPÖQÖQ QH\L LoHUGLøL NRQXVXQGDNL ELOJLPL HYYHOD V|]ONOHUGHQ VRQUD DQVLNORSHGLOHUGHQ DUDGÖP *HQHO NDUDNWHUOL DQVLNORSHGLOHULQ $oÖOÖû.RQXûPDODUÖ LoHULVLQGHHWLNNDYUDPÖEL]LP¶DNW|UH·GHGLøLPL]DKODNNDYUDPÖQÖQHûGHøHULJLELWDNGLP HGLOL\RU7UNL\H·GHoRN\D\JÖQûHNLOGHELOLQHQoE\NDQVLNORSHGL\HGHEDNWÖP'DKD VRQUD IHOVHIH V|]ONOHUL LoHULVLQGHNL HWLN NDYUDPÖQÖ GHøHUOHQGLUPHN LVWHGLP WDPDPÖQD \DNÖQÖQGD ELUD] HYYHO VL]OHUH VXQGXøXP ELOJLQLQ LoHULOGLøLQL J|UGP 'ROD\ÖVÖ\OD GD DKODNLOHHWLNDUDVÖQGDNLIDUNÖWHIULNHGHELOHFHNEWQELOLPVHOGHøHUOHQGLUPHOHULEXLûLQ GHøHUOL X]PDQÖ VD\ÖQ 3URI .XoXUDGL·QLQ \DSDFDøÖ NRQXûPD\D HUWHOH\HUHN NHQGL DQOD\ÖûÖPLoHULVLQGHELUPHVOHøLQHWLøLDKODNÖQDVÖOWHûHNNOHGHUYHQDVÖOGHøHUOHQGLULOLU EXQXQNLûLVHOWHFUEHOHULPHGHQH\LPOHULPHGD\DOÖ|UQHNOHULQLDQODWPDNLVWL\RUXP \ÖOÖQGD )LNUHW 0XDOOD 3DULV·WHQ G|QGø ]DPDQ NHQGLVLQL $\YDOÖN 2UWDRNXOXQD UHVLP |øUHWPHQL RODUDN WD\LQ HWWLOHU 2 VÖUDGD 1D]ÖP NHQGLVLQGHQ oÖNDUPDNWD ROGXøX GHUJL\H GHVHQOHU \DSPDVÖ ULFDVÖQGD EXOXQGX )DNDW )LNUHW 0XDOOD HWUDIWDNL J]HO LQVDQODUÖQ oHKUHOHULQGHQ oRN HWNLOHQGLøLQL V|\OH\HUHN ELU Q WDEOR \DSPÖûWÖ %X WDEOR RUWD\D oÖNDU oÖNPD] E\N KDGLVHOHU GRøGX YH 7UN DKODNÖQÖ ER]X\RUJHUHNoHVL\OH)LNUHW0XDOOD·QÖQWXWXNODQPDVÖQDNDUDUYHULOGL$ûDøÖ\XNDUÖIRYLVW HNROQ EWQ GHøHUOHULQL \DQVÖWDQ EX WDEORGD YDKûL ELU PDQ]DUD VH\UHWWLUHFHN HVWHWLN GHøHUOHU YDUGÖ <DQL WSWHQ oÖNPÖû ER\DODU KLo ELU J|OJH YH ÖûÖN LKWL\DFÖ KLVVHGLOPHGHQ WXYDOH WDWELN HGLOL\RU UHQNOHULQ X\XPXQGDNL R PXKWHûHP PDQ]DUD JHUoHNWHQ HWNLOH\LFL ROX\RUGX 1 WDEOR \]QGHQ )LNUHW 0XDOOD·\Ö WXWXNODPDN ]HUH $\YDOÖN .D\PDNDPÖ %DOÖNHVLU 9DOLOLøLQH \D]Ö \D]GÖ %DOÖNHVLU 9DOLOLøLQGHQ R ]DPDQNL GH\LPL\OH WDKDUEL GHQLOHQ úXEH JL]OL SROLV PHPXUODUÖ JHOHUHN )LNUHW 0XDOOD·\Ö WXWXNODPDN LVWHGLOHU +DGLVHEDVÖQD\DQVÖGÖYHQWDEORODUNRQXVXQGD7UNL\H·QLQoRNGDVDøOÖNOÖELUJHoPLûL ROGXøX J|UOG g\OH NL G|QHPLQ LGGLDOÖ UHVVDPODUÖQGDQ dDOOÖ 3H\KDPDQ 1DPÖN ùVPDLO Q WDEORODUÖ\OD GD û|KUHWOL\GLOHU +HOH EXQODUÖQ LoHULVLQGH PRGHO EXODPDGÖøÖ LoLQ 3H\KDPDQ NDUÖVÖQÖ 1DPÖN ùVPDLO VHYJLOLVLQL PRGHO RODUDN NXOODQPÖûWÖ %XJQ ELOH HUNHQ G|QHP &XPKXUL\HW UHVVDPODUÖQÖ û|\OH ELU LQFHOHUVHQL] oRøXQXQ Q WDEORODUÖ )LNUHW0XDOOD·QÖQGHUGHVWHGLOHQWDEORVXQGDQoRNGDKDWDKULNHGLFL\GL$UDGDQNÖVDELU VUH JHoWL .ÖVD VUH GHGLøLP D\ D\ VRQUD 0DWLVVH·WHQ VRQUD HQ PNHPPHO IRYLVW X\JXODPD JHUHNoHVL\OH ELULQFLOLN DOGÖ YH 1HZ <RUN P]HVLQH NDOGÖUÖOGÖ ùNLVL DUDVÖQGDNL IDUNÖ WHIULN HGHELOHFHN DQOD\Öû ùoLûOHUL %DNDQÖ LOH (øLWLP %DNDQÖ DUDVÖQGDNL VL\DVHW DQOD\ÖûÖ\GÖ\DGDEXJQQNRQXVX\ODVL\DVHWWHHWLNDQOD\ÖûÖ\GÖ'|QHPLQùoLûOHUL%DNDQÖ úNU .D\D ELU VDQDWoÖ LoLQGHNL GHøHUOHUL QDVÖO \DQVÖWÖ\RUVD R \DQVÖWWÖNODUÖQGDNL LKWLûDPOD PNHPPHOGLU GL\RUGX gWHNLVL GH G|Q\RU KD\ÖU EXQODUÖQ KHU ELULVL WRSOXPXQ JHQHO NDEXOOHULQH D\NÖUÖ ROPDPDN ND\GÖ\OD PVDPDKD\OD NDUûÖODQDELOLU GL\RUGX 6RQXoWD ùoLûOHUL %DNDQÖ YHUGLøL WDOLPDWOD WXWXNODPD NDUDUÖQÖ NDOGÖUGÖ DPD (øLWLP %DNDQÖ YHUGLøL WDOLPDWWD ÖVUDU HWWL YH E|\OHOLNOH )LNUHW 0XDOOD·QÖQ GD UHVLP |øUHWPHQOLøLVRQDHUGL 'HøHUOL GLQOH\HQOHU R WDULKOHUGH *XVWDYH )ODXEHUW·LQ 0DGDP %RYDU\ LVLPOL NLWDEÖQÖQ WHUFPHVL V|] NRQXVX\GX YH NLWDS WHUFPH HGLOPLû KDOL\OH EDVNÖ\D JLUHFHøL VÖUDGD KHPHQ PGDKDOH HWWLOHU 0DGDP %RYDUL·QLQ KDILI oDSNÖQ ELU NDGÖQ ROGXøXQX EX KDILI PHûUHSOLN LoHULVLQGH 7UN DLOH KD\DWÖQÖ IHYNDODGH ROXPVX] \|QGH HWNLOH\HFHøLQL YH NDGÖQODUÖPÖ]ÖQ EXQD PHUDNODQDUDN DLOH KD\DWÖQGDNL GLVLSOLQOHULQL LKODO HGHFHøLQL LGGLD HWWLOHUYH\DSÖOPÖûWHUFPHPDDOHVHIGHUGHVWHGLOGLDOÖQGÖ)DNDWRWDULKWHPHVHOD0DQRQ /HVNDXW·\X WHUFPH HWPLûWLN GROD\ÖVÖ\OD KDQJL HVHULQ KDQJL DQOD\Öû LoHULVLQGH KDQJL HWLN GHøHUOHULPL]L \D GD DKODNL GHøHUOHULPL]L LKODO HWWLøL KDQJLOHULQL HWPHGLøL NRQXVXQGD \HUOHûPLû N|NO ELU NDQDDWLPL] GH \RNWXU ùQVDQODUÖQ ûDKVL WHUFLKOHULQH HøLOLPOHULQH \D GD \XNDUÖGDQ DOGÖøÖ WDOLPDWODUD ULD\HW HWPHGHNL NLûLVHO PXNDYHPHW YH LWDDW IDUNODUÖQD J|UHX\JXODPDODUIDUNOÖOÖNJ|VWHUL\RUGX 8OXVDO8\JXODPDOÖ(WLN.RQJUHVL *POFLQH 0HEXVX ùVPDLO %H\ ùWWLKDW 7HUDNNLQLQ HQ ID]OD oHNLQGLøL DGDPGÖ YH R WDULKWH GH 'HPRNUDW 0XVWDID LVLPOL ELU JD]HWHFL YDUGÖ 'HPRNUDW 0XVWDID NHQGL DKODN GHøHUOHULQH ONHQLQ \DUDUODUÖQD D\NÖUÖ J|UGø KHU ûH\L UDKDWoD WHQNLW HGL\RU \D]GÖøÖ JD]HWHGH EX NRQXGD IHYNDODGH GLNNDW oHNLFL KDEHUOHU YHUL\RUGX 1LKD\HW ELU JHFH 2UWDN|\·GHNLHYLQGHQDOÖQÖS)DWLK·WHNL.XUûXQOX0HGUHVHVLDUNDVÖQGDNLWHQKDVRNDNODUD J|WUOSDGDPDNÖOOÖELUGD\DN\HGL(UWHVLJQ*POFLQH0HEXVXEXROD\ÖJQGHPH JHWLUGLYHùWWLKDW7HUDNNL\LIHYNDODGHD\ÖSODGÖ$GDPÖQKDVWDROGXøXQX\U\HPH\HFHN KDOGH SHULûDQ EXOXQGXøXQX V|\OHPHVLQH UDøPHQ NLPVH NHQGLVLQH LWLEDU HWPHGL 6HEHS oRN EDVLWWL dQN NHQGLVLQH YHULOPLû RODQ UDSRU 3DULV 7ÖS )DNOWHVLQL ELWLUPLû ELU GRNWRU WDUDIÖQGDQ YHULOPLûWL YH R WDULKOHUGH KHQ] 3DULV 7ÖS )DNOWHVL 2VPDQOÖ WRSUDNODUÖQGD HKOL\HWL NDEXO HGLOPLû ELU WÖS IDNOWHVL RODUDN WDQÖQPÖ\RUGX %XQXQ ]HULQH3DULV7ÖS)DNOWHVLQLELWLUPLûRODQELUGRNWRUDLWLEDUHGLOHPH\HFHøLJHUHNoHVL\OH 'HPRNUDW 0XVWDID \HGLøL GD\DN \DQÖQD NkU NDODUDN VDOÖYHULOGL $UDGDQ NÖVD ELU VUH JHoWL%XKDGLVH\LPHFOLVHJHWLUHQ*POFLQH0HEXVXùVPDLO%H\EXGHID'DPDW)HULW %H\LQ NDELQHVLQGH ùoLûOHUL %DNDQÖ ROGX <LQH 'HPRNUDW 0XVWDID JD]HWHVLQGH EX GHID *POFLQH PHEXVX ùVPDLO %H\·LQ \DQOÖûOÖNODUÖQÖ WHûKLU HGHQ PDNDOHOHUL\OH GLNNDW oHNL\RUGX $\QÖ KDGLVH WHNHUUU HWWL *POFLQH PHEXVXQXQ WDOLPDWÖ\OD \DQL ùoLûOHUL %DNDQÖ WDOLPDWÖ\OD 'HPRNUDW 0XVWDID·\Ö DOGÖODU $UQDYXWN|\ VÖUWODUÖQGD DGDPDNÖOOÖ G|YGOHU %XQXQ ]HULQH 'HPRNUDW 0XVWDID ELULQFLVLQGHQ GHUV DOPÖûWÖ UDSRUX JLWWL ùVWDQEXO 7ÖS )DNOWHVLQL ELWLUHQ ELU GRNWRUGDQ DOGÖ *HWLUGLOHU UDSRUX *POFLQH PHEXVX ùoLûOHUL %DNDQÖ ùVPDLO %H\·H VXQGXODU ùVPDLO %H\ û|\OH ELU UDSRUD EDNWÖ 3DULV 7ÖS )DNOWHVL PH]XQX ELU GRNWRU WDUDIÖQGDQ YHULOPHPLû RODQ ELU UDSRUD LWLEDU HGHUHN ]DSWL\HOHU KDNNÖQGD PXDPHOHGH EXOXQPD\D KDNNÖP \RN GL\RUGX %LU LQVDQÖQ VL\DVL DKODN DQOD\ÖûÖ LoHULVLQGH ûDUWODUD J|UH GHøLûHQ GHøHUOHUL KHU GHIDVÖQGD NHQGL LVWHøLQH JHWLUPH DU]XVXQD YH ÖVUDUÖQD KLoELU KXNXN DQOD\ÖûÖQGD KLoELU DKODN DQOD\ÖûÖQGD KDWWD PHGHQLELULQVDQÖQWHUEL\HDQOD\ÖûÖQGD\HUYHUPHNPPNQGHøLOGLU %HQ HWLN NHOLPHVLQL EXQGDQ WDP VHQH HYYHO GX\GXP RUWD PHNWHEL \HQL ELWLUPLûWLP OLVHGH RNXUNHQ HWLN NHOLPHVLQL J|UGP 2 WDULKWH HWLN NHOLPHVLQLQ NDUûÖOÖøÖQGD DKODN NHOLPHVLQL NXOODQÖ\RUODUGÖ %XJQ LVH HWLN NHOLPHVLQH IDUNOÖ ELU PDQD \NO\RUX] (OEHWWH ELUD] VRQUD VD\ÖQ KRFDPÖ]GDQ oRN GHøHUOL HWLN NDYUDPODUÖ DoÖNODPDODUÖ GLQOH\HFHNVLQL] %DQD J|UH HWLNOH DKODN NDYUDPODUÖ DUDVÖQGDNL WHPHO D\UÖP HWLN WHULPLQLQ DKODNÖ NRQX DODQ GLVLSOLQL LIDGH HWPHVLGLU 'ROD\ÖVÖ\OD GD GDKD DoÖN ELU GH\LPOH HWLøL ELU DQODPGD DKODN IHOVHIHVLQLQ HûGHøHUL RODUDN HOH DOÖ\RUXP YH E|\OH oHYLUHUHNE|\OHEDNDUDNJLGL\RUXP 'HøHUOL GLQOH\HQOHU EHQLP NRQXûPDPÖQ \DNODûÖN \DUÖ NÖVPÖ WDPDPODQGÖ %XQGDQ VRQUDNL NÖVPÖ OLVHGH EXQGDQ \ÖO |QFH OLVHGH IHOVHIH |øUHWPHQLP RODQ ûLPGL 'LO YH 7DULK &RøUDI\D )DNOWHVL SURIHV|UOHULQGHQ )DWPD %DûDUDQ +DQÖPHIHQGLQLQ D] VD\ÖGD |øUHQFLOL VÖQÖIÖQGD KHUNHVH ELU NRQX YHULS LûOHWPHVL\OH LOJLOL\GL %DQD GD DKODN NHOLPHVL YHULOPLû EX NDYUDPÖQ GHøHUOHUL JQON KD\DWÖPÖ]GDNL \HUL W|UHOHU LWLEDUÖ\OD IDUNOÖODûPDVÖ NOWUOHU LWLEDUÖ\OD ELUELUOHUL\OH NDUûÖW YH\D X\XûXU GHøHUOHU VLVWHPDWLøL YH HQ |QHPOLVL GH \DûDGÖøÖPÖ] KD\DWÖQ VRV\RORMLN WDULIOHULQH X\JXQ RODUDN ELU LQVDQ SVLNRORMLVLQGH DKODNÖQ QDVÖO GHøHUOHQGLULOHFHøL LGL %XQX ]DQQHWPH\LQL] NL EXJQN ELULNLPLP oHUoHYHVLQGH X]XQ ELU FPOH HWUDIÖQGD DKODND DWIHGLOHQ GHøHUOHUL DEDUWDUDN DNWDUÖ\RUXP +D\ÖU 2 WDULKOHUGH OLVHOHUGH IHOVHIH FLGGL ELU HøLWLPGL YH EXJQ 0LOOL (øLWLP %DNDQOÖøÖQÖQ EXQX NDOGÖUPÖû ROPDVÖQÖ ELU HWLN NDYUDPODU WDUWÖûPDVÖQÖQ NUVVQGH D\ÖSODGÖøÖPÖGD LIDGH HGL\RUXP)HOVHIH\L |øUHQPH]VHQL] PDWHPDWLøL QDVÖO \DSDFDNVÖQÖ]" )L]LøL QDVÖO NDYUD\DFDNVÖQÖ]" 6RV\RORML\L QDVÖO DQOD\DFDNVÖQÖ]" 7DULK $oÖOÖû.RQXûPDODUÖ GHULQOLøLQL]L QDVÖO \DNDOD\DFDNVÖQÖ]" +DWWD FRøUDI\DQÖ]Ö QDVÖO GHøHUOHQGLUHFHNVLQL]" %HQLP R WDULKOHUGHNL DKODN DQOD\ÖûÖ\OD LOJLOL \DSWÖøÖP DoÖNODPDODUGDQ DNOÖPGD NDODQ ELUNDo NoN FPOH\OH VL]H ELOJLOHU VXQPDN LVWL\RUXP $KODN NHOLPHVL EL]LP GLOLPL]GH \DQL 2VPDQOÖFD·GD KXON NHOLPHVLQLQ oRøXOX OJDWOHU LWLEDUL\OH V|]ONOHU LWLEDUL\OH EDNWÖøÖQÖ]GD EXQD /·LPPRUDOLVW·LQL /DWLQFH·GH RNX\DQODU PRUDO <XQDQFD·GD /DWLQFHGHNL PRUDO HWLN GHQL\RU NDYUDPÖQÖQ $QGUp 9LUJLOLXV·GH *LGH·LQ DQODWÖOPÖû RODQÖQGDQ oRN IDUNOÖ ROGXøXQX J|UHFHNOHU \D GD EHQLP JLEL +LOPL =L\DNDUD HNROQGHQ \HWLûPLû RODQ ELULVLQLQ DKODN NHOLPHVL\OH HWLN NHOLPHVL DUDVÖQGDNL IDUNÖ J|UPHVL DQFDN oDøGDû GHøHUOHUL oRN L\L DQODWDQ XVWD ELU IHOVHIHFLQLQ oRN NROD\FD NDYUD\DELOHFHøLPL] |OoOHUGH WDNGLP HWPHVL\OH PPNQ KDOH JHOHFHN %L] KXON NHOLPHVL\OH ELU LQVDQ GRøDVÖQGD\DSÖVÖQGDHûLWOLNHVDVÖQÖPXWODND|QHDODQELUGDYUDQÖûWUQNDVWHGL\RUX] %HQLP oDøÖPÖQ LQVDQODUÖ KHP HVNL GLOL |øUHQPHN KHP \HQL GLOL |øUHQPHN PHFEXUL\HWLQGH LGL dQN HYYHOD \ÖOÖQGD DQD\DVDVÖQÖQ R PNHPPHO 7UNoH·VL\OH \XUWWDûOÖN ELOJLOHULQL WDULK ELOJLOHULPL]L YH VRV\RORML\L RNXPXûWXN 'DKD VRQUD GD 'HPRNUDW 3DUWL JHOLS WHNUDU GLOLQL HVNL 2VPDQOÖFD·\D G|QGUQFH EX GHID 2VPDQOÖ GLOLQL GH |øUHQPHN PHFEXUL\HWLQGH NDOPÖû LGLN 'ROD\ÖVÖ\OD EHQLP oDøÖPÖQLQVDQODUÖQÖQGLOLQGHEDûNDODUÖQÖUDKDWVÖ]HGHELOHFHNELUIDUNOÖOÖNGLNNDWoHNHELOLU =DPDQ ]DPDQ 2VPDQOÖFD GH\LPOHUL NXOODQPDN ]RUXQGD NDODELOLUL] ]DPDQ ]DPDQ GD 7UNoH GH\LPOHUL %X EL]LP NRQXûXUNHQ DNWDUPDN LVWHGLøLPL] NDYUDPÖ \DQL EHQLP ]LKQLPGHNL WHFUEH DODQÖQÖ VL]LQ ]LKQLQL]GHNL WHFUEH DODQÖ KDOLQH JHWLUPHN LVWHøLPGH DNOÖPD JHOHQ YH NDYUDPÖ HQ L\L DQODWWÖøÖQD LQDQGÖøÖP V|]Fø NXOODQPDPOD LOJLOLGLU 'ROD\ÖVÖ\OD GD KXON NHOLPHVLQL VL]H ELUD] DoÖNODPDN LKWL\DFÖQÖ KLVVHGL\RUXP $UNDGDûODUÖQÖ] YDUGÖU DLOHQL]GHQ LQVDQODU YDUGÖU +XONL %H\ GHUVLQL] \D GD oRN VHYGLøLQL] N|IWH\L \DSDQ +XONL\H WH\]HQL] YDUGÖU %XQODU JQON KD\DWÖQÖ]GD UDVWODGÖøÖQÖ] NLPVHOHUGLU ùVWHU +XONL %H\ DPFDQÖ] ROVXQ LVWHU +XONL\H +DQÖP WH\]HQL] ROVXQ VRQXo LWLEDUL\OH KXON NHOLPHVL HûLWOLN NDYUDPÖQÖ NLPVH\H ELU EDûNDVÖQÖQ KDNNÖQGDQ YHUPHPH GLVLSOLQLQL LIDGH HGHU $UDSoD N|NHQL LWLEDUL\OH KXON NHOLPHVL YDKD\D JHOHQ EWQ NDYLPOHULQ EWQ NDELOHOHULQ YDKDGDQ VX oHNHUNHQ NXOODQGÖNODUÖ NRYDQÖQ DGÖGÖU dQN KHUNHVH LNL NRYD YHULOLU ùûWH R KXON GHGLøLPL] NRYD NX\X\D GDOGÖUÖOÖU oÖNDUÖOÖU YH EDNUDoODUD G|NOU +XON NHOLPHVLQLQ DQODPÖ EX HûLWOLN DQODPÖQGD GHøHUOHQGLULOPHVLQGHQ GDKD |QHPOL ELU PDQD RODUDN V|\O\RUXP DGDOHW KNPQQ \FHOWLOPHVL YH KHU ]DPDQ HûLW |OoHNWH WHFHOOL HWPHVLQLQ VDøODQPDVÖGÖU %|\OHOLNOH LQVDQODUKXONNDYUDPÖLoHULVLQGHKHU]DPDQDGDOHWDKODNÖQÖ\FHOWPHNGXUXPXQGDGÖUODU *]HO DKODN N|W DKODN WDULIOHUL\OH RUWD\D JHOLS GH ELU WDNÖP DoÖNODPDODU \DSPDN LVWHPL\RUXP \D GD GLQOHU LWLEDUL\OH IDUNOÖ IDUNOÖ GûQFH VLVWHPOHULQGH DKODN WDULIOHUL ROGXøXQD GD LûDUHW HGHUHN NÖVD ]DPDQÖ GROGXUPDN LVWHPL\RUXP $PD V|\OHPHN LVWHGLøLPoûH\YDU<HU\]QHQHELJHOPLûKHUELUQHELELUNDYPLGRøUX\ROD J|WUPH YH KLGD\HWH HUPH VRUXPOXOXøX LoHULVLQGH ROPXû %XQODUÖQ LoHULVLQGH DGODUÖQÖ EHONLGHLONGHIDLûLWHFHøLQL]NLPVHOHUGHYDUGÖUgUQHøLQEXQODUGDQELUL%DELO.UDOÖQÖQ \|QHWLP DKODNÖQGDQ X]DNODûWÖøÖQÖ KXONX HûLW GDøÖWPDGÖøÖQÖ VX\X HûLW GDøÖWPDGÖøÖQÖ FDQÖQÖQ oHNWLøLQH E\N NRYD LOH FDQÖQÖQ oHNWLøLQH NoN NRYD LOH VX YHUGLøLQL V|\OH\HUHNHOHûWLUGLøLLoLQVDoODUÖQGDQWXWXODUDN%DELONDOHVLQHNDGDUoÖNDUWÖOPÖûYHVRQUD H]L\HWLQ JHUHNoHVL NHQGLVLQH DQODWÖOPÖû <|QHWLFLOHULQ KDON \DUDUÖQD \DODQ V|\OHPHVLQL WHûKLU HWPHN ELU SH\JDPEHULQ KDNNÖ RODPD] 2 WDULKWHNL +DEDNXN·X EXJQN EDVÖQ KDOLQGH GûQHELOLUVLQL] <|QHWLFLOHULQ \|QHWHQOHULQ KDQJL JHUHNoH\H GD\DQÖUVD GD\DQVÖQ\|QHWLOHQNLWOH\LDOGDWPD\D\|QHOLNGDYUDQÖûODUÖQÖWHûKLUHWPHGXUXPXQGDNLELU 8OXVDO8\JXODPDOÖ(WLN.RQJUHVL NXUXPXQ FH]DODQGÖUÖOPDVÖQÖ LVWHPHN LVDEHWOL GHøLOGLU $PD \DODQ NRQXVXQGD NLûLOHULQ NHQGLOHULQHJ|UHWDULIOHULQLQGHGRøUXROPDGÖøÖQÖELOL\RUVXQX] 0HûKXU 2PHQ·LQ HOH DOÖQGÖøÖ 7HYUDW·WDNL YDKL\OHU NÖVPÖQÖ GX\DQODU KDWÖUOD\DFDNODUGÖU %DELO·L 7HYUDW ELU E\N IDKLûH RODUDN WDULI HGHU dQN R WDULILQ LoHULVLQGH .UDO +DPDV\DV \UWPHNWH ROGXøX \|QHWLP ELoLPLQGHNL HVDVODU LWLEDUL\OH VUHNOL GRøUX KDUHNHW HWWLøLQH LQDQPDNWDGÖU ùûWH RQXQ GRøUX KDUHNHWLQL EX GHID \DODQ WDYÖU WHûKLUL LoHULVLQGH EXOXQPDN LVWH\HQ SH\JDPEHU +DPDV GD WDP WHUVLQH LûLQ JHUoHøLQLEDûNDODUÖQÖHWNLOHPHNLoLQVDSWÖUDUDN\DODQV|\OH\HUHNWHûKLUHWPHNWHGLU\DGD R WHûKLU PHNDQL]PDVÖQÖQ LoLQGH NH\ILOHûHELOPHNWHGLU %X oHUoHYHGH EDNWÖøÖQÖ]GD EXQGDQ VRQUD WDUWÖûDFDøÖQÖ] |øOHGHQ VRQUDNL RWXUXPODUÖQ LoHULVLQGH LNL NRQX ELULVL 3H\JDPEHU+DPDV·ÖQGLøHULGH+DEDNXN·XQGDYUDQÖûÖRODUDNRUWD\DoÖNDFDNWÖU6L\DVHWWH HWLN VL]H *POFLQH 0HEXVX ùVPDLO %H\·OH 'HPRNUDW 0XVWDID PDFHUDVÖQÖ DQODWWÖP YH\D EDVÖQGD HWLN ELUD] HYYHO V|]Q HWWLøLP 3H\JDPEHU +DEDNXN YH\D NDUûÖVÖQGD 3H\JDPEHU+DPDVYH\DEXQODUÖQWDPRUWDVÖQGDELUWDYÖUWDNÖQDQ3H\JDPEHU<HUHPL\D 'HøHUOL GLQOH\HQOHU EXQODUÖQ KLoELULVLQL VL]H HWLN WDULIL RODUDN YHUPL\RUXP dQN HWLN WDULILQLQ QH ROGXøXQX \DûÖPGDQ VRQUD EHQ GH EXJQ LON GHID |øUHQHFHøLP .HOLPHOHUL JQON KD\DWÖPÖ]ÖQ LoHULVLQGH NXOODQÖOGÖøÖ PDQDGD GHøHUOHQGLULUVHN NHQGLPL]H J|UH YHUGLøLPL] WDULIOHUOH R NHOLPHOHULQ LoHULøL\OH \D GD GHULQOLøL\OH LOJLOL \DSDFDøÖPÖ] DoÖNODPDODUOD EDûNDODUÖQD NDUûÖ \DQÖOWÖFÖ WDYÖUODU WDNÖQPÖû RODELOLUL] )HOVHIL PDQDGD HWLN NDYUDPODUÖQÖQ oRøXQXQ DKODNOÖOÖN |OoHøLQL VUGUHELOPH NDELOL\HWL ROGXøXQX KLVVHGHQ ELU WDYÖU LoLQGH ROGXøXPX LIDGH HGL\RUXP $PD GRøUXOXøXQXQ QH ROGXøXQXVL]OHUOHELUOLNWHEHQGH|øUHQHFHøLP 6RQ RODUDN PHVOHøLPOH LOJLOL LNL ûH\L GH V|\OH\LS YDNWLQL]L DOPDGDQ NUVGHQ LQPHN LVWL\RUXP %XQODUGDQ ELULQFLVL DKODNÖQ HPUHGLFL ROGXøXQD LQDQPÖûÖPGÖU ùVWHU WPGHQ JHOHQ PDQWÖN NXUDOÖ RODUDN EXQX NDEXO HGLQL] LVWHUVHQL] WPH YDUDQ GDYUDQÖû WU RODUDN DOÖQÖ] .LûLVHO RODUDN J|VWHUGLøL GDYUDQÖû WUQQ LoHULVLQGHNL WPH YDUDQ YH\D WPGHQ JHOHQ \|QWHPOHULQ IDUNOÖOÖøÖQGD DKODNÖQ HPUHGLFL NDUDNWHULQL GHøLûWLUPHN PPNQ GHøLOGLU g\OH VDQÖ\RUXP NL HWLøLQ NXUDOODUÖQÖ GD GHøLûWLUPHN PPNQ ROPD\DFDNWÖU gUQHøLQVL]HHVNL GHQH\LPOHULPOH LIDGH HWPHPH PVDDGH HGLQL] .OWU GHøHULQGHNL DKODN NDYUDPÖ\OD VRV\RORMLN PDQDGDNL DKODN NDYUDPÖQÖ GD L\L D\ÖUDPDGÖøÖPÖ]GD EX LNL NDYUDPÖ GD ELUELULQH NDUÖûWÖUGÖøÖPÖ]GD HWLN GHøHUOHU DoÖVÖQGDQ NHQGLPL]H J|UH NH\ILOHûWLUHELOHFHøLPL] WDUWÖûPD EDûOÖNODUÖ NXUDELOLUL] %XQXQ GD \DQOÖûOÖøÖQDLûDUHWHGL\RUXP 6RQ GDNLNDP YDU R VRQ GDNLNDPGD GD V|\OH\HFHN ELU ûH\ YDU (øHU LQVDQODU NHQGL WUQGHNL GDYUDQÖûODUÖ UXKXQGD PXKWHYDVÖQGD GLOLQGH YH VOXEXQGD VDGHFH NHQGLQH KDNPÖû JLEL J|UHUHN KHU ûH\L NHQGL VDYXQGXøX oHUoHYHGH NDEXOH ]RUOD\DFDN QRNWD\D JHOL\RUVDEXQGDQROXPOXELUVRQXooÖNPDVÖPPNQGHøLOGLUùVWHUVL\DVHWoLROVXQLVWHU JD]HWHFL ROVXQ LVWHU GRNWRU ROVXQ LVWHU DYXNDW ROVXQ KDQJL PHVOHøLQ PHQVXEX ROXUVD ROVXQ YH\D KDQJL ILNULQ PQWHVLEL ROXUVD ROVXQ V|\OH\HFHøL ûH\LQ JHQHO NDEXO HGLOHFHN NULWHUOHULQL|QFHGHQELOLUYHRQODUÖQULD\HWLLoHULVLQGH\DSDELOLUVHVLVWHPGHøHULGHGLøLPL] GRøUX QRNWD\D YDUPD\Ö HOGH HGHELOLU %XQX \DSDPDGÖøÖ ]DPDQ KHUKDQJL ELU VRQXFD XODûPDVÖGDPPNQGHøLOGLU%L]LPXOXVDONLPOLøLPL]LQNRUXQPDVÖQGD2UWD$V\D·GDQ 7XUDQ NOWUQGHQ JQP]H JHWLUGLøLPL] EX DUDGD ùVODPL\HW·LQ HWLNOHULQGHQ \DUDUODQDUDN ROJXQODûWÖUGÖøÖPÖ] 7UN NOWUP]Q 6HOoXNOX 7UNOHUL LOH $QDGROX EDûODWDQODUÖ RODUDN \HQL ELU KYL\HW LoLQGH JHOLûWLUGLøLPL] 2VPDQOÖ NLPOLøL\OH JHUoHNWHQ VVOHGLøLPL] DPD VRQXoWD FXPKXUL\HW NOWU\OH GRUXN QRNWDVÖQD XODûWÖUGÖøÖPÖ] ELU DKODNL DQOD\ÖûÖPÖ] YDUGÖU (Q PNHPPHOL GH EXGXU %X PNHPPHO QRNWDGDNL $oÖOÖû.RQXûPDODUÖ FXPKXUL\HW DKODNÖELUGHPRNUDVL LGHDOL YHELU FXPKXUL\HW LGHRORMLVL\OH EWQOHûHUHNVL] JHQo QHVLOOHULQ JHOHFHøH KD]ÖUODQPDVÖQÖ DPDoODU %X NDGDU PNHPPHO ELU LGHDO YH LGHRORMLN LOLûNL LoHULVLQGHNL VRUXPOXOXøXPX] ûXGXU +DQJL PHVOHøH LQWLVDS HGHUVHQL] HGLQL] KDQJL PHVOHøLQ XVWDVÖ ROXUVDQÖ] ROXQX] ELU DKODNL VRUXPOXOXN LGUDNL LoLQGHNL RODFDøÖQÖ]Ö XQXWPDPDOÖVÖQÖ] úLPGL HWLN NDYUDPÖQÖQ VWQ GHøHUOHULQL YH LoHULNOHULQL |øUHQPHGHNL VDEÖUVÖ]OÖøÖQÖ]Ö JLGHUPHN LoLQ NUV\ WHUN HGHUNHQ KHSLQL]H VD\JÖODU VXQX\RUXP%DûDUÖOÖELUNRQIHUDQVWHPHQQLHGL\RUXP 3URI'UùRDQQD.XoXUDGL·QLQ.RQXûPDVÖ 6D\ÖQ5HNW|U<DUGÖPFÖVÖ6D\ÖQ%DNDQODU'HøHUOL0LVDILUOHU6HYJLOL$NÖQYH)HOVHIH %|OP gøUHWLP h\HVL $UNDGDûODUÖP YH \DUGÖPFÖODUÖ (WLN V|]Fø VRQ \ÖOGD PRGD ROGX (WLøH GX\XODQ EX LOJLQLQ FDQODQPDVÖQGD NXûNXVX] oHûLWOL HWNHQOHU URO R\QDGÖ 1H YDU NL PRGD RODQ IHOVHIHQLQ ELU DUDûWÖUPD DODQÖ RODUDN HWLN GHøLOGLU 0RGD RODQ PHVOHN HWLNOHUL GHQLOHQHWLNOHUGLU %XPHVOHN HWLNOHUL DUDVÖQGD HQ oRN XøUDûÖODQÖ YH HQ HVNLGHQ EHUL XøUDûÖODQÖ EL\RHWLN \D GD EL\RPHGLNDO HWLNWLU dHûLWOL PHVOHN DODQODUÖ NHQGL HWLNOHULQL JHOLûWLUPH\H oDOÖûÖ\RUODU ùû HWLøL PHG\D HWLøL VL\DVHW HWLøL WLFDUHW HWLøL SROLV HWLøL KDWWD MDQGDUPD HWLøL JLEL HWLNOHU NDUûÖPÖ]D oÖNÖ\RU 6RQ \ÖOODUGD E\N ELU RODVÖOÖNODJ|UHFLSRVWPRGHUQLVW\DNODûÖPODUÖQYHQHROXUVDROVXQ´DQ\WKLQJJRHVµLONHVLQLQ \DUDWWÖøÖ NDUJDûDGDQ ND\QDNODQDQ HWLNOH LOJLOL EDûND ELU JHOLûPH GH HWLøLQ HYUHQVHOOLøLQH LOLûNLQ WDUWÖûPDODU YH oHûLWOL oHYUHOHUGH HYUHQVHO ELU HWLN \D GD HYUHQVHOOHûWLULOHELOLU ELU HWLN \D GD JOREDO HWLN JHOLûWLUPH oDEDODUÖGÖU *HUHN IHOVHIL HWLN YH PHVOHN HWLøL GHQLOHQOHULQoHUoHYHVLLoLQGH\DSÖODQEXoDOÖûPDODUGDJHUHNVHHYUHQVHOELUHWLNJHOLûWLUPH oDEDODUÖQGD oHûLWOL HSLVWHPRORMLN NDUÖûWÖUPDODU J|]H oDUSÖ\RU %X NDUÖûWÖUPDODU GD IHOVHIHQLQ ELU DOW DODQÖ RODUDN HWLøLQ ROGXøX NDGDU PHVOHN HWLNOHULQLQ GH HWLøL JQP]GHNL WDUWÖûPDODUÖQ PHUNH]LQH JHWLUHQ LKWL\DoODUÖ NDUûÖOD\DELOHFHN ûHNLOGH JHOLûPHVLQH HQJHO ROXûWXUX\RU NDQÖPFD %X QHGHQOH HWLN WHULPLQL DoÖNOÖøD NDYXûWXUPDN YH EXJQ HWLN V|]FøQH \NOHWLOHQ IDUNOÖ NDYUDPVDO LoHULNOHUL J|UHELOPHN \DOQÖ]FD WHRULN RODUDN HWLNOH XøUDûPDQÖQ LON DGÖPÖ RODUDN GHøLO D\QÖ ]DPDQGD |]HO NDPXVDO YH PHVOHN \DûDPÖPÖ]GD DWWÖøÖPÖ] KHU DGÖPGD NDUûÖODûWÖøÖPÖ] HWLN VRUXQODUÖ HOH DOPDQÖQ LON DGÖPÖRODUDNGDJHUHNOLJ|UO\RU 'HøHUOL .RQXNODU EXJQ HWLN V|]FøQH \NOHWLOHQ YH ELUELUL\OH NDUÖûWÖUÖOPDPDVÖ JHUHNHQ IDUNOÖ NDYUDPVDO LoHULNOHUL J|VWHUPHN LoLQ EXUDGD HWLN SUREOHPOHU LIDGHVL\OH NDUûÖPÖ]D oÖNDQ SUREOHPOHULQ IDUNODUÖQÖ J|VWHUPH\H oDOÖûDFDøÖP (WLN SUREOHPOHU GHUNHQ NLPL ]DPDQ WDULKLQ EDûODQJÖFÖQGDQ EHUL IHOVHIHQLQ XøUDûWÖøÖ WHRULN SUREOHPOHU GHPHWL NDVWHGLOL\RU gUQHøLQ HUGHP QHGLU DGDOHW QHGLU YH EX JLEL VRUXQODU %|\OH VRUXODU |UQHøLQ 3ODWRQ GL\DORJODUÖQÖQ PHUNH]LQGHNL NRQXODUÖ ROXûWXUX\RU (WLN SUREOHPOHU LIDGHVL D\UÖFD JQON \DûDPÖPÖ]OD GRøUXGDQ GRøUX\D LOJLOL RODQ ELU WU SUREOHPLGLOHJHWLUPHNLoLQNXOODQÖOÖ\RU.HQGLPL]OHYHEDûNDODUÖ\ODLOLûNLOHULPL]GHNDUDU DOÖUNHQ H\OHPGH EXOXQXUNHQ IDUNÖQGD ROVDN GD ROPDVDN GD V|] NRQXVX RODQ ELU WU SUREOHPL GLOH JHWLUPHN LoLQ %LU NLûLQLQ VL]OHULQ EHQLP KHU ELULPL]LQ JQON \DûDPÖPÖ]GDYHPHVOHN\DûDPÖPÖ]GDKHUDQNDUûÖODûWÖøÖPÖ]H\OHPGHEXOXQPDNLoLQûX \D GD EX ûHNLOGH o|]PHN ]RUXQGD ROGXøXPX] HWLN SUREOHPOHU ILOR]RIODUÖQ HOH DOGÖøÖ HWLN SUREOHPOHUGHQ IDUNOÖGÖU *QON \DûDPGD YH PHVOHN \DûDPÖPÖ]GD NDUûÖODûWÖøÖPÖ] HWLN SUREOHPOHULQ KHUELUL EHOLUOL ELU NLûL WDUDIÖQGDQEHOLUOL ELU DQGD EHOLUOL ELU GXUXPGD NDUûÖODûÖODQ YH WHNOLN J|VWHUHQ SUREOHPOHUGLU 'ROD\ÖVÖ\OD o|]POHUL GH ELUELUOHULQGHQ IDUNOÖGÖU +HUELUL LoLQ D\UÖ D\UÖ o|]POHU EXOX\RUX] %X GHPHNWLU NL EXQODUÖQ 8OXVDO8\JXODPDOÖ(WLN.RQJUHVL o|]POHULQL KHU ELU GXUXPGD EXOPDPÖ] JHUHNLU 2\VD IHOVHIHGHNL SUREOHPOHU JHQHO WHRULN SUREOHPOHUGLU %|\OH ELU SUREOHP J|UPHQLQ VRQXQGD VRUXODQ VRUXODUD YHULOHQ FHYDSODUIHOVHILELOJL\LROXûWXUX\RUgUQHøLQGRøUXH\OHPQHGLUVRUXVXLOHEXGXUXPGD QH\L \DSPDP GRøUX ROXU VRUXVX IDUNOÖ ûH\OHU VRUX\RU )HOVHIL ELU VRUX RODQ ELULQFLVLQH FHYDS H\OHPOH LOJLVLQGH GRøUX NDYUDPÖQ LoHULøLQL EHOLUOHPHNOH YHULOHELOLU ùNLQFLVLQLQ FHYDSODQPDVÖ LVH ELU NLûLQLQ NDUûÖODûWÖøÖ R EHOLUOL JHUoHN VRPXW HûVL] GXUXPGD QH \DSPDVÖ JHUHNWLøLQL EXOPDVÖ LOH ROXU %XQX GD R NLûL H\OHPLQLQ HWLN GHøHUL LoLQ IDUNOÖ VRQXoODU\DUDWDQIDUNOÖûHNLOOHUGH\DSDELOLUYH\DSÖ\RU%HOLUOLELUGRøUXH\OHPNDYUDPÖQD GD\DQDUDN \DSDELOLU \D GD NHQGLVL LoLQ JHoHUOL RODQ ELU QRUPD J|UH \DSDELOLU YH\D \DOQÖ]FD KHGHILQH QDVÖO XODûDFDøÖQÖ KHVDS HGHUHN \DSDELOLU gUQHøLQ EX J|UHYGHQ LVWLID HWPHP JHUHNLU GL\HELOLU YH LVWLID HGHELOLU \D GD DøDEH\LPGHQ KDNLNDWL VDNODPDP JHUHN GL\HELOLU YH E|\OH \DSDELOLU *|UOGø JLEL EX VRQ LNL FHYDS IHOVHIH\OH LOJLOL GHøLOGLU DPDEXQODUGDHWLNVRUXQODUGÖU\DûDPGD1HYDUNLûXDQGDPHVOHNHWLNOHULQLQHOHDOGÖøÖ HWLNSUREOHPOHUEXLNLWUHWLNSUREOHPOHULQGHQIDUNOÖSUREOHPOHUGLU0HVOHNHWLNOHULQLQ ûXDQGDHOHDOGÖøÖ\DGDRUWD\DNR\PDNLVWHGLøLELUWUQRUPODUWRSODPÖGÖU$PDEXQODU |]HO QLWHOLNWH RODQ QRUPODUGÖU %X QRUPODUÖ GD R PHVOHøL LFUD HGHQ KHUNHVWHQ NHQGL GQ\D J|UûQGHQ NOWUQGHQ LGHRORMLVLQGHQ GLQLQGHQ EDøÖPVÖ] RODUDN KHU \HUGH X\JXODPDVÖ EHNOHQLU%XJQHYUHQVHO ELU HWLN \D GD JOREDO ELU HWLN JHOLûWLUPH JLULûLPOHUL GH RUWDN QRUPODU SHûLQGHGLU h]HUOHULQGH DQODûPD\D NRQVHQVVH YDUÖODELOHFHN YH JOREDO G]H\GH NDEXO HGLOHELOHFHN QRUPODU DUDQÖ\RU 1H YDU NL EX DUDQDQ QRUPODUÖQ HSLVWHPRORMLN|]HOOLNOHULQHKLoEDNÖOPÖ\RU úLPGL HWLN SUREOHPOHU LIDGHVLQLQ NXOODQÖOGÖøÖ DQD DQODPODUD GD\DQDUDN D\UÖFD GD EXQODUÖ o|]PHGH L]OHQHQ IDUNOÖ \ROODUD EDNDUDN JQP]Q WDUWÖûPDODUÖQGD HWLN V|]FøQQ NXOODQÖOGÖøÖ ELUELULQGHQ IDUNOÖ YH ELUELULQH NDUÖûWÖUÖOPDPDVÖ JHUHNHQ HQ D] o DQD DQODPÖQÖ D\ÖUW HGHELOLUL] (WLN V|]Fø EXJQ NLPL ]DPDQ EHOLUOL ELU JUXSWD EHOLUOL ELU ]DPDQGD JHoHUOL RODQ YH EX JUXSWDNL NLûLOHULQ ELUELUL\OH LOLûNLOHULQGH GHøHUOHQGLUPHOHULQLH\OHPOHULQLWXWXPYHGDYUDQÖûODUÖQÖEHOLUOHPHOHULEHNOHQHQGHøLûLN YH GHøLûNHQ QRUPODU VLVWHPL DQODPÖQGD NXOODQÖOÖU %XQODU \D]ÖOÖ ROPD\DQ QRUPODUGÖU %HOLUOL ELU ]DPDQGD EHOLUOL ELU NOWUGH HJHPHQ RODQ L\L\H YH N|W\H LOLûNLQ GROD\ÖVÖ\OD JHQHO RODUDN \DSÖOPDVÖ YH \DSÖOPDPDVÖ JHUHNHQOHUH LOLûNLQ DQOD\ÖûODUGÖU 2 DQGD \D\JÖQ RODQIDUNOÖDQOD\ÖûODUYHD\QÖPHNkQGDELUNDoWDQH\D\JÖQDQOD\ÖûRODELOL\RU%XQRUPODUÖ YH DQOD\ÖûODUÖ EXJQN WDUWÖûPDODUGD VÖN VÖN \DSÖOGÖøÖ JLEL HWLN GHøHUOHUOH NDUÖûWÖUPDPDN JHUHNLU %X \D]ÖOÖ ROPD\DQ NOWUHO QRUP VLVWHPOHUL LoLQ DKODN NHOLPHVLQL NXOODQPDN EDûND ELU GH\LûOH DKODN NHOLPHVLQL \DOQÖ]FD EX WU QRUP VLVWHPOHULQL DGODQGÖUPDN LoLQ NXOODQPDN E|\OHFH GH EDûND ûH\OHUL ELUELUL\OH NDUÖûWÖUPDNWDQ VDNÖQPDN NDQÖPFD GDKD X\JXQROXU<DQLEXNHOLPH\LRQDVDNOD\DOÖPGHPHNLVWL\RUXP%DûNDELUEDøODPGDHWLN V|]Fø EXJQ EHOLUOL DPDoODUOD ED]ÖODUÖ WDUDIÖQGDQ ROXûWXUXODQ ED]Ö \D]ÖOÖ QRUP VLVWHPOHUL \D GD QRUP NRGODUÖ DQODPÖQGD NXOODQÖOÖ\RU %X WU EHOJHOHU V|] NRQXVX RODQ DPDoOD LOJLOL RODUDN WUHWLOHQ \D GD PHYFXW RODQODUGDQ VHoLOHQ YH EHOLUOL XVXOOHUOH oRøX ]DPDQ GD NRQVHQVVOH NDEXO HGLOHQ QRUPODUGDQ ROXûX\RU %X EHOJHOHULQ HYUHQVHO JHoHUOLOLNND]DQPDVÖLVWHQLOLUNLPL]DPDQGDHYUHQVHOJHoHUOLOLNVDøODQÖU1HYDUNLE|\OH EHOJHOHUH JHoHUOLOLN ND]DQGÖUPD oRøX ]DPDQ RQODUGD \HU YHULOHQ QRUPODUÖQ IHOVHIL HSLVWHPRORMLN GHøHUOHQGLULOPHVL \DSÖOPDGDQ ROXS ELWL\RU 0HVOHN HWLNOHUL EDøODPÖQGDNL HWLNV|]FøGHEXDQODPGDNXOODQÖOÖ\RU%XDQODPÖGDPHVOHNHWLNOHULYHHYUHQVHOHWLN NRQXODUÖQD LOLûNLQ WDUWÖûPDODUÖQ J|VWHUGLøL JLEL EXJQ HWLN V|]FøQQ HQ \D\JÖQ DQODPÖGÖU.DYUDPODUÖQELUELULQHNDUÖûWÖUÖOPDVÖQÖQNDPX\DûDPÖQGDYH\DVDPDGD\DVDODU ROXûWXUPDGD LQVDQ KDNODUÖ LoLQ \DUDWWÖøÖ ROXPVX] VRQXoODUÖ J|] |QQH DODUDN EX QRUP $oÖOÖû.RQXûPDODUÖ WDNÖPODUÖQD \D GD HYUHQVHO QRUPODUGDQ ROXûWXøX IDU] HGLOHQ EX NRGODUD EHOJHOHUH DKODNOÖOÖN NRGODUÖ \D GD EHOJHOHUL GHPH\L EHQ WHUFLK HGL\RUXP %XUDGD QRUPODUÖ QLWHOHGLøL]DPDQHYUHQVHOV|]FøQGHQGHELUQRUPXQGQ\DG]H\LQGHNLJHoHUOLOLøLQL GHøLOELUQRUPXQVDKLSROGXøXHSLVWHPRORMLNYHDNVL\RORMLNELU|]HOOLøLDQOÖ\RUXP<DQL KHU LOJLOL LQVDQÖQ YH EWQ LOJLOL LQVDQODUÖQ JHQHO RODUDN J|UPHVL YH GLøHUOHULQH J|VWHUPHVL JHUHNHQ PXDPHOH LoLQ JHWLULOHQ WDOHSOHUL \D GD QRUPODUÖ DQOÖ\RUXP dQN EX WU QRUPODUÖ GQ\D G]H\LQGH JHoHUOL NÖOPD\Ö JHUHNWLUHQ EX |]HOOLNOHULQ KHUNHV WDUDIÖQGDQNDEXOHGLOPHVLGHøLOXQXWPDPDNJHUHNLUNLEXJQKHUWUGHQQRUPYHLQVDQ RQXUXQX\RNIDU]HGHQQRUPODUGDXVXOQHX\JXQRODUDNJHoHUOLNÖOÖQDELOL\RU0HFOLVOHU EXQX oRN VÖN \DSÖ\RU %X JHoHUOL NÖOÖQPDODU GD QRUPODUÖQ HSLVWHPRORMLN YH DNVL\RORMLN |]HOOLNOHULQH EDNÖOPDNVÖ]ÖQ SDUPDN KHVDEÖ\OD \DSÖOÖ\RU 0HVOHN NRGODUÖ EXJQ PHVOHN HWLNOHUL GHQLOHQOHU DVOÖQGD EX WUGHQ QRUPODU RUWD\D NR\PDN DPDFÖ\OD JHOLûWLULOL\RU $QFDN LQVDQ KDNODUÖ HYUHQVHO ELOGLUJHVL GH EX WU DKODNOÖOÖN QRUPODUÖ RUWD\D NR\PDN DPDFÖ\OD ROXûWXUXOX\RU 'ROD\ÖVÖ\OD EX ELOGLUJH ELU HYUHQVHO DKODNOÖOÖN NRGX VD\ÖODELOLU RQD|\OHGHQPL\RUVDGD úLPGL oQF RODUDN HWLN WHULPL IHOVHIHQLQ ELU DOW DODQÖQÖ GLOH JHWLUPHN LoLQ GH NXOODQÖOÖ\RU <DQL LQVDQODU DUDVÖ LOLûNL WUOHULQGH GHøHU VRUXQODUÖQÖ D\GÖQODWPD\D YH RQODUD LOLûNLQ GRøUXODQDELOLU \DQOÖûODQDELOLU ELOJL RUWD\D NR\PD\D oDOÖûDQ IHOVHIH GDOÖ LoLQGH 1H YDU NL \D\JÖQ ELU NDQÖ\D J|UH YH LOJLOL HO NLWDSODUÖQGD EX IHOVHIH GDOÖ oRøX ]DPDQQRUPDWLIELUDODQVD\ÖOÖ\RU2\VDIHOVHIHWDULKLQGHNLDQDHWLNJ|UûOHU3ODWRQ·XQ $ULVWRWHOHV·LQ .DQW·ÖQ +DUWPDQQ·ÖQ J|UûOHUL EX NDEXO \DQOÖûOÖ\RU %HQLP J|UûPH J|UHIHOVHIHQLQELUDUDûWÖUPDDODQÖRODUDNHWLNQRUPODUJHWLUHQELUDODQGHøLOELOJLUHWHQ ELU DODQ YH EX DUDGD QRUPODU KDNNÖQGD GD ELOJL RUWD\D NR\DQ ELU DODQGÖU %LUD] |QFH 6D\ÖQ %DNDQ E|\OH ELU ûH\ V|\OHPHN LVWHPLûWL JDOLED ELUD] GDKD GDUGÖ ùQVDQODU DUDVÖ LOLûNLWUOHULQGHYHH\OHPGHoÖNDQSUREOHPOHULHQEDûWDGDGHøHUSUREOHPOHULQLDUDûWÖUÖU ùVLP RODUDN HWLN VXEVWDQWLY RODUDN HWLN NHOLPHVLQL \DOQÖ]FD IHOVHIHQLQ EX DODQÖQÖ DGODQGÖUPDNLoLQNXOODQPDNWD\DUDUYDUGÖUGL\HGûQ\RUXP$VOÖQGDNHOLPHOHU|QHPOL GHøLO DQFDN |QHPOL RODQ IDUNOÖ ûH\OHUH D\QÖ DGÖ YHUPHPHN YH D\QÖ ûH\H GH IDUNOÖ DGODU YHUPHPHN EWQ PHVHOH RUGD <DQL NLûLQLQ NHQGLVL\OH LOLûNLVLQL YH EDûNDODUÖ\OD LOLûNLOHULQL ELOPH NRQXVX \DSDQ RQODUGDNL GHøHU SUREOHPOHULQH ÖûÖN WXWDQ RQODUÖ DUDûWÖUDQ YH KDNNÖQGD ELOJL NR\DQ IHOVHIHQLQ GDOÖ LoLQ NXOODQÖOPDVÖQGD \DUDU YDU %X IHOVHILELOJL|UQHøLQH\OHPGHEXOXQXUNHQLVWHGLNOHULPL]LQYH\DSWÖNODUÖPÖ]ÖQQHWUGHQ EHOLUOHQPH LPNDQODUÖ YDUGÖU VD\JÖ QHGLU YH EX JLEL NRQXODUD LOLûNLQ ELOJL ELU DKODNOÖOÖN NRGXQX YH\D PHVOHN NRGXQX JHOLûWLULS X\JXODPDN LoLQ YH PHYFXW DKODNODUÖ GHøHUOHQGLUPHN LoLQ RQVX] ROXQDPD\DFDN ELU ELOJLGLU *QON \DûDPÖPÖ]GD PHVOHN \DûDPÖPÖ]GD YH NDPXVDO \DûDPÖPÖ]GD NDUûÖODûWÖøÖPÖ] GXUXPODUGD LQVDQ RQXUXQX NRUX\DUDN H\OHPGH EXOXQDELOPHN LoLQ GH RQVX] ROXQDPD\DFDN ELU ELOJLGLU GL\H GûQ\RUXP %X V|\OHGLNOHULPGHQ ûX VRQXo oÖNÖ\RU DKODN DQODPÖQGD GHøHU ELOJLVLQH GD\DQDUDN JHOLûWLULOPLû LVHOHU \D GD IHOVHIL ELOJL LOH GHøHUOHQGLULOPLû LVHOHU YH UROOHUL ELUELULQH NDUÖûWÖUÖOPDGÖøÖ WDNGLUGH û|\OH dRøX ]DPDQ GHQH\VHO RODUDN \DQL PHYFXW NRûXOODUGDQ KDUHNHW HGHUHN WUHWLOHQ \D]ÖOÖ ROPD\DQ QRUPODU \DQL DKODNODUÖ ROXûWXUDQ WRSOXPVDO QRUPODU X\JXQ WUHWLOGLNOHUL WDNGLUGH YH EDVLUHWOH WUHWLOGLNOHUL WDNGLUGH NLûLQLQ GHøHUOHQGLUPHOHULQL GHøLO \DOQÖ]FD WRSOXPVDO LOLûNLOHULQGHNL GDYUDQÖûODUÖQÖ EHOLUOHPHOHUL NRûXOX\OD NLûLQLQ \DûDGÖøÖ WRSOXOXøXQ GHøLûNHQ NRûXOODUÖQGD WRSOXPVDO \DûDPGD NHQGL \DUDUÖQÖ NRUXPD RODVÖOÖøÖQÖ DUWWÖUÖU (YUHQVHO DKODNOÖOÖN QRUPODUÖ \DQL EX \D]ÖOÖ QRUPODU KXNXNXQ WUHWLOPHVL LoLQ |QFOOHU RODUDN |QHPOLGLU $\UÖFD NLûLOHU PHVOHNOHULQL LFUD 8OXVDO8\JXODPDOÖ(WLN.RQJUHVL HGHUNHQ YH NDPXVDO NRQXODUGD XOXVDO YH XOXVODUDUDVÖ G]H\OHUGH NDUDUODU DOÖQÖUNHQ KDNNÖQGD NDUDU DOÖQDFDN WHN WHN GXUXPODUOD LOJLOL RODUDN GRøUX GHøHUOHQGLUPH \DSDFDN NDGDU ELOJL\H VDKLS ROPDGÖøÖPÖ] ]DPDQ LQVDQ RQXUXQD ]DUDU YHUPHPH RODVÖOÖøÖQÖ DUWÖUÖ\RUODUDPDKHU]DPDQNRUXQPDVÖQÖJYHQFHDOWÖQDDOPÖ\RUODUdQNQRUPODUWHN WHNGXUXPODUGDGHøHUNRUX\XFXNDUDUODUDOPDNYHGHøHUOLGRøUXH\OHPGHEXOXQPDNLoLQ \HWPL\RUWHNEDûODUÖQD+HUGXUXPWDULKVHOOLøLQGHWHNWLU.LPL]DPDQELUQRUPDX\JXQ GDYUDQDUDN GHøHU KDUFDPDN GD RODQDNOÖ .DQW·ÖQ |GHYH X\JXQ GDYUDQPD LOH |GHYGHQ GROD\Ö GDYUDQPD H\OHPGH EXOXQPDNOD \DSWÖøÖ D\UÖPGD ELU QRUPD X\JXQ GDYUDQPDNOD HWLN EDNÖPGDQ GHøHUOL H\OHPGH EXOXQPDN DUDVÖQGDNL IDUND LûDUHW HGL\RU .LûLOHU QRUPODUD J|UH GDYUDQPD\D ]RUODQDELOLUOHU %X ]RUOD HPSR]H HGLOHELOLU RQODUD DPD GHøHU NRUX\XFX ûHNLOGH LVWHPH\H YH H\OHPGH EXOXQPD\D ]RUODQDPD]ODU 1H YDU NL NLûLOHU GHøHU NRUX\DFDN H\OHPGH EXOXQPD LVWHøLQL ROXûWXUDFDN ûHNLOGH HøLWLOHELOLUOHU YH \DûDPGDEXDUDGDPHVOHN\DûDPODUÖQGDGDE|\OHH\OHPOHUGHEXOXQDELOPHNLoLQJHUHNOL RODQIHOVHILGHøHUELOJLVL\OHGRQDWÖODELOLUOHUdQNE|\OHELULVWHPHELOJL\DQLIHOVHIHQLQ ELU DODQÖ RODUDN HWLN ELOJLVL H\OHPGH EXOXQXODFDN GXUXPXQ ELOJLVL\OH ELUOLNWH EHOLUOL JHUoHN WHN WHN GXUXPODUGD GHøHU NRUX\XFX \D GD HQ D] KDUFD\ÖFÖ ûHNLOGH H\OHPGH EXOXQDELOPHQLQ DVJDUL NRûXOODUÖGÖU (YUHQVHO ELU DKODNOÖOÖN NRGX \D GD \D\JÖQ GH\LPL\OH HYUHQVHO ELU HWLN ROXûWXUPDQÖQ DVJDUL NRûXOODUÖ LVH IHOVHIL GHøHU ELOJLVL YH QRUPODUD LOLûNLQ HSLVWHPRORMLN YH DNVL\RORMLN ELOJLGLU GL\H GûQ\RUXP úX DQGD \DSÖODQ WDUWÖûPDODU E|\OH IHOVHIL ELOJLOHUH GD\DQÖ\RU JLEL J|UQP\RU %XQXQ LoLQ JQON \DûDPÖPÖ]GDYHPHVOHN\DûDPÖPÖ]GDGHøHUNRUX\DUDN\DûD\DELOPHNLoLQQRUPODUELOJLVL NDGDU YH\D RQGDQ oRN HWLN GHøHUOHULQ YH HWLN GHøHULQ ELOJLVLQH GD\DQDQ IHOVHIH HøLWLPL JHUHNOLGLUdQNDQFDN\DGDROVDROVDEXHøLWLPWHNWHNGXUXPODUGDLQVDQRQXUXQXQ QHUHGHWHKOLNHGHROGXøXQXJ|UHFHNELUJ|]HGLQPHPL]H\DUGÖPFÖRODELOL\RU\]GH\] VDøODPÖ\RUDPD\DUGÖPFÖRODELOL\RU %LUGHûXQXJ|]GHQNDoÖUPDPDNWD\DUDUYDUGÖUoHûLWOLPHVOHNDODQODUÖQGDLûEDûÖQGD NDUûÖODûÖODQ HWLN VRUXQODU HWLN VRUXQODU RODUDN JQON \DûDPGD NDUûÖODûWÖøÖPÖ] HWLN VRUXQODUGDQ WUFH IDUNOÖ GHøLOGLU $PD R VRUXQODUD o|]P DUDUNHQ HWLN GHøHU ELOJLVL YH NDYUDP ELOJLVL JHUHNOL ROGXøX NDGDU R DODQGD GRøUX GHøHUOHQGLUPHQLQ QDVÖO \DSÖODELOHFHøLQHLOLûNLQELOJL YHE|\OHELUGHøHUOHQGLUPH\DSDELOPHNLoLQVDøODPPHVOHN ELOJLVLJHUHNLU 6D\ÖQ NRQXNODU EX NRQJUHGH HQ ID]OD \HU PHG\D HWLøLQH D\UÖOGÖøÖ LoLQ JHQHO RODUDN PHVOHN HWLNOHUL\OH LOJLOL EX VRQ V|\OHGLNOHULPL JHQLû DQODPGD NXOODQDFDøÖP JD]HWHFLOLNWHNLLOJLOLVRUXQODUOD|UQHNOHQGLUH\LPL]LQYHULUVHQL] *D]HWHFLOLNWH JD]HWHFLOLN GHUNHQ J|UVHO PHG\D\Ö GD NDSVÖ\RUXP HWLN \HQL ELU NRQX GHøLOGLU DPD JQP]GH EX NRQX NLWOH LOHWLûLP DUDoODUÖQÖQ VDKLS ROGXNODUÖ WHNQRORMLN RODQDNODUGDQ YH GROD\ÖVÖ\OD EDVÖQÖQ NDPXR\X ROXûWXUPDGDNL UROQQ DUWPDVÖQGDQ GROD\ÖGDKDNDUPDûÖNKDOHJHOGL%HQLPJ|UHELOGLøLPNDGDUÖ\ODJQP]GHJD]HWHFLOLNWH NDUûÖODûÖODQ HWLN VRUXQODU GRøUXGDQ GRøUX\D JD]HWHFLOLøLQ DPDoODUÖ\OD YH GRøUX GHøHUOHQGLUPH VRUXQX\OD LOJLOLGLU *D]HWHFLOLøLQ DQD DPDoODUÖQGDQ ELUL EHONL GH DQD DPDFÖ oHYUHPL]GH YH GQ\DGD ROXS ELWHQOHUL ELOPHPL]L RODQDNOÖ NÖOPDN \DQL ROXS ELWHQOHU KDNNÖQGD ELU WHPHO KDN RODQ NLûLQLQ NHQGL NDQDDWLQL ROXûWXUPDVÖQD NDWNÖGD EXOXQPDNWÖU *D]HWHFLQLQ DVÖO LûL DUDFÖOÖN HWPHNWLU 2QGDQ EHNOHQHQ EL]LP NHQGL EDûÖPÖ]DWDQÖNOÖNHGHPHGLøLPL]DPDEL]LLOJLOHQGLUHQûH\OHULELOPHPL]LRODQDNOÖNÖOPDVÖ E|\OHFH GH oRøX ]DPDQ oHûLWOL SURSDJDQGD YH UHNODPODUÖQ SVLNRORMLN HWNLOHUL\OH ELoLPOHQHQ NDPXR\XQXQ RODELOGLøLQFH NDQGÖUÖOPDPÖû ELU ûHNLOGH ROXûPDVÖQD NDWNÖGD $oÖOÖû.RQXûPDODUÖ EXOXQPDVÖGÖU %|\OHFH JD]HWHFLQLQ LûLQGH \DOQÖ]FD HWLN VRUXQODU GHøLO D\QÖ ]DPDQGD IHOVHILELOJLVRUXQODUÖGDV|]NRQXVXGXU %LU JD]HWHFLQLQ LûLQL JD]HWHFLOLøLQ DPDoODUÖQD X\JXQ \DSPDVÖQÖQ DQD NRûXOX RQXQ GRøUX GHøHUOHQGLUPH \DSDELOPHVLGLU GL\H GûQ\RUXP (Q EDûWD GD ROD\ODUÖ GRøUX GHøHUOHQGLUPHVL g\OH NL ELU ONHGH \D GD GQ\DGD ELQ ELU RODQ ELWHQ DUDVÖQGD KDQJLVLQLQ KDEHU ROGXøXQD KDQJLVLQLQ KDEHU ROPDGÖøÖQD \DQL NDPXQXQ KDQJLVLQL ELOPHVL JHUHNWLøLQH \D GD KDQJLVLQL ELOPHVLQLQ X\JXQ ROGXøXQD NDUDU YHUPHVL dQN KDEHU ELU JD]HWHFLQLQ YH\D GLøHU ELU NLWOH LOHWLûLP DUDFÖ PHQVXEXQXQ oRN IDUNOÖ JHUHNoHOHUOH NDPXQXQ ELOPHVL JHUHNWLøLQL \D GD ELOPHVLQLQ X\JXQ RODFDøÖQÖ GûQGø ûH\GLU *D]HWHFL |\OH GûQU úX \D GD EX D\UÖQWÖ\D |QFHOLN YHUPH ELU \DQD EHOLUOL ELU ROD\ODU GHPHWL LoLQGHQ ELULQL VHoPHN YH RQGDQ ELU KDEHU \DSPDN NHQGL LoLQGH ELU GHøHUOHQGLUPHGLU %XQXQ GD JD]HWHFLOLøLQ DPDFÖQD X\JXQ ELoLPGH \DSÖODELOPHVL GLøHU ELOJLOHU \DQÖQGD HWLN GHøHU ELOJLVLQL GH NDSVD\DQ IHOVHIL ELOJL JHUHNWLULU 'RøUX ELU \|QOHQGLUPH LoLQ WHN EDûÖQD \HWHUOL ROPD\DQ DPD RQVX] ROXQDPD\DFDN RODQ EX ELOJL HNVLN ROGXøX ]DPDQ H]EHUH GHøHUOHQGLUPHOHUOH NDUûÖODûÖUÖ] %HQLP GHøHU DWIHWPH YH GHøHU ELoPH GHGLøLP GHøHUOHQGLUPHOHUOH %DûND ELU GH\LûOH \DOQÖ]FD EL]LP LoLQ EHOLUOL ELU JUXS LoLQ ELU ROD\ÖQ \DUDWWÖøÖ YH EDûND ELU JUXS LoLQ NDoÖQÖOPD]FDVÖQD IDUNOÖ RODQ VRQXoODUÖQD EDNÖODUDN \DSÖOPÖû GHøHUOHQGLUPHOHUOH NDUûÖODûÖ\RUX] YH\D ELU ROD\ÖQ IDUNOÖ WHRULN EDNÖû DoÖODUÖQGDQ YH\D NLûLQLQ GRøUX ROGXøXQD LQDQGÖøÖ ELU GRJPD DoÖVÖQGDQ \DSÖODQ DoÖNODPDVÖ\OD NDUûÖODûÖ\RUX] %X IDUNOÖ GHøHUOHQGLUPH WDU]ODUÖ \DûDPGD VÖN VÖN NDUûÖODûWÖøÖPÖ] ´DoÖNODQPDVÖQÖµ D\QÖ ROD\Ö RODQDNOÖ IDUNOÖ NÖODU ûHNLOGH *QON GHøHUOHQGLULOPHVLQL \DûDPGD EX IDUNOÖ YH IDUNOÖ ûHNLOGH DoÖODUGDQ \DSÖODQ GHøHUOHQGLUPHOHU GL\H DGODQGÖUÖOÖU DPD D\QÖ NRQX KDNNÖQGDNL IDUNOÖ J|UûOHU \DQL NLûLOHULQ IDUNOÖ NDQÖODUÖ\OD D\QÖ NRQXQXQ IDUNOÖ J|UQPOHUL \DQL NRQXQXQ NHQGLVLQLQ IDUNOÖ\DQODUÖDUDVÖQGDJHQHOOLNOHD\UÖP\DSÖODPD] (WLN VRUXQODU JD]HWHFLQLQ LûLQLQ NHQGLVLQGH YDUGÖU *HQHOOLNOH VDQÖOGÖøÖ JLEL EX HWLN VRUXQODU GLøHU |]HOOLNOHUL \DQÖQGD JD]HWHFLGH RODQ YH DUDFÖQÖ JD]HWHFLOLNOH LOJLVL ROPD\DQ NHQGL DPDoODUÖ LoLQ NXOODQDQ NLûLQLQ ELOLQoOL RODUDN \DSWÖøÖ NDPHUD KLOHOHUL\OH KDEHU X\GXUPDODUÖ\ODIRWRPRQWDMODEDûODPD]ODUoRNGDKDWHPHOGHGLUOHU%|\OHFHJD]HWHFLOHULQ D\QÖROD\ODUDIDUNOÖGHøHUDWIHWPHOHULYH\DGHøHUELoPHOHULIDUNOÖYHELUELULQHWHUVGûHQ NDPXR\ODUÖQÖQ ND\QDøÖQÖ ROXûWXUX\RU /RELOHULQ JHQHOOLNOH \DSPD\D oDOÖûWÖøÖ ûH\ ELU NRQXGD NDPXR\X ROXûWXUPDN LoLQ YH\D R NRQX\OD LOJLOL ELU GHøHU ELoPH YH\D ELU GHøHU DWIHWPHQLQ \HULQH ELU \HQLVLQL NR\PDN LoLQ EHOLUOL ELU NRQXGD NHQGL GHøHU ELoPHOHULQL YH\DNHQGLGHøHUDWIHWPHOHULQL\D\PD\DoDOÖûPDNWÖU'LøHU\DQGDEDVÖQÖQEDVNÖJ|UPHVL GHøHU ELoPHOHUH YH\D GHøHU DWIHWPHOHUH ROGXøX NDGDU GRøUX GHøHUOHQGLUPHOHUH GH GD\DQDQ KDEHUOHULQ VDQVU HGLOPHVL YH JD]HWHFLOHULQ \DUJÖODQPDVÖ EX WU GHøHUOHQGLUPHOHUOH GH \DSÖOÖU $PD EX GHID GHøHUOHQGLULOHQ ROD\ODU GHøLO KDEHUOHUGLU <DQL JD]HWHFL WDUDIÖQGDQ \D]ÖOPÖû PHWLQOHU \D GD oHNLOHQ LPJHOHUGLU %X GXUXP NDUûÖVÖQGD \DQL ELOLQoOL \DSÖOPÖû NDPHUD KLOHOHULQLQ EDVÖQ |]JUOø DGÖQD VDQVU HGLOPHPHVL DPD RODQÖ EHWLPOH\HQ \D GD J|VWHUHQ KDEHUOHULQ VDQVU HGLOPHVL NDUûÖVÖQGD LQVDQ|QFHOLNOHQH\H]OHFHøLQLELOHPH]KDOHGûHU 'HøHUOL.RQXNODUD\QÖNRQXGDNLIDUNOÖGHøHU\DUJÖODUÖQÖQoDWÖûPDVÖQÖD\QÖNRQXGDNL ELU GHøHU \DUJÖVÖ\OD ELU ELOJLQLQ oDWÖûPDVÖQGDQ GLNNDWOH D\ÖUW HWPHQL] JHUHNL\RU %XUD\D JHWLUPHN LVWL\RUGXP R |UQHøL \\ |QFH 6RFUDWHV HUGHPLQ GRøUX ELOJL ROGXøXQX V|\OHPLûWL <]\ÖOÖPÖ]GD EDûND ELU ILOR]RI û|\OH GHU ´'Q\DGDNL N|WON KHPHQ KHPHQ KHS ELOPHPHNWHQ JHOLU ù\L\L LVWHPHGH D\GÖQODQPDPÖûVD N|W\ LVWHPHN NDGDU ]DUDU YHUHELOLUµ %XQD EHQ IHOVHIL GHøHU ELOJLVL WDUDIÖQGDQ D\GÖQODWÖOPDPÖûVD GL\H 8OXVDO8\JXODPDOÖ(WLN.RQJUHVL HNOHPHN GH LVWHULP (WLN ND\JÖODUÖPÖ] YDUVD QRUPODUÖQ ELOJLVLQGHQ |QFH IHOVHIL HWLN ELOJLVLHGLQPHPL]GH\DUDUYDU%HQLGLQOHGLøLQL]LoLQWHûHNNUHGHULP 0('<$(7ù÷ù3$1(/ù 3DQHO <|QHWLFLVL 1XUL dRODNRøOX &11 7UN YH 7HOHYL]\RQ <D\ÖQFÖODUÖ 'HUQHøL %DûNDQÖ 3DQHOLVWOHU 'DYLG%HUFKDUG6HUEHVW*D]HWHFL 2NWD\(NûL%DVÖQ.RQVH\L%DûNDQÖ 0XVWDID*|]DODQ'RøDQ0HG\D*UXEXDGÖQD 1XUL.D\Öû5DG\RYH7HOHYL]\RQhVW.XUXOX%DûNDQÖ $\GÖQ6H]JLQ%DûEDNDQOÖN%DVÖQ<D\ÖQYH(QIRUPDV\RQ*HQHO0GU 1XULdRODNRøOX %L]L EXUD\D GDYHW HGHQ VÖQÖI DUNDGDûÖP $NÖQ (UJGHQ·H YH 2'7h )HOVHIH %|OPQHWHûHNNUHGHULP 0HG\D HWLøL |]HOOLNOH PHG\DQÖQ 7UNL\H·GH LoLQGH EXOXQGXøX GXUXP YH EHONL GH GQ\DGD LoLQGH EXOXQGXøX GXUXP DoÖVÖQGDQ VRQ GHUHFH UHQNOL FD]LS ELU NRQX 6D\ÖQ .XoXUDGL·QLQGHGHGLøLJLELN|UOHULQILOWDULILJLELQHUHVLQGHQEDûOD\DFDøÖQÖ]QH\LQHUH\H RWXUWDFDøÖQÖ]GDELUEDûNDWDUWÖûPD\ÖEHUDEHULQGHJHWLUPH\HKD]ÖUELUNRQX *HQHO RODUDN EDNWÖøÖPÖ]GD HøHU 6D\ÖQ .XoXUDGL·QLQ WDQÖPODUÖQGDQ \ROD oÖNDUDN KDUHNHW HGHFHN ROXUVDN \DQL HWLøLQ LNL DQODPÖQGDQ DKODN YH SUDWLøH \|QHOLN PHVOHN GDYUDQÖû LONHOHUL EXUDGD ELU ´ELOHûLN NDSODUµ ROGXøXQX J|]GHQ NDoÖUPDPDN OD]ÖP 7RSOXPGD DKODN GHøHUOHULQLQ JHoHUOL ROGXøX |OoGH EHOOL ELU PHVOHNWH GH HWLN LONHOHU JHoHUOL YH X\JXODQDELOLU ROX\RU .HULP .RUFDQ·ÖQ /LQo URPDQÖQGD V|\OHGLøL JLEL ´'ÖûDUÖGD NDU \DøDUNHQùoHULGH EDKDU ROPX\RUµ 'ROD\ÖVÖ\OD E|\OH ELU ELOHûLN NDSODU EDøODQWÖVÖYDU $PD KHU ûH\H UDøPHQ ELUûH\OHU \DSÖOPDVÖ \|QQGH FLGGL ELUWDNÖP JD\UHWOHU GH YDU úX DQGD EX SDQHOGH KD]ÖU EXOXQDQ GHøHUOL NRQXNODUÖPÖ]ÖQ KHSVL EX QRNWD\D NDGDU \DSÖODQODU \DSÖOPDVÖ WDVDUODQDQODU \DSÖOPD\D WHûHEEV HGLOHQOHU NRQXVXQGD EL]H ÖûÖN WXWDFDN GHQH\LPH ELULNLPH VDKLSOHU YH EXUD\D RWXUDQODU GDKD oRN LûLQ SUDWLøLQGHQ JHOL\RUODU 2QXQ LoLQ EHQ LON |QFH V|] EXQGDQ DûDøÖ \XNDUÖ \ÖO |QFH %DVÖQ .RQVH\L·QL NXUPDN LoLQ ELUOLNWH \ROD oÖNWÖøÖPÖ] %DVÖQ .RQVH\L %DûNDQÖ 2NWD\ (NûL·\H YHUPHNLVWL\RUXP2NWD\(NûL%DVÖQ.RQVH\L·QLQDQD\DVDVÖ\ODLONHOHUL\OHLQVDQODUÖWHNHU WHNHU EX LONHOHUL NDEXO HWPH\H oDøÖUDUDN EHONL EHOOL HWLN QRUPODUÖQ EX VHNW|UGH \HUOHûPHVLNRQXVXQGDHQID]ODJD\UHWLRODQNLûLOHUGHQELULVLGLU%X\XUXQ2NWD\(NûL 2NWD\(NûL 6D\JÖGHøHU .RQXNODU HWLN NRQXVX JHUoHNWHQ 1XUL dRODNRøOX·QXQ YH 3URIHV|U .XoXUDGL·QLQ LIDGH HWWLøL JLEL NRQXûPD NRQXVX RODUDN NDUûÖPD oÖNWÖøÖQGD EHQL HQ oRN ]RUOD\DQ VRUXQODUGDQ ELUL oQN JHUoHNWHQ QHUHVLQGHQ WXWDFDøÖPÖ KDQJL DoÖGDQ EDNDFDøÖPÖWD\LQHGHPL\RUXPg]HOOLNOHKX]XUXQX]DJHOPHPHRODQDNYHUHQEXoDøUÖ\Ö DOGÖøÖP]DPDQFLGGLELUûHNLOGHVÖNÖQWÖGX\GXPQHUHVLQGHQEDND\ÖPEXPHVHOH\HGL\H %DQDGRVWXP3URI'U.RUNPD]$OHPGDUÖûÖNWXWWXYHEXWDNGLPNRQXûPDVÖVÖUDVÖQGD 1XULdRODNRøOXGRVWXPGDELUD]GDKDLûLPLNROD\ODûWÖUGÖ$PDL]LQYHULUVHQL]EHQ\LQH GH û|\OH ELU NDo SDUDJUDIOÖN ELU JHUL\H JLGLû \DSPD\D RQGDQ VRQUD GD JHUoHNWHQ EL]LP 8OXVDO8\JXODPDOÖ(WLN.RQJUHVL HWLN GHøHUOHU NRQXVXQGD EDVÖQ GQ\DVÖQGD QHOHU \DSPD\D oDOÖûWÖøÖPÖ]Ö KX]XUXQX]D JHWLUPH\HQL\HWOL\LP %XHWLNGHøHUOHUL³WDELVHYJLOLKRFDODUÖPÖ]EXUDGD³VRQGHUHFHNRQXQXQHWNLQYH LOJLOLX]PDQODUÖQÖQKX]XUXQGDEHQLPGHULQOHPHVLQHDNWDUPDPDEHVROXU$PDû|\OHELU EDNÖ\RUXP JHUL\H NHQGL ELULNLPLPH J|UH EDNÖ\RUXP NRGODûWÖUÖOPÖû HWLN GHøHUOHU ELOL\RUVXQX]GLQNLWDSODUÖQGDYDU(VNLOHULQGH\LPL\OH´HYDULPHûDUHµ\DQL´2Q(PLUµ ELOLQGLøLJLELHWLNGHøHUOHUVLVWHPLQLQLQVDQOÖNGQ\DVÖQD\DQVÖPÖûHQNÖVDPHWLQOHULQGHQ ELULVLGLU $PD GLQLQ JHWLUGLøL HWLN GHøHUOHUOH GDKD VRQUDNL DVÖUODUGD JHOLûHQ LQVDQOÖN GQ\DVÖQÖQDNODGD\DOÖRODUDNJHWLUGLøLHWLNGHøHUOHUDUDVÖQGD]DPDQoDWÖûPDVÖROGXøXQX YH EXQODUGDQ VRQXoWD J|UHELOGLøLPL] 7DOLEDQ |UQHøL LVWLVQD VD\ÖOPD]VD \DQL RQODUÖ ELU LVWLVQDRODUDNGLNNDWHDOPDNND\GÖ\ODRNLDNÖOEXNRQXGDWD\LQHGLFLHWNLQUROR\QX\RU ùQVDQOÖN LoLQ JHQHOGH HWLN GHøHUOHULQ RUWDN SD\GDVÖ oRN %XQODUÖ VD\PD\D GD JHUHN \RN2QXGDDU]HWWLøLPJLEL´2Q(PLUµJD\HWQHWRODUDNNHQGLoDøÖQGDRUWD\DNR\PXû GXUXPGD %XQODUÖQ LOHUL DûDPDVÖ WRSOXPXQ EHOLUOL NHVLPOHUL LoLQ HWLN GHøHUOHU EL]L GH LOJLOHQGLUHQEDVÖQODLOJLOLEDVÖQNDYUDPÖDUWÖNoRN\D\JÖQODûPÖûWÖUEWQPHG\D\ÖDODFDN ûHNLOGH NRQXûX\RUXP HWLN GHøHUOHUGLU 3URI 'U .XoXUDGL EDVÖQOD LOJLOL HWLN GHøHUOHUH EXPHVOHøLQLoLQGHELUKD\OL]DPDQJHoLUPLûELUNLPVHRODUDNDU]HGH\LPNLVRQGHUHFH GRøUX ELU DoÖGDQ \DNODûWÖ 0HVHOHQLQ |]QGH NDPXR\XQXQ GRøUX ER]XOPDPÖû DOGDWÖOPDPÖû ELU ûHNLOGH ROXûPDVÖQD KL]PHW HWPHN YDUGÖU $QFDN EXUDGD WHPHO QRNWD |QFH JHUoHøH XODûDELOPHNWLU <DQL JD]HWHFLOHU NHQGL NDQDDWOHULQL \DQVÖWDUDN YH\D EHOLUOL HWNLOHU DOWÖQGD RODQ NDQDDWOHULQL DNWDUDUDN NDPXR\XQD GRøUX\X \DQVÖWPDN NRQXVXQGD J|UHYOHULQL WDP \DSÖ\RUODU JLEL GûQPH\HQOHUGHQ ELUL\LP 1LoLQ" dQN JHUoHNOHUH WDP RODUDN XODûDPD\DQ LQVDQODU GQ\DVÖQGDNL JD]HWHFLOHULQ EXQX D\UÖFD SURIHV\RQHO ELoLPGH J|UHY RODUDN VWOHQPLûOHUGLU NDPXR\XQD DNWDUGÖøÖ ROD\ODU NDoÖQÖOPD] RODUDN HNVLNYH\DoDUSÖWÖOPÖûROXU2QHGHQOHJD]HWHFLOLNWHHWLNGHøHUOHUDoÖVÖQGDQELULQFLQRNWD EXQXQ EHQ VDGHFH JD]HWHFLOLN EDøODPÖQGD GHøLO LQVDQ ROPDQÖQ KHSLPL]H \NOHGLøL ELU J|UHY RODUDN DOJÖOÖ\RUXP DPD NRQXP EHQLP JD]HWHFLOLN ROGXøX LoLQ V|\O\RUXP %DVÖQ .RQVH\L·QLQ HWLN GHøHUOHU PDQ]XPHVLQL LIDGH HGHQ EL]GHNL EDVÖQPHVOHN LONHOHULQGHQGLU ´*D]HWHFLOLNWH WHPHO LûOHY JHUoHNOHUL EXOXS ER]PDGDQ DEDUWPDGDQ NDPXR\XQD \DQVÖWPDNWÖUµ dQN JHUoHøL WDP RODUDN EHOLUOH\LS RQX ER]PDGDQ DEDUWPDGDQ NDPXR\XQD DNWDUPD]VDQÖ] LQVDQODUÖQ UHVPLQ WDPDPÖQD EDNDUDN NDQDDW UHWPHOHULQH RODQDN YHUPH]VLQL] 7DP WHUVLQH UHVPLQ RQODUÖQ |QQH NR\GXøXQX] SDUoDVÖ\OD \DQOÖû NDQDDW UHWPHOHULQH VHEHS ROXU E|\OHFH HWLN DoÖGDQ GD EDNWÖøÖPÖ] ]DPDQ JD]HWHFLOLNWH VL]H GûHQ LûL GDKD EDûWDQ \DSPDPÖû ROXUVXQX] %L]LP EDVÖQ GQ\DPÖ]GD JHQHO RODUDN ûLND\HW HGLOHQ YH KDNOÖ RODUDN ûLND\HW HGLOHQ EHQFH HQ FLGGL HWLN GHøHU HNVLøL ER]XOPDVÖ EX QRNWDGDGÖU 2 QHGHQOH 7UN EDVÖQÖQGD ]JQP DPD LWLUDIHWPHNLKWL\DFÖQÖGX\X\RUXPKHUKDQJLELUJD]HWHGHQKHUKDQJLELUROD\ÖWHNEDûÖQD RNX\XS WDP ELU NDQDDWH YDUPDQÖ] \DQL UHVPLQ WDPDPÖQÖ VL]H DNWDUDQ PD]LVL\OH HWNLOHUL\OHYHRJQNKDOL\OHVL]HDNWDUDQELUKDEHURNXPDQÖ]PDDOHVHIKkOkDQFDNSHN QDGLUHQ PPNQGU KDWWD NXUDO RODUDN PPNQ GHøLOGLU GL\HELOLUVLQL] %X EL]GH HQ |QHPOLHQFLGGL|QFHOLNOHWDPLUHGLOPHVLJHUHNHQELUPHVOHNHWLøLHNVLNOLøLGLU %L] %DVÖQ .RQVH\L RODUDN \ÖOÖQGDQ EHUL úXEDW ·GHQ EHUL IDDOL] %DVÖQ .RQVH\L RODUDN EDVÖQPHVOHN LONHOHUL GL\H NDOHPH DOÖQPÖû LONHGHQ ROXûDQ HWLN GHøHUOHULJQON\DûDPGDX\JXODPD\DYHX\JXODWPD\DoDOÖûÖUÖ]1H\DSDUÖ]EXQXQLoLQ" 7HPHOLQDQFÖPÖ]KHUVRUXQX|]JUONoDQOD\ÖûLoLQGHo|]PHNROGXøXLoLQEL]|UQHøLQ \DVDNOD\ÖFÖ ELU ûH\ JHWLUHPH\L] EL] FH]DODQGÖUÖFÖ RODPD\Ö] =DWHQ FH]DODQGÖUPDN LoLQ NDUûÖ LUDGH\H UDøPHQ \DSWÖUÖPÖ X\JXODPDPÖ] JHUHNLU NL EL]LP E|\OH ELU LGGLDPÖ] V|] 0HG\D(WLøL3DQHOL NRQXVX GHøLO 2 QHGHQOH QH \DSDELOLUL] NL" %L]LP \DSWÖøÖPÖ] V|]O EDVÖQGD J|UQWO EDVÖQGD \D]ÖOÖ EDVÖQGD PHG\D NDYUDPÖ LoLQH JLUHQ QH NDGDU \D\ÖQ YDUVD \DSÖOPÖû \D\ÖQODU LOH LOJLOL EX \D\ÖQODUÖ \DSDQ JD]HWHFLOHULQ PHVOHNOHUL\OH LOJLOL X\JXODPDVÖ VÖUDVÖQGDNL WDYUÖ \DQL \D\ÖQODPDPÖû DPD ûDQWDM \DSPÖû GD GDKLO ROPDN ]HUH %DVÖQ .RQVH\L·QHLOHWLOHQEDûYXUX\XD\OÖNELUVUHLoLQGHLQFHOHUL]GHøHUOHQGLULUL]NLûLOLN %DVÖQ .RQVH\L <NVHN .XUXOX·QGD oHûLWOL PHG\D NXUXOXûODUÖQÖQ GD X]DQWÖODUÖ YDU gUQHøLQ EHQ +UUL\HW JD]HWHVLQLQ EDû\D]DUÖ\ÖP +UUL\HW JD]HWHVL KDNNÖQGD GD HOEHWWH ûLND\HWOHUJHOLU%X\HOHULQoDOÖûWÖNODUÖNXUXPODUODLOJLOLKHUKDQJLELUEDûYXUXJHOGLøLQGH \NVHN NXUXOGDNL EX \HOHU R NRQX\OD LOJLOL R\ KDNNÖQGDQ PDKUXP NDOÖUODU .DUDUODUÖ GLøHUOHULYHULUKDWWDKDVVDVNRQXODUGDRDUNDGDûODUJ|UûPHGHQGHoÖNDUODU6RQUDELULVL V|\OHUVH EHONL QH NRQXûXOGXøXQX |øUHQLUOHU %X NDGDU GLNNDWOL ûHNLOGH X\JXODUÖ] ·GH NXUXOGXN ·D NDGDU SHN IDUNÖQGD GHøLOGL NDPXR\XPX] ·GDQ LWLEDUHQ ILLOHQ EDûYXUXODUÖ DOPD\D EDûODGÖN <DNODûÖN EDûYXUX\OD R \ÖOODUÖ WDPDPODGÖN %X VRQ VHQH .DVÖP D\ÖQÖQ ELU |QFHNL WRSODQWÖVÖQGD DOGÖøÖPÖ] NDUDU QXPDUDVÖ LGL <ÖO VRQXQD NDGDU DQOÖ\RUXP NL ·L EXODELOLU EX NRQXGD YHULOPLû NDUDU VD\ÖVÖ 1H \DSÖ\RUX]" 9HUGLøLPL] NDUDUODUÖ WP EDVÖQD J|QGHUL\RUX] EDûYXUX VDKLELQH J|QGHUL\RUX]DUWÖ%DVÖQ.RQVH\L·QLQùQWHUQHWVLWHVLQGH\D\ÖQOÖ\RUX]'ÖûDUGDQEDNÖQFD ´NLP ELOL\RU IDUNÖQD YDUÖOÖ\RU PX"µ ´%DVÖQ .RQVH\L ELU ûH\OHU V|\O\RU EXQD DOGÖUÖû HGHQ YDU PÖ"µ GL\H GûQHELOLU %HQ DU] HGH\LP <DUJÖ\D JLGHUHN PDKNPL\HW DOÖS VRQXFD J|WUHQOHUGHQ GDKD HWNLOL VRQXo DODQODU %DVÖQ .RQVH\L·QH EDûYXUDQODUGÖU 1LoLQ"dQNPHVOHNGQ\DPÖ]GD%DVÖQ.RQVH\L·QLQDOGÖøÖNDUDUODUQHNDGDUEDûNDODUÖ WDUDIÖQGDQ IDUN HGLOPHVH GH \DQNÖODQPDNWDGÖU YH R NRQX R Lo GQ\DGD WDUWÖûÖOPDNWD ´VHQLQ \DSWÖøÖQ D\ÖEÖ LûWH J|UGOHUµ GHGLUWPHNWHGLU %HQ EXUDGD NHVH\LP oQN KDNLNDWWHQ oRN JHQLû ELU NRQX EX NRQXQXQ SUDWLNWHNL X\JXODPDODUÖ YH VRQXoODUÖ KDNNÖQGD ELU ûDQVÖPÖ] YDU GL\H GûQ\RUXP +HP 6D\ÖQ %DûNDQ %DVÖQ .RQVH\L <NVHN .XUXOX·QGD GD J|UHY \DSWÖ KHP 6D\ÖQ 2UKDQ %LUJLW KDOHQ %DVÖQ .RQVH\LQLQ \NVHNNXUXO\HVLYHNHQGLVLQLQGHV|]KDNNÖYDU%HQLPHNVLNEÖUDNWÖNODUÖPÖQDVÖOROVD WDPDPODUODU6DøROXQ 1XULdRODNRøOX dRN WHûHNNU HGHUL] +HPHQ EDûÖQGD ELU NoN KDIÖ]D ND\PDPÖ G]HOWH\LP 6D\ÖQ (NûL·\LVXQDUNHQ\ÖO|QFHGHGLPDPD\ÖOROPXû)DNDWEDQD\ÖOJLELJHOL\RU7DELL %DVÖQ .RQVH\L·QGH VDSWDQPÖû RODQ EDVÖQPHVOHN LONHOHULQLQ GDKD GD oHWUHILOOL ELU KDOL ·WHoÖNDUWÖODQ757NDQXQODUÖDUGÖQGDQoÖNDUWÖODQ5DG\RYH7HOHYL]\RQhVW.XUXOX NDQXQXQGD ´\D\ÖQ LONHOHULµ ûHNOLQGH \HU DOÖ\RU hVWHOLN EXQODU VDGHFH PHVOHNL LONHOHUOH VÖQÖUOÖ NDOPÖ\RU LoLQH ED]Ö VL\DVL LGHRORMLN J|UûOHU GH JLUPLû YD]L\HWWH %XQODU VWHOLN 6D\ÖQ(NûL·QLQEDKVHWWLøLJLELPH\\LGHVL]GHøLO*D\HWNXYYHWOLPH\\LGHVLODKÖQDVDKLS ELU NXUXOXû WDUDIÖQGDQ GHQHWOHQHUHN X\JXODWÖOÖ\RU 5DG\RYH 7HOHYL]\RQ hVW .XUXOX EX \]GHQ GH WRSOXPXQ KHGHI WDKWDVÖQGD RWXUX\RU %HøHQHQ GH EHøHQPH\HQ GH WRSD WXWX\RU GDKD GRøUXVX NLPVH\H EHøHQGLUPH LPNDQÖ ROPD\DQ NDUDUODUÖ ]HULQGH VUHNOL WRSD WXWXOX\RU $PD EX NRQXGD \DSPDNWD ROGXNODUÖQÖ DQODWPDN ]HUH 5DG\R YH 7HOHYL]\RQhVW.XUXOX%DûNDQÖ6D\ÖQ1XUL.D\Öû·ÖGDYHWHWPHNLVWL\RUXP 1XUL.D\Öû 6D\ÖQ %DûNDQ GHøHUOL NRQXNODU V|]OHULPH EDûODUNHQ KHSLQL]L VD\JÖ\OD VHODPODUÖP 0HG\D HWLøL VDGHFH EXJQQ NRQXVX GHøLO ùON 7UN JD]HWHVL 7DNYLPL 9HND\L·QLQ \D\ÖQODQPDVÖQGDQ EX \DQD KHS WDUWÖûPD NRQXVX ROPXûWXU 0HûKXU |UQHNWLU ·OÖ \ÖOODUGD%DED7DKLULVLPOLJD]HWHFL7HUNRV*|O·QGHQNHQWHVXWDûÖ\DQûLUNHWWHQLVWHGLøL 8OXVDO8\JXODPDOÖ(WLN.RQJUHVL UûYHW YHULOPH\LQFH JD]HWHVLQH ´7HUNRV *|O·QH GRPX] GûWµ GL\H PDQûHW DWPÖû 5ûYHWL DOÖQFD ´GûHQ KD\YDQÖQ GRPX] GHøLO GDQD ROGXøX DQODûÖOGÖµ GL\HUHN G]HOWPH \D\ÖQODPÖûWÖ 'DKD \DNÖQ WDULKOHUH JHOLUVHN ·OL \ÖOODUGD ELU NÖVÖP \D\ÖQ NXUXOXûODUÖ ´EHVOHPHEDVÖQµGL\HDGODQGÖUÖOPÖûWÖ'|QHPLQVL\DVLLNWLGDUÖPXKDOLIEDVÖQÖEDVNÖDOWÖQD DOPDN YH NHQGLQH WDUDIWDU EDVÖQ NXUXOXûODUÖ ROXûWXUDELOPHN LoLQ UHVPL LODQ YH NDøÖW WDKVLVL PHNDQL]PDVÖQÖ NXOODQPÖûWÖ %X WDKVLVOHUL DODQ NXUXOXûODU LNWLGDUODUD PHWKL\HOHU \D]PDNWD oRN F|PHUW GDYUDQÖUODUGÖ VRQUDVÖQD JHOLQFH QO DUPDW|U 0DOLN <RODo·ÖQ $NûDP *D]HWHVL·QL VDWÖQ DOPDVÖQD \RO DoDQ ROD\ oDUSÖFÖ ELU |UQHNWLU 0DOLN <RODo JHOLUOHUL\OH LOJLOL |QHPOL ELU VRUXQX JQGHPH JHWLUPHN DPDFÖ\OD $QNDUD·\D JLGHU 8ODûWÖUPD %DNDQOÖøÖ |]HO NDOHPLQGH EDNDQOD NRQXûPDN LVWHGLøLQL LIDGH HGHU DQFDN ELU WUO EDûDUÖOÖ RODPD] 2 VÖUDGD JHQFHFLN oRFXNODU EDNDQÖQ RGDVÖQD WHNOLIVL]FH JLULS oÖNPDNWDGÖU 0DOLN <RODo |]HO NDOHP PGUQH ´EXQODU NLP"µ GHU YH ´JD]HWHFLµ FHYDEÖQÖDOÖU<RODoDNûDPùVWDQEXO·DG|QHUNHQNDUDUYHULU´%HQPXWODNDJD]HWHVDKLEL ROPDOÖ\ÖP\RNVD|EULûOHULPLNROD\NROD\\UWHPH\HFHøLPµ2OD\ÖQDUGÖQGDQ$NûDP *D]HWHVL·QLVDWÖQDOÖU*HoPLûWHGHPHG\DVL\DVHWWLFDUHWLOLûNLOHUL\RøXQGXYHR\ÖOODUGD GD PHG\D HWLøL ]HULQGH \RøXQ WDUWÖûPDODU ROXUGX $PD ûXQX LIDGH HWPHP JHUHNLU NL PHG\DQÖQ JHQHO DQODPGD \R]ODûPDVÖ VRQUDVÖQGD E\N VHUPD\HQLQ PHG\D\D JLUPHVL\OH ROPXûWXU ·GHQ VRQUD JD]HWH VDKLSOHULQLQ NDUWYL]LWOHULQGH EDQNDFÖ GHYOHW PWHDKKLGL VLJRUWDFÖ WXUL]PFL LWKDODWoÖ LKUDFDWoÖ HQHUML \DWÖUÖPFÖVÖ JLEL PHVOHNOHUL RNXPD\D EDûODGÖN 7DELL E|\OH ROXQFD PHG\D VL\DVL LNWLGDUOD Lo LoH JLUGL 6L\DVLLNWLGDUÖQLUDGHVL\OHDOÖQDFDNNDUDUODUDEDøOÖNDOPD\D EDûODGÖJHOHQHNVHOLûOHYLRODQ PXKDOHIHWL \DSDPD] ROGX +DONWDQ X]DNODûWÖ SDWURQODUÖQ GHYOHWWHNL WHûYLN NUHGL YH LKDOH LûOHULQL \DSPDVÖ LoLQ NXOODQGÖøÖ ELU VLODKD G|QûW 0HG\D SDWURQODUÖ LNWLGDU ]HULQGHNL HWNLOHULQL DUWWÖUPDN LoLQ JD]HWHOHULQL GDKD oRN VDWWÖUPDN WHOHYL]\RQODUÖQÖ GDKD oRN L]OHWWLUPHN NDYJDVÖQD JLULûWLOHU %X GD PHG\DQÖQ EDûÖQD SURPRV\RQ DVSDUDJDVWHOHYROHWUSURJUDPODUÖVDUGÖ\DQL\R]ODûPD\ÖGDKDGDKÖ]ODQGÖUGÖ%LUNLûL KHP PHG\D SDWURQX KHP EDQNDFÖ LVH EDQNDVÖ EDWPDN ]HUH\NHQ EXQX QDVÖO KDEHU \DSDELOLU WRSOXPX QDVÖO ELOJLOHQGLUHELOLU" %LU NLûL KHP PHG\D SDWURQX KHP GH PWHDKKLWLVHRQDEDøOÖWHOHYL]\RQYHJD]HWHOHUGH|]HOOHûWLUPHRSHUDV\RQODUÖVDøOÖNOÖELU ûHNLOGH GHøHUOHQGLULOHELOLU PL" 0HG\D NXUXOXûODUÖQÖQ YH RQODUD EDøOÖ ûLUNHWOHULQ ERUVDGD KLVVHOHUL YDU %RUVD Gû\RU KDEHU \RN VDGHFH SXDQ DUWÖ\RU ´ERUVD FRûWXµ GL\H KDEHUOHU oÖNÖ\RU %D]Ö ûLUNHWOHU OHKLQH KDEHUOHU YHULOL\RU PDQLSODV\RQD \RO DoÖOÖ\RU <DQÖQGD RQ ELQOHUFH LûoL oDOÖûWÖUDQ ELU SDWURQ JD]HWHVLQGH WHOHYL]\RQXQGD QDVÖO LûoL FUHWOHULQ \HWHUVL]OLøLQL VDYXQDELOLU" 7UNL\H WDULKLQLQ HQ DøÖU HNRQRPLN NUL]LQHJLUPHGHQELUNDoJQ|QFHNLJD]HWHPDQûHWOHULQLKDWÖUOD\DFDNROXUVDNoRNLOJLQo ûH\OHU J|UU] WDPDPHQ SHPEH ELU WDEOR oL]LOPHNWH\GL 7UN PXFL]HVLQGHQ V|] HGLOL\RUGX 7UN PHG\DVÖQGDNL HWLN ]DIL\HWLQ ELU GLøHU QHGHQL WHNHOOHûPHGLU %XJQ SDWURQODUDELUJD]HWH\HWPL\RUELUoRNJD]HWH\LHOHJHoLUPH\HoDOÖûÖ\RUODUELUWHOHYL]\RQ \HWPL\RUELUoRNWHOHYL]\RQDVDKLSROPDNLVWL\RUODUELUUDG\R\HWPL\RUELUoRNUDG\R\D VDKLSROPD\ÖDU]XHGL\RUODU%XQXGD57h.NDQXQXQDD\NÖUÖELUûHNLOGHNDQXQDNDUûÖ KLOH \DSDUDN JHUoHNOHûWLUL\RUODU 7DELL EX WDEOR WRSOXPXQ KDEHU DOPD KDNNÖQÖ JDVS HGL\RU 7RSOXP ELU LNL SDWURQXQ YH RQODUÖQ \|QHWLFLOHULQLQ L]LQ YHUGLøL |OoGH GRøUXODUGDQJHUoHNOHUGHQKDEHUGDURODELOL\RU$EGOKDPLGVDQVUQGHQGDKDWHKOLNHOL ELUVDQVUGUEX'HPRNUDVLLoLQFLGGLELUWHKGLWWLU+DWÖUOÖ\RUVXQX]GXUJHoHQOHUGHLNL PHG\D NXUXOXûXQXQ DUDVÖQGD FLGGL ELU NDYJD \DûDQGÖ .XUXOXûODU ELUELULQL PHG\D HûNÖ\DVÖ SDS\RQOX KD\GXW G|YL] NDoDNoÖVÖ YDPSLU KRUWXPFX GL\H VXoODGÖODU %X NXUXOXûODUGDQ ELULQLQ VW G]H\ \|QHWLFLVLQH VRUGXP ´%WQ EXQODUÖ \DSPDQÖ]Ö 0HG\D(WLøL3DQHOL SDWURQXQX] PX V|\O\RU LVWL\RU"µ ´+D\ÖUµ GL\H FHYDEÖQÖ YHUGL ´.HVLQOLNOH E|\OH ELU ûH\ \RN %L] SDWURQXPX]XQ KRûXQD JLWWLøLQL GûQHUHN EX ûHNLOGH \D\ÖQ \DSÖ\RUX]µ 0HG\DGDNL HWLN \R]ODûPDQÖQ ELU GLøHU QHGHQL \|QHWLFLOHUGLU 'HøHUOL ELUoRN JD]HWHFL\L WHQ]LK HGHUHN V|\O\RUXP PHG\D \|QHWLFLVL JD]HWHFLOHU HGLW|UOHU EDøÖPVÖ]OÖøD |QHP YHUVHOHUGL PHG\D VHNW|UQH \DWÖUÖP \DSPDQÖQ RQX GLøHU \DWÖUÖPODU LoLQ VLODK RODUDN NXOODQPDN DQODPÖQD JHOPHGLøLQL JD]HWHFLOLN YH WHOHYL]\RQFXOXøXQ NDPXVDO ELU KL]PHW ROGXøXQX VDYXQVDODUGÖ PHG\D EXJQN GXUXPXQD JHOPH]GL 0DQNHQOHUL VLQHPD DUWLVWOHULQL JD]LQR ûDUNÖFÖODUÖQÖ \D]DU VXQXFX VSLNHU \DSDQ LUDGH GH PHG\D SDWURQODUÖ GHøLORQODUÖQ\HWNLYHUGLNOHULGHQH\LPOLJD]HWHFLOHUGLU6UHPWDPDPODQGÖ7HûHNNUOHU 1XULdRODNRøOX 5DG\R YH 7HOHYL]\RQ hVW .XUXOX %DûNDQÖ 6D\ÖQ 1XUL .D\Öû·D oRN WHûHNNU HGL\RUXPúLPGLEL]HEXNRQXGDXOXVODUDUDVÖGHQH\LPOHULGHDNWDUPDVÖLoLQ%DVÖQ<D\ÖQ *HQHO0GU%\NHOoL$\GÖQ6H]JLQ·GHQNRQXûPDVÖQÖULFDHGHFHøLP $\GÖQ6H]JLQ 3DQHOH NDWÖODQODU DUDVÖQGD PHVOHøL JD]HWHFLOLN ROPD\DQ ELU WHN EHQ YDUÖP 'LøHU SDQHOLVWOHU IHYNDODGH ELULNLPOL YH GHøHUOL PHG\D PHQVXSODUÖ %X GXUXPGD ELU DQODPGD WHGLUJLQ ROGXøXPX V|\OHPHP JHUHNLU %DVÖQ<D\ÖQ (QIRUPDV\RQ *HQHO 0GUOøQQ \D]ÖOÖ YH\D HOHNWURQLN PHG\D ]HULQGH JHoPLûWH ROGXøX JLEL GRøUXGDQ PGDKDOH \HWNLVL YH\D DUDoODUÖ \RNWXU %XQD WDELL NL VHYLQPHN OD]ÖP $\UÖFD ELOGLøLP NDGDUÖ\OD GHYOHW DGÖQD PHG\D\OD LOJLOL RODUDN ROXûWXUXOPXû J|Uû \D GD ELU SROLWLND GD EXOXQPDPDNWDGÖU $QFDN NRQXPXP PHG\D\D LOLûNLQ JHOLûPHOHUL \DNÖQGDQ L]OHPHPH LPNDQ YHUL\RU %XUDGD V|\OH\HFHNOHULP GH PHG\DQÖQ \DNÖQ ELU WDNLSoLVLQLQ V|\OH\HFHNOHULQGHQLEDUHWWLU%XGXUXPGDGDEHQSDQHOLQELU|OoGH´QDwYHµLROX\RUXP YH NHQGLPGH GH QDwYH RODUDN \RUXPGDQ ]L\DGH VRUX VRUPD KDNNÖQÖ DYDQWDMÖQÖ J|U\RUXP 3URIHV|U .XoXUDGL ELUD] |QFHNL NRQXûPDVÖQGD $OEHUW &DPXV·QQ 9HED URPDQÖQGDQ ELU DOÖQWÖ\D \HU YHUGL &DPXV D\QÖ ]DPDQGD JD]HWHFH\GL *D]HWHFLOLøL ELOGLøL HQ J]HO PHVOHNOHUGHQ ELUL RODUDN WDQÖPOÖ\RUGX )UDQVD·QÖQ 1D]L $OPDQ\D·VÖ WDUDIÖQGDQ LûJDOL VÖUDVÖQGD GLUHQLû JD]HWHFLOLøL \DSPÖûWÖ YH VDYDûÖQ KHPHQ HUWHVLQGH YH GDKDVRQUDODUÖONHVLQLQEDVÖQÖKDNNÖQGD|]HWOHûXJ|UûOHULGLOHJHWLUGL ´6DYDû |QFHVL EDVÖQ SDUD YH LKWLûDP PSWHODVÖ\GÖ DPDFÖ VDGHFH ELUNDo NLûLQLQ JFQ DUWWÖUPDNWÖ +HSLPL]LQ DKODNÖQÖ ER]PDN GÖûÖQGD KHUKDQJL ELU HWNLVL ROPDPÖûWÖ 'ROD\ÖVÖ\OD\ÖOODUÖDUDVÖQGDYDUGÖøÖQRNWD\D\DQL)UDQVD·QÖQ\]NDUDVÖROPD QRNWDVÖQD KLo ]RUODQPDGDQ JHOGL %XJQ LWLEDU \DUDWDQ YH\D \ÖNDQ EX PHNDQL]PD\OD FHSKHGHQ PFDGHOH HWPHN ]RU VDWDQ LøUHQo ELU JD]HWH\H NDUûÖ PFDGHOH YHUPHPL] JHUHNLUNHQ \|QHWLFLVLQL \HPHøH GDYHW HWPHN LoLQ VÖUD\D JLULOL\RU )UDQVÖ] EDVÖQÖ LVH \ÖO LoLQGH WRSODP PLO\RQ RNX\XFX \LWLUL\RU %DVÖQ ELU ONHQLQ VHVL\VH ONHQLQG]H\LQLEXVHVLQNDOLWHVLQLG]HOWHUHN\NVHOWHELOLUL]µ &DPXV·QQ HOOL NVXU \ÖO |QFH EDVÖQOD LOJLOL IDUNOÖ \HUOHUGH \HU DOPÖû J|UûOHULQH GDNLNDOÖN NRQXûPD LoHULVLQGH ROGXNoD X]XQ \HU YHUGL\VHP EXQX EX V|]OHUL ûDûÖUWÖFÖ |OoGH JQFHO EXOGXøXP LoLQ \DSWÖP %X V|]OHULQ LOOD GRøUX ROGXøXQX VDYODPÖ\RUXP $PD EXJQ ONHPL]GH YH\D EDûND GHPRNUDVLOHUGH D\QÖ HOHûWLUL NDOÖSODUÖQD VÖN VÖN UDVWODGÖøÖPÖ] DoÖN %X QRNWDGD &DPXV·QQ EDûND ELU WHVSLWLQH GH DWÖIWD EXOXQPDP JHUHNL\RU ´%DVÖQ |]JU ROGXøX ]DPDQ L\L \D GD N|W RODELOLU g]JU ROPDGÖøÖ ]DPDQ \DOQÖ]FD N|W RODELOLUµ &DPXV·QQ EX WHVSLWLQL ELU SRVWXODW RODUDN J|UHELOHFHøLPL]L GûQ\RUXP 0HG\D HWLøLQL GH EX EDøODPGD WDUWÖûÖ\RUX] *|UHELOGLøLP NDGDUÖ\OD PHG\D HWLøL EXJQH NDGDU QH GQ\DGD QH GH 7UNL\H·GH ûX VRQ \ÖOGD WDUWÖûÖOGÖøÖ 8OXVDO8\JXODPDOÖ(WLN.RQJUHVL NDGDU WDUWÖûÖOGÖ HOHûWLULOGL %X JQFHOOLøH VD\ÖQ .XoXUDGL GH GHøLQGL g]HOOLNOH 7UNL\H·GH EX WDUWÖûPD\Ö HVDV RODUDNEHVOH\HQOHU 6D\ÖQ (NûL·QLQ GH ELUD] |QFH DQODWWÖøÖ JLEL %DVÖQ .RQVH\L YH\D 7UNL\H *D]HWHFLOHU &HPL\HWL JLEL PHVOHN |UJWOHUL YH EDVÖQ PHQVXSODUÖQÖQ NHQGLOHUL RUWD\D NR\GXNODUÖ LONHOHUOH ROXûWXUGXNODUÖ GHQHWLP PHNDQL]PDODUÖ\OD KD]ÖUODGÖNODUÖ WDUWÖûPD ]HPLQOHUL\OH VRUXQXQ D\GÖQODWÖOPDVÖQD NDWNÖ VDøOÖ\RUODU%LUUHIHUDQVPDO]HPHVLVDøOÖ\RUODU*HUoHNWHQGH7UNL\H·GHPHG\DHWLøLQLQ |QHPOLELUNÖVPÖQÖROXûWXUDQJD]HWHFLDKODNÖKDEHUHWLøLPHG\DGDVDKLSOLNJLELNRQXODU \RøXQ ûHNLOGH LûOHQL\RU %XJQ PHG\DQÖQ HWLN VRUXQODUÖ DoÖVÖQGDQ ROGXNoD JHQLû PDO]HPH\H VDKLEL] $QFDN GQ\DGD YH 7UNL\H·GH PHG\DQÖQ KDEHUFLOLN ER\XWX GÖûÖQGDNL\RUXPODUÖ\ODELUOLNWHELUEWQRODUDN\DSÖVÖNHQGLLoLQGHNLLOLûNLOHUL\DUDWWÖøÖ UQOHU YH HWNLOHUL NRQXVXQGDNL UDKDWVÖ]OÖNODU HOHûWLULOHUVDQNL VRQVX]D GHN VUHFHNPLû JLEL ELU L]OHQLP LoLQGH\L] %XQXQ \DQÖ VÖUD PHG\D\D EDNÖûWDNL PHG\DQÖQ GHøHUOHQGLULOLûLQGHNLNÖVWDVODUEHONLGHPHG\DQÖQGLQDPLN\DSÖVÖQHGHQL\OHVDQNLVUHNOL GHøLûL\RU 8OXVDO YH XOXVODUDUDVÖ NRQMRQNWUGHNL GHøLûLNOLNOHU GH EX GHøHUOHQGLUPHOHUL HWNLOL\RU %X NRQXGD IHOVHIHFLOHU WD\LQ HGLFL ELU URO R\QD\DFDNWÖU %X WRSODQWÖQÖQ IHOVHIHFLOHU WDUDIÖQGDQG]HQOHQPHVLGHKHUKDOGHELUWHVDGIGHøLOGLUùRDQQD.XoXUDGL·QLQGHELUD] |QFH GHøLQGLøL JLEL IHOVHIL GHøHU ELOJLVLQLQ D\GÖQODWPDVÖQD LKWL\DFÖPÖ] YDU *HQHO oDWÖ HNVLNOLøLELU\DQDPHG\DQÖQEHOLUOLNHVLPOHULWDUDIÖQGDQROXûWXUXOPXûQRUPODUGDED]HQ VRPXW JHOLûPHOHU NDUûÖVÖQGD \HWHUVL] NDOÖ\RU gUQHøLQ PONL\HW NRQXVX *HOLûHQ YH GHøLûHQWPNRûXOODUDYHEXJQGQ\DQÖQPXKWHOLIONHOHULQGHROXûDQPHG\D\DSÖODUÖQD UDøPHQ PHG\D DODQÖQGD GLNH\ YH \DWD\ HQWHJUDV\RQXQ \DUDWWÖøÖ YDUVD\ÖODQ VDNÖQFDODUD NODVLN EDNÖû DoÖVÖ\OD \DNODûPDN QH GHQOL GRøUX YH JHUoHNoLGLU" <DVDODUOD G]HQOHQL\RU ROVD GDKL HWLN WDUWÖûPDQÖQ PHUNH]LQGH EXOXQDQ EX DODQGDNL JHUHNOL VÖQÖUODPDODUÖQ VÖQÖUODUÖ NRQXVXQGD JHQHO NDEXO J|UHFHN ELU NÖVWDV ROXûWXUXODELOLU PL" 9H\D JD]HWHFLQLQ VDYDû GXUXPODUÖQD NDUûÖ WDYUÖ KDNNÖQGD .DUGDN NUL]L QHGHQL\OH ED]Ö JD]HWH YH JD]HWHFLOHULQ L]OHGLøL WXWXPD \|QHOLN KDNOÖ HOHûWLULOHUL ûHNLOOHQGLUHQ QRUP NDOÖEÖQÖQ EXJQ %LQ /DGLQ YH 7DOLEDQ·D NDUûÖ DVNHUL WHSNL J|VWHULOPHVLQL VDYXQPXû RODQ JD]HWHFLOHUHX\JXODPDNQH|OoGHGRøUXGXU"%XUDGDJHUoHNWHQELUJ|UHFHOLNVRUXQXYDU PÖGÖU" %X WU VRUXQODU WDELL NL GDKD GD DUWWÖUÖODELOL\RU 'ROD\ÖVÖ\OD EHONL GH PHG\D HWLøL NRQXVXQGD WRSOXPVDO VRUXPOXOXN NXUDPÖQÖ GD LoHUHFHN WDU]GD ELU \HQLGHQ GHøHUOHQGLUPHQLQ JQGHPH JHOPHVL JHUHNL\RU )HOVHIHFLOHULQ NDWNÖVÖ\OD EX \DSÖOÖUNHQ GLøHU \DQGDQ PHG\DQÖQ PHG\DQÖQ EWQQ NDSVD\DFDN ELU PHG\D HWLøLQH LPNDQ YHUHFHN \DSÖGD YH \|QGH ROXS ROPDGÖøÖQÖQ L\LFH WHVSLW HGLOPHVL JHUHNHFHNWLU .H]D 7UNL\H·GHYHHYUHQVHO|OoHNWHQk]ÖPNRQXPGDRODFDNELUPHG\DHWLøLQLJHoHUOLNÖODFDN WRSOXPVDO LNOLPLQ YDU ROXS ROPDGÖøÖQÖQ GD DQODûÖOPDVÖ JHUHNHFHNWLU %XJQ PHG\DQÖQ USHUWLFLELUJoKDOLQHJHOGLøLNHVLQGLU$QFDND\QÖ]DPDQGDPHG\DQÖQKHPJ|UHYLQLQ QH ROPDVÖ JHUHNWLøL GûQFHVLQGHQ KHP GH JHUoHN GQ\DQÖQ QDVÖO LPJHOHQPHVL QDVÖO DNWDUÖOPDVÖ JHUHNWLøL VRUJXODPDVÖQGDQ X]DNODûWÖøÖ JLEL WHPHO ROJXODUÖ GXUPDGDQ PDVNHOHGLøL ROD\Ö \DQVÖWPDN \HULQH NHQGLVLQL ROD\ \HULQH NR\GXøX EWQ HQHUMLVLQL NHQGLVLQLEHVOHPH\HYHNHQGLQLWHNUDUUHWPH\HKDUFD\DQEXQLWHOLNOHUL\OHGHWRSOXPXQ ]DDIODUÖQÖ LVWLVPDU HGHQ RQX ûL]RIUHQ ELU oL]JL\H GRøUX oHNHQ ELU NXUXP ROGXøX WDU]ÖQGD FLGGL LSXoODUÖQD GD\DQDQ HOHûWLULOHU PHYFXWWXU %X JHQHO HOHûWLULOHULQ SDUoDVÖ RODQ WHNLO ROD\ODUÖQ KHSLPL] ]DPDQ ]DPDQ WDQÖøÖ YH ûLND\HWoLVL ROX\RUX] %|\OHVLQH ELU \DSÖNDSVD\ÖFÖELUHWLøHWkELRODELOLUPL"'LøHUELUVRUXWRSOXPODUGDPHG\D\DPXKDWDS JHQLû NLWOHOHUGHQ EXQODUD WNHWLFL YH\D \XUWWDûODU GD GL\HELOLUL] EX NRQXGD VUNOH\LFL ELU URO R\QD\DFDN JoO ELU WDOHS ûHNLOOHQL\RU PX" dRN ID]OD VRUX VRUGXøXPXQ 0HG\D(WLøL3DQHOL IDUNÖQGD\ÖP DQFDN PHG\D HWLøL LOH LOJLOL KHUKDQJL ELU \DSÖODQPD oDEDVÖQGD EX WU VRUXODUÖQ J|] |QQGH EXOXQGXUXOPDVÖQÖQ \DUDUOÖ RODFDøÖQÖ GûQ\RUXP +HU KDONDUGD HYUHQVHO GRøUXODUD \DNODûPD DPDFÖQÖ WDûÖ\DFDN E|\OH ELU oDOÖûPDQÖQ JHUHNOLOLøL GH DoÖN $NVL WDNGLUGH PHG\DQÖQ ROXûWXUGXøX JFQ YH VWOHQGLøL YDUVD\ÖODQ WRSOXPVDO LûOHYLQ VRUXPOXOXøXQXQ D\UÖFD D\UÖFDOÖNODUÖQÖQ KDON DGÖQD J|UHY \DSPD \HWNLVLQLQ PHûUXL\HWLQLQ VDUVÖFÖ WRS\HNQ ELU VRUJXODPD\D WkEL WXWXODFDøÖ WDKPLQ HGLOHELOLU %X EDøODPGD IHOVHIHFL +DUXQ 7HSH·QLQ JD]HWHFL LoLQ GHøLQGLøL QL\HW HWLøL DQOD\ÖûÖQGDQVRUXPOXOXNHWLøLDQOD\ÖûÖQDJHoLû|QHULVLQLQDQODPOÖVRQXoODU\DUDWDELOHFHøL GûQOHELOLU 6RQXoRODUDNûXQXV|\OH\HELOLULPNLPHG\DWRSOXPVDOLûOHYLQLQJHUHøLQLGûQPHVH ELOHNHQGLEHNDVÖDGÖQD\HQLELUHWLN\DSÖODQPD\DLKWL\DoGX\DFDNWÖU-HDQ%DXGULOODUG (\OO ROD\ÖQÖ GHøHUOHQGLULUNHQ ELU JFQ JFQQ VUHNOL \NVHOPHVLQLQ LQVDQGD YDU RODQ\ÖNPDLVWHøLQLWDKULNHWWLøLQLEHOLUWL\RUGX7HûHNNUHGHULP 1XULdRODNRøOX 6D\ÖQ 6H]JLQ oRN oRN WHûHNNUOHU úLPGL SDQHOLPL]LQ WHN\DEDQFÖ NRQXûPDFÖVÖ RODQ 'DYLG %HUFKDUG·Ö GDYHW HWPHN LVWL\RUXP *HUoL 'DYLG·L \DEDQFÖ GL\H WDQÖPODPDN ]RU oQN'DYLGVHQHGLU7UNL\HLOHLOJLOHQL\RUX]XQ\ÖOODUEXUDGD\DûDGÖYHVDQÖ\RUXP oRNEHøHQHFHøLQL]ELU7UNoHLOHVL]OHUHKLWDSHGHFHN'DYLG 'DYLG%HUFKDUG 3HNLWHûHNNUHGHULP6D\ÖQ%DûNDQ'HøHUOL.RQXNODULON|QFH2UWD'RøX7HNQLN hQLYHUVLWHVLQLQ )HOVHIH %|OPQH WHûHNNU HWPHN LVWL\RUXP $QNDUD·\D ELU NHUH GDKD JHOGLøLPKD\DWÖPÖQE\NELUE|OPQWRSODPRODUDNVDQÖUÖPVHQHVLQL$QNDUD·GD JHoLUGLP YH EX ûHKLU YH EX QLYHUVLWH\L oRN VHYGLøLP LoLQ GDYHWLQL] EHQL oRN GX\JXODQGÖUGÖYHVL]HGHWHûHNNUHGHULPùNLQFLELUQRNWD\ÖEHOLUWPHPOD]ÖPPDDOHVHI DUWÖN )LQDQFLDO 7LPHV LOH DODNDP \RN ]DWHQ VDQÖUÖP VHQH\H \DNÖQ ELU VUHGLU VHUEHVW GDQÖûPDQRODUDNoDOÖûÖ\RUXP+DWWDELUVUH7UNKNPHWLLoLQEDVÖQ\D\ÖQGDoDOÖûWÖP ·OÖ \ÖOODUGD úLPGL ùQJLOWHUH·GH\LP YH VHUEHVW oDOÖûÖ\RUXP $\UÖFD oQF EDûODQJÖo QRNWDVÖ VRQ GDNLNDGD 7UNoH NRQXûDFDøÖPÖ |øUHQGLP EHQL YH HNVLN 7UNoHPL EDøÖûODPDQÖ]Ö YH DQOD\ÖûOD NDUûÖODPDQÖ]Ö ULFD HGL\RUXP%X NRQXûPDODU oRN NÖVD RODFDN YH VDGHFH QRNWD\D GHøLQHFHøLP %XQODU PHVOHNL KD\DWÖPGDQ WHFUEHOHU YH VRPXW |UQHNOHUOHLOJLOLRODFDNNDYUDPVDOELUoHUoHYHSHNROPD\DFDN ùONQRNWD]DWHQJD]HWHFLOHUoDøGDûKD\DWÖQELUUQGU(WLøLQRULMLQDODQODPÖHVNL <XQDQFDGD KHP PDQHYL\DWWÖU KHP GH \DûDQWÖGÖU *D]HWHFLOHUH |]J ELU \DûDPD |] YDU *D]HWHFLOHU JHQHOOLNOH SHN EXUMXYD GHøLO HOHûWLULFLGLU EDøÖPVÖ]GÖU WRSOXPD ELUD] HOHûWLUL\H \DNÖQ ELU J|]OH EDNÖ\RUODU %DøÖPVÖ]OÖN oRN|QHPOL JD]HWHFLOHU LoLQ YH VDQÖUÖP oDOÖûPDNWDRODQKHUJD]HWHFLLoLQHQ|QHPOLVRUXE|\OHELUKDUHNHWWHEXOXQXUVDPE|\OH ELU \D]Ö \D]DUVDP EDøÖPVÖ]OÖøÖP NRQXVXQGD WDYL] YHUPLû RODFDN PÖ\ÖP VRUXVXGXU %X KHUKDOGHEWQJD]HWHFLOHULoLQoRN|QHPOLELUVRUX%XQXDQODPDNLoLQLNLQFLELUQRNWD NR\PDN OD]ÖP *D]HWHFLOLN DQOD\ÖûÖQGD UHNDEHW oRN |QHPOL ELU \HU DOÖ\RU JD]HWHFLOHU DUDVÖQGD JD]HWHOHU DUDVÖQGD )LQDQFLDO 7LPHV YH :DOO 6WUHHW -RXUQDO DUDVÖQGD 9RLFH RI $PHULFDYH%%&DUDVÖQGD%%&LOHEDøÖPVÖ]WHOHYL]\RQDUDVÖQGD5HNDEHWJD]HWHFLOLøLQ ELU SDUoDVÖGÖU 7DELL ED]Ö WRSOXPODUGD EDVÖQ YH PHG\D YDU DPD UHNDEHW \RN 0HVHOD HVNL 6RY\HWOHU %LUOLøL·QGH 3UDYGD YH ù]YHVWL\D JLEL JD]HWHOHU YDU )DNDW RQODU EHQFH D\QÖ DQODPGD JD]HWH YH PHG\D GHøLO oQN RQODU GDKD oRN ELU GHYOHW HQIRUPDV\RQ VLVWHPLQL WHPVLO HGL\RUODU 2QXQ DPDoODUÖ YH \|QWHPOHUL oRN IDUNOÖ $\UÖFD %DWÖOÖ WRSOXPODUGD YH DUWÖN 7UNL\H·GH YH VDQÖUÖP DUWÖN KHU WRSOXPGD HQIRUPDV\RQ ELOJL YH 8OXVDO8\JXODPDOÖ(WLN.RQJUHVL KDEHUOHûPH\L ID]OD |Q SODQGD WXWPD\DQ GDKD oRN VDQVDV\RQ HøOHQFH YH \DQL R WU ûH\OHUOHLOJLOLRODQPHG\DWLNNDQDWODUYDU2QODU]DWHQEDVÖQÖQLNLQFLELULNLOHPLQLWHPVLO HGL\RUODU%DVÖQKHPELOGLUPHNLoLQ\DSÖOÖUHVDVDPDFÖEXGXUDPDD\QÖ]DPDQGDEDVÖQ WLFDULGLU \DQL SL\DVDQÖQ JHUoHNOHULQH X\PDN ]RUXQGDGÖU <DQL VDWPD\DQ VDWÖOPD\DQ ELU JD]HWH HU JHo LIODVD PDKNPGXU %X ]DWHQ JD]HWHFLOHU LoLQ |QHPOL ELU oHOLûNLGLU %X oHUoHYH LoLQGH VDQÖUÖP JD]HWHFLOHU NHQGLOHULQH J|UH ELU WDNÖP NXUDOODU IRUPHO YH HQIRUPHO UHVPL YH UHVPL ROPD\DQ ELU WDNÖP NXUDOODU NR\PXû %L] EXQODU LoLQ HWLN NHOLPHVLQL NXOODQÖ\RUX] GD ELU NXUDO KHU ]DPDQ HWLN ROPD\DELOLU YH HWLN ROXS ROPDGÖøÖ NRQXVXQGDWDUWÖûPDRODELOLU%XWDUWÖûPD\ÖVL]OHUHEÖUDNÖ\RUXP)DNDWEHONLJD]HWHFLLoLQ \D]Ö \D]DUNHQ HQ |QHPOL LNLOHP ´HWNLµ =DWHQ VL] ELU KDEHUL \D\ÖQOÖ\RUVDQÖ] ELU HWNLVL RODFDN %HONL EX LVWHGLøLQL] ELU VRQXo GRøXUDELOLU EHONL LVWHPHGLøLQL] ELU VRQXo GRøXUDELOLU %X JD]HWHFL LoLQ FLGGL ELU VRUXQGXU 0HVHOD EHQ )LQDQFLDO 7LPHV·GD EDQNDFÖOÖN PXKDELUL LNHQ ELU UHIRUPX E\N ELU KH\HFDQOD L]OL\RUGXP \DQL EDQNDFÖOÖN VLVWHPLQGH WHNQLN ELU VRUXQ EXUDGD D\UÖQWÖODUÖQD JLUPH\HFHøLP )DNDW WHVDGIHQ |øUHQGLP NL oRN WHNQLN RODQ ELU NDQXQ KDWDVÖ YDUGÖ 2 NDQXQ KDWDVÖQÖ KDON |øUHQLUVH ED]Ö NLûLOHU WHûHEEVWH EXOXQDELOLUGL YH EX UHIRUP PPNQ ROPD\DFDNWÖ YH EX KDEHUL ELOHQ WHN JD]HWHFL EHQGLP %LUNDo KDIWD ELUNDo KDIWD GHøLO ELUNDo JQ GDKD \HULQGH ROXUGX WDUWÖûWÖP EX KDEHUL YHUH\LP PL YHUPH\LP PL \DQL KDEHU VDNODPDN PHûUX PXGXUGHøLOPLGLU6RQXQGDROGXNoDÖOÖPOÖELUûHNLOGHKDEHULYHUGLPYHDVOÖQGDROD\ODU EHQLP EHNOHGLøLP ûHNLOGH JHOLûPHGL oQN KHUKDOGH VRUXQX KHUNHV NDYUDPDPÖûWÖ YH ELU WDNÖP G]HQOHPHOHU ROGX YH UHIRUP GHYDP HWWL )DNDW \DQL EHQ oRN oDUSÖFÖ ELU ûHNLOGH \D]VD\GÖP R UHIRUP VX\D GûHFHNWL YH ]DWHQ ND]DQDQ ROPD\DFDNWÖ ND\EHGHQ oRNRODFDNWÖ%XELUQHYLPDQHYLLNLOHPGLU ùNLQFLVRUXQWDELLJD]HWHFLOLNYHGRVWOXNODUODLOLûNLOLLVWHPHGLøLQL]VRQXoODU(QEDVLW ûHNLOGH ´EX KDEHUL \D\ÖQOÖ\RUVXQX]µ GL\RUODU ED]HQ ´EX DGDPÖQ oRFXNODUÖ DøOD\DUDN RNXOGDQ D\UÖODFDNODUµ \DQL DLOHYL KD\DWÖQÖ HWNLOH\HFHN %X WDEL NLûLVHO KD\DWÖ\OD LOJLOL GHøLO \DQL ELULVLQL GRODQGÖUÖFÖ YH GUVW ROPD\DQ ELULVL LODQ HGHUVLQL] 'RøUX LVH ELOH EXQXQ ELU EHONLVL YDU <DSDFDN PÖVÖQÖ] \DSPD\DFDN PÖVÖQÖ]" dQN ED]HQ oRN EHOOL ROX\RUVDGDED]HQQHVL\DKQHGHEH\D]ELUE|OJHGHVLQL]9HELUJD]HWHFLEXNRQXODUGD oRNGLNNDWOHGûQPHOLGLU)DNDWEXUDGDDVOÖQGDoLUNLQELUNHOLPHRODQVDQVUNHOLPHVL JHOL\RU \DQL RWRVDQVU 2WRVDQVU L\L PLGLU NDoÖQÖOPD] PÖGÖU \RNVD \DQL ED]HQ RODQ ED]HQ ROPD\DQ ELU JHoLW WRSOXPGDQ WRSOXPD GHøLûHQ ELU ROJX PXGXU ELU ROD\ PÖGÖU ELOHPL\RUXPEXQXGDVL]HEÖUDNÖ\RUXP$PD|\OHELUVRUXQ]DWHQYDUGÖU $\QÖ ]DPDQGD GQ\D VDELW GXUPX\RU =DWHQ EDVÖQ YH \]\ÖOODUGD RUWD\D oÖNWÖ.DPXR\X|QHPOLROPD\DEDûODGÖøÖ]DPDQODUGD(OHûWLULOPHNJLEL$PDWRSOXPGD GHøLûL\RU %DWÖOÖ ONHOHUGH EHQFH ELU PHG\D \R]ODûPDVÖ YDU %DVÖQÖQ VWDQGDUWODUÖ %DWÖOÖ WRSOXPODUGD EHQ GDKD oRN ùQJLOWHUH·\L NDVWHGL\RUXP oQN JHOGLøLP ONH R VHQH |QFHNL NDGDU \NVHN GHøLOGLU 0HVHOD JHQoOLøLPGH %%&·GH oDOÖûWÖP 2 ]DPDQODU %%& KHU ]DPDQ KHUKDEHUGH WDUDIVÖ]GÖ)DNDW D\QÖ LGGLDGD EXOXQPDN EXJQOHUGH ELUD] ]RU %D]HQPHG\DWLNNDPSDQ\DODUROX\RUED]HQORELOHULQHWNLVLYDU%%&·QLQED]ÖNÖVÖPODUÖ EDøÖPVÖ]GÖU oRN WDUDIVÖ]GÖU DPD ED]Ö KDEHUOHUL HVNLVL NDGDU WDUDIVÖ] GHøLO %X GXUXPX RUWD\D JHWLUHQ HWNHQOHU EHQFH oRN oHûLWOLGLU %XQODUÖQ DUDVÖQGD WHOHYL]\RQ YDU $\QÖ ]DPDQGD EHQFH HøLWLP VLVWHPLQGH ELU ER]XOPD YH\D \R]ODûPD YDU %X EHONL SRVW PRGHUQLVW\DQLDûÖUÖoRøXOFXELUWRSOXPGDEDûJ|VWHUHQELUROD\GÖUùQJLOL]FHVL´SROLWLFDO FRUUHFWQHVVµ 7UNoHVLQL WDP RODUDN EXODPÖ\RUXP DPD VDQÖUÖP VL\DVL RODUDN G]JQ ROPDN|\OHELUûH\1H\VHHOHûWLULH\OHPLQLQD]DOPDVÖDQODPÖQDJHOL\RU%D]HQKDEHUOHU 0HG\D(WLøL3DQHOL WDNOLWoLOLN DQODPÖQD JHOL\RU \DQL VDGHFH DOÖûÖODQODU VDGHFH KHUNHVoH GRøUX DOJÖODQÖODQ ûH\OHUV|\OHQHELOLU\DQL\HQLOLNoLOLNSHNROPX\RU %XUDGDELUNRQX\DGHøLQPHNLVWL\RUXP]DWHQEXROD\EHONLELUEDNÖPD\HQLGLUDPD EHONL ELU EDNÖPD \HQL GHøLOGLU oQN \ÖO |QFHVL JHo 2VPDQOÖ WDULKLQH EDNDFDN ROXUVDN D\QÖ ROD\Ö R ]DPDQNL ùQJLOL] JD]HWHOHULQGH WDELL R ]DPDQ WHOHYL]\RQ PHG\D \RNWX J|UHELOLUVLQL] ·OÖ \ÖOODUGD ·O \ÖOODUGD 7LPHV·ÖQ %DONDQ PXKDELUL oRN PHûKXU ELU DGDPGÖ DGÖ -RKQ 'DYLG %XUFKLHY YH ]DWHQ EXJQN %XOJDULVWDQ·ÖQ \DUDWÖFÖODUÖQGDQ ELULGLU %XOJDUODU RQX R NDGDU VHYGL NL SXOODUÖQD ELOH RQXQ UHVPLQL NR\GXODU 2QXQ VD\HVLQGH %DONDQ 6DYDûÖ EHONL ELOPH\HELOLUVLQL] DPD 7UN WDULKLQLQ ELU SDUoDVÖGÖU \DQL %DONDQ 6DYDûÖ·QÖ PPNQ NÖODQ LWWLIDNÖ R \DSWÖ ùON |QFH <XQDQLVWDQ·D JLWWL 6ÖUSODUOD YH %XOJDUODUOD ELUOLNWH VDYDûDELOHFHNOHULQL V|\OHGL LNQD HWWL RQGDQ VRQUD PWKLû ELU LWWLIDN RUWD\D oÖNWÖ 2 VDYDûÖQ VRQXoODUÖQÖ KkOk %DONDQODUÖQ KDULWDVÖQGD J|UHELOLUVLQL] %X ELU JD]HWHFLQLQ ELOLQoOL VL\DVL ELU NDPSDQ\DVÖ YH EHQ]HU ROD\ODUÖ EXJQN EDVÖQGD J|UHELOLUVLQL] )DNDW EXJQN EDVÖQGD ED]Ö IDUNODUÖ GD J|UHELOLUVLQL] oQN GQ\D GHøLûWL ]DWHQ EL] DUWÖN NR]PRSROLW ELU GQ\DGD\Ö] +DEHUOHU VDGHFH GÖû PXKDELUOHU WDUDIÖQGDQ \D]ÖOPÖ\RU <DQL EDVÖQGD DUWÖN ´KRPH FRUUHVSRQGHQFHµ YH PHUNH]LQ |QHPL oRN DUWPÖû YH EXQXQ GROD\ÖVÖ\OD ORELFLOLN DUWPÖû 9H ELUoRN HWQLN YH VL\DVL VRUXQODUÖ \XUW GÖûÖQGDNL PXKDELU NDGURVX GHøLO PHWURSRO PHUNH]GHNL JD]HWHFL NDGURVX \D]Ö\RU *HQHOOLNOH HWQLN ORELOHUH YH KDONOD LOLûNLOHU ûLUNHWOHULQH GDQÖûDUDN \D]Ö\RUODU \DQL RQODUÖQ HWNLVL DOWÖQGD 2QXQ LoLQ KDONOD LOLûNLOHU oRN |QHPOL ELU ROD\ +DQJL JD]HWHFL\H VRUVDQÖ] ´KDONOD LOLûNLOHU KDNNÖQGD QH GûQ\RUVXQ"µ GL\H ´QHIUHW HGL\RUXP $OODK $OODK KLo DODNDP ROPX\RUµ GL\HFHN $PD WDELL DUWÖN GHøLO %DVÖQ LNLOHPLQLQ VÖUUÖ JD]HWHFL LOH DUNDGDû ROPDN YH EX KDONOD LOLûNLOHUûLUNHWOHULEXQXoRNL\LELOL\RUODU%D]HQEDûDUÖOÖROX\RUODUED]HQGHøLOOHU 6RQRODUDNE\NELUVRUXLûDUHWL=DWHQEHQFHPXKDELUOHULQGHøHULD]DOÖ\RU%XQXQ HQ EHOLUJLQ LûDUHWL EXJQN VDYDûODUGD GDKD |QFH %RVQD VDYDûÖQGD YH EXJQN $IJDQLVWDQ·GD ELUoRN VHUEHVW JD]HWHFL JHQo VHUEHVW JD]HWHFL \DûODUÖQGD RUD\D NRûX\RUODU ELU JD]HWH LOH DQODûÖ\RUODU KDEHU UHNDEHWLQGH ROX\RUODU YH PDDOHVHI KLo NRUXQPDGÖNODUÖ LoLQ |O\RUODU \DQL EDVÖQGD GD KD\DWODUÖQÖ ND\EHGHQ \LWLUHQ JHQo JD]HWHFLOHULQ VD\ÖVÖ oRNWXU %X EHQFH ]F ELU ROD\ %DVÖQÖQ ED]Ö PDQHYL YH HWLN LNLOHPOHULNRQXVXQGDILNLUOHULPLDQODWPD\DoDOÖûWÖP7HûHNNUHGHULP 1XULdRODNRøOX 3HNL oRN WHûHNNUOHU 'DYLG %HUFKDUG 3DQHOLQ VRQ NRQXûPDFÖVÖ 0XVWDID *|]DODQ $\GÖQ 6H]JLQ·LQ V|\OHGLøLQLQ XIDN ELU IDUNOÖOÖøÖQÖ J|VWHUHQ ELU ûH\ SDQHOGH EHONL N|NHQ LWLEDUÖ\OD 2NWD\ (NûL 1XUL .D\Öû EHQ YH 'DYLG %HUFKDUG JD]HWHFL\L] +HSLPL]LQ EDûODPD QRNWDVÖ JD]HWHFLOLN 0XVWDID *|]DODQ LVH JD]HWHFLOLN LOH EDûODPD\DQODUGDQ 8OXVODUDUDVÖ GHQHWLP ûLUNHWL $UWKXU $QGHUVRQ·GDQ VHQH NDGDU |QFH PHG\D GQ\DVÖQD LWKDO HWWLøLPL] PHG\DQÖQ DUWÖN NDOHPL NXYYHWOL ELU PXKDELU YH D\DøÖQD NXYYHWOL PXKDELUGHQ LEDUHW ROPDGÖøÖQÖ J|VWHUHQ PHG\DQÖQ oRN GDKD NDUPDûÖN ELU ILQDQVDO YH HQGVWUL\HO \DSÖ\D EUQGøQ J|VWHUHQ ELU DUNDGDûÖPÖ] 6|] ûLPGL 0XVWDID*|]DODQ·DDNWDUPDNLVWL\RUXP 0XVWDID*|]DODQ 6HYJLOL gøUHQFLOHU 6D\ÖQ +RFDODUÖP YH 6D\ÖQ %DûNDQ %XJQ VDEDKOH\LQ VDEDKWDQ EHUL L]OHGLøLPL] YH GLQOHGLøLPL] ROD\ODUGDQ VRQUD EHQGRøUXVXQX LVWHUVHQL] GRøDoODPD ELU NRQXûPD \DSPD\D NDUDU YHUGLP HOLPGHNL PDO]HPH\L RNXPD\DFDøÖP +HU ûH\GHQ |QFHûXQXV|\OHPHPOD]ÖP%HQELUJD]HWHFLGHøLOLP$VOÖQGDJD]HWHFLOLNVHNW|UQHGH 8OXVDO8\JXODPDOÖ(WLN.RQJUHVL JLUPHGLPWHOHYL]\RQFXGDGHøLOLP$PDEXQGDQVDGHFH ELUEXoXN\ÖO|QFH%UNVHO·GH $QGHUVRQ ûLUNHWLQLQ WP JHOLûHQ ONHOHULQ ELUNDo VHNW|UQGHQ VRUXPOX ELU RUWDøÖ\GÖP 9H PHVOHøLP GDQÖûPDQOÖNWÖU %XJQ EXUDGD \]GH \] ]DPDQÖPÖ D\ÖUGÖøÖP 'RøDQ *UXEX LoLQ ELU NRQXûPD \DSÖ\RUXP DPD V|\OH\HFHNOHULP HYUHQVHOGLU .DQÖPFD GD QHUHGHROXUVDPROD\ÖPNHQGLJHUoHNOHULPNHQGLGRøUXODUÖPGÖU %XJQ |\OH ELU QRNWDGD\Ö] NL DUWÖN ELU WDNÖP VHNW|UOHUH EX GQ\DQÖQ JHOLûHQ \DSÖVÖ LoLQGH ELU QRNWDGDQ EDNPDN PPNQ GHøLO *D]HWHFLOLøH VDGHFH JD]HWHFLOLN RODUDN EDNPDN PPNQ GHøLO YH\D HQHUML LûLQH HQHUML LûL RODUDN EDNPDN PPNQ GHøLO %X DUDGD LOHUOHPHGHQ |QFH ûXQX GD V|\OHPHP OD]ÖP %HQ D\QÖ ]DPDQGD 7('0(5 9DNIÖQÖQ 7UNL\H (WLN 'HøHUOHU 9DNIÖQÖQ NXUXFX \HVL\LP (WLN NRQXVXQDVRQ GHUHFH |QHP YHUL\RUXP oQN VHQHPL KDUFDGÖøÖPELU NXUXOXûWD HWLN GHøHULQ QH ROGXøXQX EDQD |øUHWHQ \]OHUFH KDGLVH LOH NDUûÖODûWÖP %X NRQXODUGDNL HNVLNOLNOHULQ 7UNL\H LoLQ IDUNÖQGD\ÖP%LURNX\XFXYH\DL]OH\LFLRODUDNGDNHQGLPJD]HWHOHUGHQWHOHYL]\RQODUGDQ VL]YHDLOHOHULQL]QHNDGDUûLND\HWoLLVHQL]RNDGDUGDûLND\HWoL\LP$PDPHVHOH\LELUNDo QRNWDGD HOH DOPDN OD]ÖP %LU WDNÖP PHVHOHOHU NL EXJQN NRQXPX] HWLN VDGHFH PHG\DGD GHøLO EXJQ YH \DUÖQ GLøHU VHNW|UOHUGHNL HWLN NRQXVXQD GD GHøLQHFHNVLQL] HWLNNRQXVXQGDELUWDNÖPG]HQOHPHOHULQ\DSÖODELOPHVLLoLQYHPHVDIHDOÖQDELOPHVLLoLQ XQXWPD\DOÖP NL WHNQLN DODQGD GD YH GH GQ\DQÖQ JLGLûDWÖ QRNWDVÖQGD GD ELU WDNÖP ROD\ODUGD G]HQOHPHOHU \DSPDN ]RUXQGD\Ö] $NVL WDNGLUGH EX LNLVLQLQ GHQJHVLQL NXUDPD]VDNKHUûH\ODIWDNDOÖU %XUD\D JHOPHGHQ |QFH GQ GRV\DODUÖPÖ ELU NDUÖûWÖUGÖP ùQJLOWHUH·QLQ $PHULND·QÖQ $OPDQ\D·QÖQNHQGLPEDNWÖøÖPVHQH|QFHEDNWÖøÖPONHOHULQ´FRGHRIFRQGXFWµODUÖQÖ \DQL WHOHYL]\RQFXOXN \D\ÖQFÖOÖN DODQÖQGDNL \D]ÖOÖ HWLN NRGODUÖQÖ G|NWP YH GH %DVÖQ .RQVH\L·QLQ7UNL\H·GHoÖNDUPÖûROGXøX´FRGHRIFRQGXFWµÖDOGÖPYHPXND\HVHHWWLP6L]H VDPLPL V|\OH\H\LP NL \D]ÖOÖ RODUDN $YUXSD·GD GHøLQLOHQ QRNWDODU QH LVH $PHULND·GD QH LVH EL]LP GH ´FRGH RI FRQGXFWµÖPÖ]GD RQODU YDU %XQODUÖQ WHPHO XQVXUODUÖQD EDNDFDN ROXUVDQÖ]DGDOHWEDVÖQÖQ|]JUOøWRSOXP\DUDUÖ%XQODUÖQKHUELULYDUIDNDWEXQODUÖQ GDKDLûOHUKDOHJHOHELOPHVLLoLQNHVLQOLNOHKHUVHNW|UQWHNQLNVRUXQODUÖQÖo|]PHNOD]ÖP (WLøL R VHNW|UQ JHOLûLPL LoLQGH EX oHUoHYH LoLQGH GHøHUOHQGLUPHN OD]ÖP 6RQXoWD PHG\D GHGLøLQL] ]DPDQ GD EX ELU WLFDUL IDDOL\HWWLU %HQ ELU JD]HWHFL GHøLOLP WRSOXPXQ GRøUX ELOJLOHQGLULOPHVLQH GH \UHNWHQ LQDQÖ\RUXP $PD GHøLûHQ GQ\DGD DFDED JD]HWHOHULQ ELOJL YHUPH KDGLVHVL QH NDGDU VDGHFH JD]HWHOHUOH VÖQÖUODQPÖûWÖU gøUHQFLOHU RODUDN |]HOOLNOH JHUoHøH EDNDUNHQ JHUoHNWHQ GX\GXøXQX] J|UGøQ] LûLWWLøLQL] KHU ûH\LQ JHUoHN ROGXøXQGDQ DUWÖN ûSKH HWPH\H EDNÖQ %X JD]HWHOHUGHQ DOGÖøÖQÖ] ELOJLOHU LoLQ GH JHoHUOLGLU dQN DUWÖN VL]LQ VRQ GHUHFH GHøLûLN ELOJL ND\QDNODUÖQÖ] YDU 'ROD\ÖVÖ\OD WRSOXPXQ NDPX \DUDUÖQD ELOJLOHQGLULOPHVL LoLQ WHN ND\QDN WHOHYL]\RQODU GHøLO %LU GH XQXWXOPDPDVÖ JHUHNHQ ELU ûH\ YDU EX VHNW|UOHUGH DUWÖN GQ\DGD VDGHFH JD]HWHFL\H JD]HWHFL RODUDN EDNDPÖ\RUX] WHOHYL]\RQ LûLQH VDGHFH WHOHYL]\RQ RODUDN EDNDPÖ\RUX] %HQLP EXOXQGXøXP J|UHY \DSWÖøÖP DODQ 707 GHGLøLPL] WHFKQRORJ\ PHGLDWHOHFRPPXQLFDWLRQ DQG HQWHUWDLQPHQW \DQL WHNQRORML WHOHNRPQLNDV\RQ KDEHUOHûPH PHG\D YH HøOHQFH VHNW|UGU %XQODUÖQ ELUELULQGHQ D\UÖOPD] SDUoDODUÖ YDU GQ\D EX \|QH GRøUX JLGL\RU 6L] EX WU JHUoHNOHUL LQNkU HGHUHN ELU EDVÖQ NXUXOXûXQD VDGHFH JD]HWHFLRODUDNNDODFDNVÖQGL\HPH]VLQL]%XQXGHUVHQL]RNXUXOXûXQHQ|QHPOL|]HOOLøL RODQ EDVÖQ |]JUOøQ HOLQGHQ DOÖUVÖQÖ] dQN WLFDUL RODUDN |]JU ROPD\DQ KLoELU EDVÖQ NXUXOXûX JHQHO RODUDN |]JU RODPD] (QLQGH VRQXQGD VL\DVLOHULQ HWNLVL DOWÖQGD NDOÖU 0HG\D(WLøL3DQHOL 'LøHU ELU KDGLVH GH EX WU ROD\ODUÖQ GQ\DGD QDVÖO G]HQOHQGLøLQH EDNWÖøÖPÖ]GD EDVÖQÖQPHG\DQÖQHWLøLLOHVDKLSOLNNRQXVXoRNLoLoH7UNL\H·GHGHEXNRQXGDELUVU KDNOÖ YH\D KDNVÖ] GHøHUOHQGLUPHOHU YDU PHG\D WHNHOGLU VL\DVLOHUOH Lo LoHGLU YE <RUXP \DSPÖ\RUXP NDWÖOPÖ\RUXP \RUXP \DSPÖ\RUXP )DNDW ELU JHUoHN YDU EXJQ HQ GHPRNUDWLN ONHOHUGHQ |UQHøLQ )LQODQGL\D·\Ö HOH DODOÖP )LQODQGL\D·GD \DNODûÖN RODUDN WDQH JD]HWH oÖNDU \Dû LOH \Dû DUDVÖQGDNL QIXVXQ \]GH GRNVDQÖ JD]HWH RNXU YH oÖNDQ JD]HWHQLQ \HUHO JD]HWHOHU GDKLO ROPDN ]HUH VDKLSOLøLQL YH\D NXUXOXû \DSDU $PD KLoELU ONH )LQODQGL\D·GD EDVÖQ WHNHOLQGHQ EDKVHWPH] .H]D EXJQ ED]Ö NXUXOXûODUÖ HOH DOGÖøÖQÖ] ]DPDQ |UQHøLQ EXJQ GQ\DQÖQ HQ EDûDUÖOÖ PHG\D NXUXOXûODUÖQGDQELUWDQHVLRODQ8YHQGL8QLYHUVDO·LQoÖNÖûQRNWDVÖELU´ZDVWHPDQDJHPHQWµ ûLUNHWL\DQLûHKLUVXODUÖQÖQDWÖøÖQÖWHPL]OH\HQEXLûOHUL\DSDQELUNXUXOXûWXU%XJQEX NXUXOXû *60 OLVDQVODUÖQD GD JLUPLûWLU LKDOHOHULQH GH NDWÖOPDNWDGÖU YH EXJQ GQ\DQÖQ ELU QXPDUDOÖ HQ E\N PHG\D ûLUNHWOHULQGHQ HQ VWWHNL ûLUNHWWHQ ELU WDQHVL KDOLQGHGLU 9H EX NXUXOXûXQ LoLQGH WHOHYL]\RQ LVWDV\RQODUÖ YDUGÖU GHUJLVL YDUGÖU UHNODPFÖOÖøÖ YDUGÖU WHOHNRPQLNDV\RQ LûL YDUGÖU 9H $YUXSD·QÖQ KHPHQ KHPHQ KHU ONHVLQGH JHoHUOL RODQ |GHPHOL WHOHIRQ VLVWHPL LOH ´SD\ WYµ GHGLøLPL] ELU WDNÖP LûOHUL LûOHWLU /H *DUGUH DLOHVLQLQ VDKLEL ROGXøX )UDQVD·GDNL \DSÖODUÖQ LoLQGH KHU VHNW|UGHQ Lû J|UUVQ] %UNVHO·GH /XPEUHW %UXVVHOV %UNVHO·LQ KROGLQJOHULQGHQ ELU WDQHVLGLU GQ\DQÖQ EHOOL EDûOÖ \DWÖUÖP KROGLQJOHULQGHQ ELU WDQHVLGLU ùûLQ LoLQGH HQHUMLVL YDUGÖU JD]HWHVL YDUGÖU WHOHYL]\RQX YDUGÖU %HUWHQVPDQODU HQ VRQ 57/·\L DOPÖûWÖU GHUJLOHUL YDUGÖU úLPGL E|\OH ELU JLGLû YDUNHQ VL] VHNW|UQ HWLøL DGÖQD ELU WDNÖP VÖQÖUODPDODU YH KDNVÖ] VDKLSOHQPHOHU JHWLUHPH]VHQL] %X NRQXGD 7UNL\H·GH VL\DVLOHU GQ\DGDNL PHYFXWX\JXODPDODUDX\PDNYHHNVLNRODQQRNWDODUGDVÖQÖUODPDODUJHWLUPHN]RUXQGDODU %XUDGD NDoÖû \ROX \RNWXU 1HGLU GQ\DGDNL X\JXODPDODU" (YHW GQ\DGD WHNHOOHûPH\L |QOH\LFL X\JXODPDODU YDUGÖU EL]GH GH ROPDN ]RUXQGDGÖU ODI GHøLO PHG\DQÖQ HWLøLQLQ oDOÖûPDVÖ LoLQ EX X\JXODPDODU ROPDN ]RUXQGDGÖU $PD Lû |]PVHQHUHN ROPDN ]RUXQGDGÖU ho WDQH WHOHYL]\RQ OLVDQVÖQÖ] RODPD] KHU WHOHYL]\RQXQ EXJQ GQ\D\D EDNWÖøÖQÖ] ]DPDQ OLVDQV VD\ÖVÖ |QHPOL GHøLO KLoELU |QHPL NDOPDPÖû |QHPOL RODQ L]OHQPH RUDQÖ %XJQ EHû WDQH JD]HWHQL]LQ ROPDVÖ |QHPOL GHøLO |QHPOL RODQ EXQXQ WRSOXPXQ ELOJLOHQPH NRQXVXQGDNL WHNHOOHûPH\H QH GHUHFH HWNLOL ROGXøX %XJQ EHQ VL]H V|\OH\H\LP 7UNL\H·QLQ HQ E\N JD]HWHVLQL DOÖQ VDPLPL V|\OH\H\LP LVWH\HQ LQVDQODUD LVWDWLVWLNVHO RODUDN EXQX V|\OHULP JD]HWH VDWWÖøÖ ûHKLU VD\ÖVÖ o JHoPH] %XJQ 7UNL\H·QLQ R\ SRWDQVL\HOLQLQ ·LQH VDKLS RODQ WDûUDGD WRSODP JD]HWH WLUDMÖQÖQ ·L VDWÖOPD] 'ROD\ÖVÖ\OD ROD\ODUD ELU WDNÖP GDKD JHUoHNoL PDQWÖNOÖ YH GQ\DQÖQ JLWWLøL \|QGH EDNPDN OD]ÖP GHøHUOHQGLUPHN OD]ÖP +DGLVHOHUL WHNQLN SODWIRUPGD o|]PHQLQ \ROX GRøUXQXQ HYUHQVHO ER\XWXQX DQODPDNWÖU 1H GRøUX" %XJQ7UN7HOHNRP·XQ$QNDUD·GDEDûODWWÖøÖELUX\JXODPDYDU]DQQHGHUVHPdDQND\D WDUDIÖQGD%LUD]WHNQRORMLNELUNRQXGXUoRNL\LELOGLøLPELUNRQXGXUDPD'6/GHQLOHQ ELU WHOHNRP WHNQRORMLVL 7HOHYL]\RQXQX]X WHOHIRQ NDEORQX]X GDKD GRøUXVX DOÖ\RUVXQX] WDQH NDQDO VH\UHWPHN LoLQ NXOODQÖ\RUVXQX] 'HQHPH \D\ÖQODUÖQD EDûODPÖûODU oRN \HQL oÖNDQ ELU WHNQRORMLGLU úLPGL EDNÖQ ELU WHOHIRQ ûLUNHWL ELU WHOHYL]\RQ ûLUNHWL JLEL GXUX\RU GHøLO PL" úLPGL KDQJL VHNW|UGH 7UN 7HOHNRP PHG\D VHNW|UQGH PL RODFDN ELU WHOHIRQ VHNW|UQGH PL RODFDN" 9H\D ELU WHOHIRQ ûLUNHWLQL HOH DOÖQ EXJQ ELUoRN |QHPOL KDEHU NL EL]LP KDEHU RGDODUÖQD JLUGLøLP NDGDU J|U\RUXP ELUoRN |QHPOL KÖ]OÖ KDEHU *60 HNUDQÖQGDQ JHOL\RU %XJQ VDEDKOH\LQ +LOPL %H\ $IJDQLVWDQ·GDNL ELU KDGLVH\L XoDNWDQ LQGLNWHQ VRQUD KDYDDODQÖQGD WHOHIRQXQD LQHQ ELU KDEHUGHQ |øUHQGL úLPGL ELU WHOHIRQ ûLUNHWL PHG\D ûLUNHWL PLGLU" %XQXQ LoLQGHQ 8OXVDO8\JXODPDOÖ(WLN.RQJUHVL JHOHFHN KDEHU GROD\ÖVÖ\OD \LQH WHOHIRQ ûLUNHWL ROPDVÖQD UDøPHQ PHG\D HWLøLQH X\JXQ ROPDOÖPÖGÖU"2OD\NDUÖûÖN%HQLPPHVDMÖPûX$UWÖNKDEHUDOPDND\QDNODUÖoRN]HQJLQ KHOH ùQWHUQHW GHQHQ KDGLVHQLQ JHOLûLPLQGHQ VRQUD WHOHNRPQLNDV\RQGDNL JHOLûPHOHUGHQ VRQUD 6DGHFH |QHPOL RODQ KDEHU DOPD\D GD\DOÖ ELU HWLN DQOD\ÖûÖ GHøLO PHG\DGD 0HG\D VHNW|U WLFDUL ROPDN ]RUXQGDGÖU DNVL WDNGLUGH JHUoHNWHQ VL\DVLOHULQ R\XQFDøÖ ROXU 0HG\D VHNW|UQH VÖQÖUODPDODU JHOPHN ]RUXQGDGÖU *HUHN ELU VHNW|U LoLQGH GLNLQH PRQRSRO |QOHPHN LoLQ JHUHNLUVH VHNW|UOHU DUDVÖQGD PHG\DQÖQ NHQGL LoLQGHNL DOW VHNW|UOHUL DUDVÖQGDNL VDKLSOHQPHOHU LoLQ VÖQÖUODPDODU JHOPHN ]RUXQGDGÖU %XQODUD WHNQLNVHYL\HGH GQ\D QHUH\H JLGL\RUVD R \|QGH EDNÖOPDOÖGÖU JHUoHNoL RODUDN EXVÖQÖUODPDODUÖQJHWLULOLSED]Ö\DVDODUÖPÖ]oRNWDQYDUED]ÖODUÖ\RNWHNQLNWDUDIOÖEXWU VRUXQODU o|]OPHOLGLU $NVL WDNGLUGH EWQ VHNW|UOHUGH ROGXøX JLEL WHNQLN WDUDIÖ HNVLN ELU SODWIRUPGD PHG\D HWLøLQL DU]X HWWLøLPL] VHYL\HOHUH oÖNDUWPDPÖ] PPNQ GHøLOGLU %|\OH ROGXøX VUHFH GH NHQGL HNRQRPLVL GLQDPL]PL LoLQGH WLFDUL ROPD\D oDOÖûDQ NDU HWPH\H oDOÖûDQ PHVVHVHOHULQ ELU WDNÖP PHG\DWLN NRQXODUD \|QHOPHVL DVÖO PHVOHøLQL XQXWPDVÖ NDoÖQÖOPD]GÖU %|\OH ROGXøX VUHFH GH EHQ GH ûLND\HWoL RODFDøÖP L\L ELU RNX\XFX RODUDN *UXEXPX]GDNL YH\D JUXEXPX]XQ GÖûÖQGDNL JD]HWHOHUL RNXUNHQ YH\D WHOHYL]\RQODUÖ VH\UHGHUNHQ DLOHOHULPL]OH ELUOLNWH ûLND\HWoL ROPD\D GHYDP HGHFHøL] dRN WHûHNNUHGHULP 1XULdRODNRøOX %LU VDDW LoLQGH LON WXUX KHU EHû NRQXûPDFÖPÖ]ÖQ GD NRQXûPDVÖ\OD WDPDPODGÖN úLPGL L]QLQL]OH EHQ RQ EHû GDNLND VDORQGDQ V|] DOPDN LVWH\HQOHUH V|] YHUPHN LVWL\RUXP %X J|UûOHUL GH GLNNDWH DODUDN VRQ ELU WXU \DSÖS SDQHOL NDSDWPDN LVWL\RUXP 6|] DOPDN LVWH\HQOHU 'LQOH\LFL6RUXODUÖ 6DORQGDQ%LU'LQOH\LFL 3DQHOLQ JLGLûDWÖ LoLQGH JD]HWHFLOLN DODQÖQGDQ JHOHQ VD\ÖQ SDQHOLVWOHULQ KHSVL YH EDVÖQ \D\ÖQGDQ VRUXPOX JD]HWHFL ROPD\DQ NRQXûPDFÖ PHG\D HWLøLQLQLQ EDVÖQ |]JUOø LOH EWQOHûHQ|QHPLQLYXUJXOD\DUDNJHOGLOHU6RQNRQXûPDFÖLVHPHG\DDODQÖQGDJD]HWHFL ROPD\DQ ELU LûOHYH VDKLS RODQ VRQ NRQXûPDFÖ LVH NRQXQXQ EDûND ELU ER\XWXQX GLOH JHWLUGLYHE|\OHOLNOHoRN|øUHWLFLoRNLOJLQoELUVRQXFDXODûWÖN*HUoHNWHQGHGRøUXGXU PHG\D KHU ûH\GHQ |QFH ELU WLFDUL HWNLQOLNWLU NkU HWPHN ]RUXQGDGÖU $QFDN WDULKVHO JHOLûLP LoLQGH JHUHN PHG\D HWLøL JHUHN EDVÖQ |]JUOø ³NL JQP]GH LOHWLûLP |]JUOøRODUDNGDKDJHQLûNDSVDPGDHOHDOÖ\RUX]³NDYUDPÖQÖQROXûXPVUHFLLoLQGH ELU \HUH XODûÖOPÖûWÖU %X XODûÖODQ \HU OLEHUDO ELU \DNODûÖPGDQ OLEHUDO GûQFHGHQ ND\QDNODQDQ WRSOXPVDO VRUXPOXOXN GûQFHVLGLU YH PHG\DQÖQ ELU WLFDUL HWNLQOLN ROPDVÖQDNDUûÖQELUWRSOXPVDOVRUXPOXOXøXROGXøXGDYXUJXODQPÖûWÖU<DQLNRQXûPDFÖ GD EXQX EHOOL ELU |OoGH NDEXO HWWL DPD EX WRSOXPVDO VRUXPOXOXN NDYUDPÖQÖQ LoHULPL ûXGXU 0HG\D WLFDUL IDDOL\HWL GLøHU WLFDUL IDDOL\HWOHUOH D\QÖ NRûXOODUD EÖUDNÖODPD] %X WRSOXPVDO VRUXPOXOXøXQ JHUHøL RODUDN JHUHNWLøLQGH NDPXVDO PGDKDOHOHUH DoÖNWÖU HøHU NHQGLVL R PGDKDOHOHUH JHUHN EÖUDNDFDN ELU GXUXP \DUDWÖUVD \DKXW GD LûWH EDVÖQ NRQVH\OHULJLELNHQGL|QOHPOHUL\OHNHQGLGHQHWLPLQLJHUoHNOHûWLUHPH]VH.ÖVDFDVÖPHG\D NXUXOXûODUÖ VHUEHVW UHNDEHW RUWDPÖ LoLQGH oDOÖûPDVÖ VDYXQXODPD\DFDN NXUXOXûODUGÖU %DVÖQÖQ EWQ NDYUDPODUÖ E|\OH ROXûPXûWXU úLPGL GHPHN NL PHG\D RUWDPÖQGD NDYUDPODUÖ GHøLûWLUPHN JHUHNL\RU YH HVDVHQ 6D\ÖQ 1XUL .D\Öû GD E\N VHUPD\HQLQ PHG\D\DJLULûL\OHPHG\DQÖQ\R]ODûPDVÖQGDQV|]HWWLúLPGLEXQRNWDGDEHQELUNDoVRUX 0HG\D(WLøL3DQHOL VRUPDN LVWL\RUXP +HU ûH\GHQ |QFH NXûNXVX] 1XUL .D\Öû·D VRUX\RUXP %|\OH ELU WRSOXPVDO VRUXPOXOXøX RODQ NXUXOXûODUÖELU NHQDUD EÖUDNDOÖP KHUûH\GHQ |QFH 7UNL\H &XPKXUL\HWL·QGH KHUNHV \DVDODUD X\PDN ]RUXQGDGÖU %|\OH ELU RUWDPGD NHQGLVLQLQ GH EHOLUWWLøL JLEL NDQXQD NDUûÖ KLOH LOH E\N UDG\RWHOHYL]\RQ NXUXOXûODUÖ ûX DQGD \DVDO RODUDN WDUWÖûPDOÖ GXUXPGDGÖU .DQXQL NRQXPODUÖ KXNXND NDQXQD NDUûÖ KLOH LOH ROXûDQ EX NXUXOXûODUÖQ EX NRQXPODUÖQÖQ DoÖøD oÖNDUWÖOPDVÖ HOEHWWH NROD\ GHøLOGLU $QFDN VRQ UDG\R WHOHYL]\RQ \DVDVÖQGDNL GHøLûLNOLN oDEDODUÖ VÖUDVÖQGD EHONL GH VRQXFXQXQ E|\OH RODFDøÖ KLo GûQOPHGLøL LoLQ PHG\D NHQGLQL oRN JoO KLVVHWWLøL LoLQ PHFOLV NRPLV\RQODUÖQGDROVXQGHøLûLNSODWIRUPODUGDROVXQYHKDWWDHQVRQ6D\ÖQdRODNRøOXLOH 6D\ÖQ .D\Öû·ÖQ ELUOLNWH NDWÖOGÖNODUÖ ELU WHOHYL]\RQ RWXUXPXQGD \LQH ELU 'RøDQ 0HG\D *UXEX \HWNLOLVL WDUDIÖQGDQ EX GXUXP LWLUDI HGLOPLûWLU 5DG\RWHOHYL]\RQ \DVDVÖQÖQ GHøLûPHVL LoLQ NXOLV \DSDQ EDVNÖ JUXEX ROXûWXUDQ PHG\D NXUXOXûODUÖ WHPHO JHUHNoHOHUL RODUDN \DVDO GXUXPODUÖQÖQ GDKD GRøUXVX NHQGL GXUXPODUÖQÖQ \DVD\D X\PDGÖøÖQÖ V|\OH\HUHN \DVDQÖQ GHøLûWLULOPHVLQL WDOHS HWPLûOHUGLU <DQL VXoVW GXUXPODUÖ VXNXWD HUPLûWLU %X GXUXPGD 5DG\R YH 7HOHYL]\RQ hVW .XUXOX DFDED ELU VXo GX\XUXVX \DSPDN NRQXPXQGD GHøLO PLGLU" <D GD E|\OH ELU JLULûLPOHUL YDU LVH EX QDVÖO VRQXoODQPÖûWÖU" .D\D*YHQo7UN0KHQGLVYH0LPDU2GDODUÖ%LUOLøL%DûNDQÖ %HQ 6D\ÖQ (NûL·\H ELU VRUX VRUPDN LVWL\RUXP úLPGL 6D\ÖQ .D\Öû·ÖQ YH 6D\ÖQ *|]DODQ·QÖQ DQODWWÖNODUÖQGDQ GD oRN QHW ELU ûHNLOGH ELU NH] GDKD RUWD\D NRQXOGX NL EXJQ DUWÖN JD]HWHFLOLN WHNHOOHûPLû E\N VHUPD\HOHULQ VHUPD\H JUXSODUÖQÖQ YH WLFDUL ûLUNHWOHULQ HWUDIÖQGD \UWO\RU úLPGL D\QÖ VRUXQ PKHQGLVOHUOH LOJLOL RODUDN GD YDU %XUDGD û|\OH ELU VRUXQXPX] YDU RUWDN ELU VRUXQXPX] YDU EXUDGD oDOÖûDQ PHVOHNWDûODUÖQ³EL]LPPHVOHNWDûODUÖPÖ]GDD\QÖûHNLOGH³PHVOHNNXUDOODUÖQDX\GXNODUÖ WDNGLUGH \DQL %DVÖQ .RQVH\L WDUDIÖQGDQ NRQXOPXû PHVOHN NXUDOODUÖQD SDWURQODUÖQ JDGULQH XøUX\RUODU PÖ XøUDPÖ\RUODU PÖ" ùû VDKLSOHULQLQ ELU ûHNLOGH DQWLSDWLVLQL YH\D WHSNLVLQL oHNPL\RUODU PÖ" %XQD EHQ]HU ROD\ODU PKHQGLVOLN DODQÖQGD VÖNoD \DûDQÖ\RU %X ROD\ VL]GH GH \DûDQÖ\RU PX" %LU GH VRPXW RODUDN EXQD LOLûNLQ KHU KDQJL ELU ROD\OD NDUûÖ NDUûÖ\D NDOGÖQÖ] PÖ YH QH JLEL |QOHPOHU DOGÖQÖ] |]HOOLNOH Lû VDKLSOHUL G]H\LQGH" 7HûHNNUHGHULP ùVPDLO'HPLUG|øHQ+DFHWWHSHhQLYHUVLWHVL)HOVHIH%|OPgøUHWLPh\HVL %HQ 6D\ÖQ 1XUL .D\Öû·D ELU VRUX VRUPDN LVWL\RUXP VRPXW ELU VRUX NÖVD ELU VRUX .HQGLOHUL oRN ROXPVX] |UQHNOHU YHUGLOHU RQFD ROXPVX] |UQHNOHU YHUGLOHU YH NRQXûPDODUÖGD]DWHQ\DUÖPNHVLOGL%HQVRQXQXoRNPHUDNHGL\RUGXP%HONLNHQGLOHUL WDPDPOD\DFDNODUDPDEHQ\LQHGHVRUDFDøÖPEXQFDROXPVX]|UQHNOHUNDUûÖVÖQGDVL]QH \DSDPÖ\RUVXQX] GL\HFHøLP <DQL QH \DSWÖøÖQÖ]Ö HQ D]ÖQGDQ EXUDGDNL L]OH\LFLOHU ELOL\RUODU (NUDQ NDUDUWÖ\RUVXQX] WDELv 2QX GD VRUDFDøÖP \DQL LNLQFL RODUDN QH \DSDPÖ\RUVXQX] DUWÖ HNUDQ NDUDUWPD X\JXODPDVÖ QH |OoGH HWNLOL EXQXQ ELU JHUL ELOGLULPLQLDOGÖQÖ]PÖ"1H|OoGHHWNLOLRQXPHUDNHGL\RUXP(NUDQNDUDUWPDEHONLKHU ûH\ GHøLO EHONL EDûNDûH\OHUGH \DSÖ\RUVXQX] DPD EL]ELOPL\RUX] EL]L ELUD] ELOJLOHQGLULU PLVLQL]"7HûHNNUHGHULP 5HP]L\H*QD\(U\DPD]0HUVLQ·GHQ(øLWLPFLYHdHYUHFL 0HG\DQÖQQHUH\HJLWWLøLQLGQ\DGDYH7UNL\H·GHKHSLPL]ELOL\RUX]1HUH\HJLWWLøLQL YH QHOHU \DSWÖøÖQÖ VRQXFD QDVÖO XODûÖOGÖøÖQÖ KHSLPL] \DûÖ\RU YH ELOL\RUX] $QFDN EX JLGLûHNDUûÖELUûH\OHU\DSPDNJHUHNLUGQ\D\ÖYHONHPL]LNXUWDUPDNLoLQJ]HOûH\OHU 8OXVDO8\JXODPDOÖ(WLN.RQJUHVL \DSDQ GD oRN $QFDN PHG\DQÖQ URO GRøUXOWXVXQGD EX J]HO ûH\OHU KLoELU ûHNLOGH RUWD\D oÖNDUÖODPÖ\RU %LU WDNÖP WHNHOOHUH WDNÖOÖ\RU YH \DûDGÖøÖPÖ] J|UVHO \DQOÖûOÖNODU GRøUXOWXVXQGD LQVDQODU GD EXQD GRøUX |UJWOHQL\RU *|U\RUX] NL KHUNHV RNXPX\RU GûQHPL\RU JHOLûWLULOPL\RU EX EDøODPGD Lû GH \DSDPÖ\RUX] 2NX\DPDGÖøÖPÖ] LoLQ QH\LQ GRøUX QH\LQ \DQOÖû ROGXøXQX DQOD\DPÖ\RUX] %XJQ N|UIH] ROD\Ö ELOH \DQOÖû \DQVÖWÖOGÖ EL]OHUH +DGL ELUNDo NLûL EXQX RNX\RU J|U\RU DPD KDONÖQ oRøX EXQXQ IDUNÖQGD GHøLO YH HWNLOHQPH GRøUXOWXVXQGD \DQOÖûODUD GRøUX FLGGL ûHNLOGH ND\Ö\RUX] 3HNLEXQXQDVÖOo|]POHPHOL\L]GL\HGûQ\RUX]PHG\DRODUDN7DELWLFDULDQOD\ÖûDGD VD\JÖGX\X\RUX]d|]POHPHNLoLQQH\DSPDNJHUHNL\RU" 5DPL]*LUD\2'7h0H]XQX(QGVWUL0KHQGLVL ùNLJQ|QFH.DVÖPGÖYHRJQNPDQûHWOHUHEDNWÖPE\NJD]HWHOHUGHE\N GHQLOHQJD]HWHOHUGH´2QXûLPGLDQODGÖODUGQ\DGDWDQÖGÖµJLEL$WDWUNP]LoLQRWU LIDGHOHU YDUGÖ %HQ PHG\DQÖQ HQ E\N J|UHYOHULQGHQ ELU WDQHVLQLQ 0XVWDID .HPDO·LQ VDGHFH 7UNL\H·\H GHøLO EWQ GQ\D\D DQODWÖOPDVÖ ROGXøXQX GûQ\RUXP YH EX NRQXGD.DVÖPÖQVDGHFHELUEDûODQJÖoROGXøXQXGûQ\RUXP%XQXQRQDUDOÖøÖRQ RFDøÖ RQ ûXEDWÖ GD ROGXøXQX GûQ\RUXP YH EX NRQXGDNL oDOÖûPDODUÖQ ELUD] GDKD KÖ]ODQPDVÖ WDUDIÖQGD\ÖP dQN HWLN RODUDN E\N KDWDODU LûOL\RUX] HøHU $WDWUN· DQODWPD]VDNGQ\D\DWHûHNNUHGL\RUXP 6DEDKDW%D\UDN3DPXNNDOHhQLYHUVLWHVLùNWLVDGLYHùGDUL%LOLPOHU)DNOWHVL gøUHWLPh\HVL %HQLP ûX DQD NDGDU GLQOHGLøLP NDGDUÖ\OD WDELL NL WLFDUHW YH JD]HWH YH PHG\D HWLøLQL WDUWÖûÖ\RUX] DPD FPOHOHUGH û|\OH ELU ûH\ \DNDOÖ\RUXP <DQL KHUNHV ELU NLWDEÖQÖ DoÖ\RU YHNLWDEÖQDX\JXQSL\DVDDGDPÖSL\DVDNLWDEÖQGDQLûWHJD]HWHFLOHUJD]HWHNLWDSODUÖQGDQ ELU ûH\OHU V|\O\RU úSKHVL] KHUNHV NHQGL NLWDEÖQGDQ NHQGLQL VDYXQPD\D \|QHOL\RU +HUNHVROD\ÖWHVSLWNDGDUNHQGLQLELUVDYXQPDLKWL\DFÖGDGX\GX%HQKHUûH\GHQ|QFH HøHU RUWDGD HWLN ND\JÖODUÖPÖ] YH HWLN VRUXQODUÖPÖ] \RNVD EX VDYXQPD LKWL\DFÖ QHUHGHQ ND\QDNODQÖ\RU |\OH ELU VRUX VRUPDN LVWL\RUXP 7DUWÖûPDGDQ JHOGLøLPL] ER\XW HøHU VDYXQPD\VD R ]DPDQ EL]LP EXJQ EX SDQHOL \DSPDPÖ] ³NL EHQ E|\OH GHøHUOHQGLUL\RUXP³ EXJQ ]DUDUÖ WD]PLQ QLWHOLøLQGH ELU WDUWÖûPD \DSÖ\RUX] %DNÖQ HWLNOH JHOGLN HWLNVL]OLNOH JHOGLøLPL] EX QRNWDGD ]DUDUODUÖPÖ] YDU YH EXQX WD]PLQ HGL\RUX]EXQXVL\DVHWWHEXQXPHG\DGDEXQXLûGQ\DVÖQGDWD]PLQHGL\RUX]$PDKLo GHøLOVHEXJQGHQVRQUDDUWÖN]DUDUÖWD]PLQGHøLO]DUDUÖ|QOHPH\DNODûÖPÖPÖ]ROVXQ%HQ VDYXQPDODUÖ GLQOHGLNoH GDKD QLFH \ÖOODU ]DUDUÖ WD]PLQ QLWHOLøLQGHQ oÖNDPD\DFDøÖPÖ]D LQDQÖ\RUXP'ROD\ÖVÖ\ODEXJQRUWDNELUQRNWD\ÖEXOPDPÖ]YHEWQNXUXPODUÖQEWQ NXUXOXûODUÖQ NLûLVHO VDYXQPDODU YH\D NXUXPVDO VDYXQPDODU ELU WDUDID EÖUDNÖODUDN WP DODQODUGD WP VHNW|UOHUGH RUWDN ELU YLFGDQ RUWDN ELU ûXXU RUWDN ELU VRUXPOXOXN QDVÖO \DUDWÖODELOLU YH HWLNVL]OLN LoLQGH HWLN QDVÖO \DNDODQDELOLU EXQX WDUWÖûPDPÖ] JHUHNWLøLQH LQDQÖ\RUXP6D\JÖODUVXQDUÖP 6OH\PDQùUYDQ*D]LhQLYHUVLWHVLùOHWLûLP)DNOWHVL %HQ GH oRN NÖVD NRQXûPDODUOD LOJLOL JHQHO ELU GHøHUOHQGLUPH \DSÖS DVOÖQGD 5DûLW +RFD·QÖQ EÖUDNWÖøÖ QRNWDGDQ EHONL GHYDP HWPHN LVWL\RUXP úX DoÖNoD J|UOG NL 7UNL\H·GH \DûDQDQ PHG\D HWLøL VRUXQODUÖQÖQ WHPHOLQGH WHNHOOHûPH YDU \DQL NRQXûPDFÖODU QH GHUOHUVH GHVLQOHU EXJQ \DûDGÖøÖPÖ] VRUXQODUÖQ WHPHOLQGH WHNHOOHûPH YDU 6RQ NRQXûPDFÖQÖQ V|\OHGLøL )LQODQGL\D·GD WDUWÖûÖOPÖ\RU GHGLøL WHNHOOHûPH PHVHOHVLQGH ùWDO\D·GD ELOL\RUVXQX] %HUOXVFRQL PHG\D LPSDUDWRUX ûX DQGD LNWLGDUGD 0HG\D(WLøL3DQHOL 0XUGRFKùQJLOWHUH·GH $PHULND·GD YH GQ\DQÖQELUoRN \HULQGH NUHVHO ELUPHG\D JF YH WDUWÖûÖOÖ\RU EXQXQ JF %X VRUXQ VDGHFH WLFDUL ELU WHNHOOHûPH RODUDN J|UOHPH] dQN PHG\DGDNL WHNHOOHûPHQLQ WHPHO VRUXQX WHPHO VRQXFX PHG\D JFQQ PHG\D SDWURQODUÖQÖQ EX JF EDûND oÖNDUODUÖ GRøUXOWXVXQGD NXOODQPDN LVWHPHOHULQGHQ ND\QDNODQPDNWDGÖU $VOÖQGD JD]HWHFLOHU GH EX JHUoHNOHUL ELOGLNOHUL LoLQ oRN \RøXQ ELU ELoLPGH RWRVDQVU X\JXODPDNWDGÖUODU %X 7UNL\H·GH oRN DoÖN ELU ELoLPGH J|UO\RU 0HG\D JLGHUHN DUWÖN WRSOXPX D\GÖQODWDQ NDPXR\XQX GRøUX ELoLPGH ELOJLOHQGLUHQ ELU JoROPDNWDQoÖNÖS\|QOHQGLUPHQRNWDVÖQDGRøUXLOHUOHPHNWHGLU%HQEXQRNWDGDX]XQ ELU\RUXP\DSDFDNGHøLOLPDPD|]HOOLNOH1XUL.D\Öû%H\V|]HWWLWHOHYL]\RQODUÖHOHûWLUGL ùNL %LULQFLVL VD\ÖQ 2NWD\ (NûL·\H .HQGLVL %DVÖQ .RQVH\L EDûNDQÖ DPD D\QÖ ]DPDQGD 'RøDQ %DVÖQ .RQVH\L \HVL úLPGL EHQLP DQOD\DPDGÖøÖP PDGHP NL %DVÖQ .RQVH\L YDU QL\H D\UÖFD ELU 'RøDQ %DVÖQ .RQVH\L ROXûWXUXOGX EX NRQXGD FHYDS YHULUOHUVH VHYLQLULP 0XVWDID %H\ GH DFDED |UQHøLQ EX L]OHQPH RUDQODUÖQD EDøODQPDOÖ GHGL 7HNHOOHûPHLOHLOJLOLVRUXQEXùQJLOWHUH·GH$OPDQ\D·GDRUDQÖQGDELUVÖQÖUYDU %L]LP VÖQÖUÖPÖ] NDo ROPDOÖ PL PÖ" 2 NRQXGD HøHU ELU ûH\ V|\OHUOHUVH oRN VHYLQLULP &H\ODQdL]PHOL2'7h)HOVHIH%|OPgøUHQFLVL 6D\ÖQ 0XVWDID *|]DODQ·D VRUPDN LVWL\RUXP ´'RøUX QHGLU"µ GL\H $UDûWÖUPDOÖ\Ö] GûQPHOL\L] YH KHUNHV LoLQ GRøUX\X EXOPDOÖ KDEHUOHULPL]L EXQD J|UH \DSPDOÖ\Ö] GHGLN%XQGDQGD\RODoÖNDUDNEXJQWLUDMND\JÖVÖ\ODWLFDULND\JÖ\ODPDQûHWOHUHVUOHQ YH LQVDQODUÖQ VRV\DO \DûDPODUÖQÖ WHKOLNH\H VRNDELOHFHN KDEHUOHULQ DUGÖQGDQ NRFD VD\IDODUÖ NDSOD\DQ EX KDEHUOHULQ DUGÖQGDQ NoFN G]HOWPHOHULQ GRøUX ROXS ROPDGÖøÖQÖVRUPDNLVWL\RUXP 0HG\D(WLøL3DQHOLùNLQFL7XU.RQXûPDODU 2NWD\(NûL (IHQGLP |QFH KHPHQ ELU QRNWD\Ö ELU |QFHNL NRQXûPDPGD HNVLN EÖUDNWÖøÖP ELU QRNWD\Ö EHOLUWPHN LVWL\RUXP 6DGHFH DKODNOÖ RODOÖP HWLN GHøHUOHU D\DNWD NDOVÖQ NRUX\DOÖP %XQODU SUDWLNWH ID]OD DQODPÖ RODQ ûH\OHU GHøLO EXQODU QDVLKDW JUXEX ODIODU %XQODUÖ \DûDPD JHoLUPHQLQ \ROODUÖ QHOHUGLU" %L]LP LOJLOHQPHPL] JHUHNHQ QRNWD R %HQ JHUoHNOHULQ WDP RODUDN |øUHQLOPHVLQLQ YH WDP RODUDN NDPXR\XQD \DQVÖWÖOPDVÖQÖQ PHVOHN GHøHUOHULPL] DoÖVÖQGDQ oRN |QHPOL ROGXøXQX LIDGH HWWLP GLøHUOHULQH JLUPHGLP oQN ]DWHQ YDNLW ]RUODPDVÖ YDUGÖ $PD EXUDGD |QHPOL YH HNVLN EÖUDNÖOGÖøÖQÖ GûQGøPELUQRNWDYDU2QDGHøLQHUHNNRQXûPDPÖWDPDPODPDNLVWL\RUXP %X JHUoHNOHULQ WDP RODUDN |øUHQLOPHVL DVOÖQGD LQVDQODUÖ DKODNOÖ ROPD\D ]RUOD\DQ GHPRNUDWLN LQVDQ KDNODUÖQD X\JXQ KXNXND X\JXQ HQ VDøODP oDUHGLU %XQXQ GD \ROX VD\GDPODûPD\Ö NDEXO HWPHNWLU .DPX VHNW|UQGH VD\GDPODûPD\Ö NDEXO HGHFHNVLQL] NDPX\D KL]PHW YHUL\RUXP LGGLDVÖQGD EXOXQDQODUÖQ GQ\DVÖQGD |UQHøLQ EDVÖQGD |UQHøLQ VL\DVL \DûDPÖQ R |UJWOHU NHVLPLQGH YH |QFHOLNOH VD\GDPODûPD\Ö EDQNDODU GQ\DVÖQGD WDEL NHQGL NXUDOODUÖ LoLQGH VD\GDPODûPD\Ö NDEXO HGHFHNVLQL] .DEXO HWPH]VHQL] NDUDQOÖøÖQ ROGXøX KHU \HUGH DKODNVÖ]OÖøD \HûHUPH \DûDPD YH NHQGLQL HQ N|W ûH\OHU NRQXVXQGD HWNLOL NÖOPD ûDQVÖ YHULUVLQL] 2 QHGHQOH WHNUDU HGL\RUXP ELULQFL NRûXO WHPHO NRûXO VD\GDPODûPD\Ö NDEXO HWPHNWLU YH KXNXN GHYOHWLQL LûOHWPHNWLU <DQL VD\GDPODûPD VDGHFH WHûKLUOH NDOPD] +XNXN GHYOHWLQGH GHYOHW KXNXNXQ LoLQGH WDP RODUDN LûOHPHOLGLU %HQLP ELULQFL NRQXûPD\OD LOH LOJLOL WDPDPODPDN LVWHGLøLP QRNWD EX\GX 8OXVDO8\JXODPDOÖ(WLN.RQJUHVL ùNLQFLVLQH JHOHFHN ROXUVDN HIHQGLP LNL VRUX VRUXOGX ELU GH EHQLP D\UÖFD GHøLQPHN LVWHGLøLP KXVXV YDU %LULVL 6D\ÖQ .D\D *YHQo·LQGL ´%DVÖQ PHVOHN LONHOHULQH X\DQ EXQGD WLWL] RODQ JD]HWHFLOHU EX GXUXPGDQ ]DUDU J|UU P J|U\RUODU PÖ"µ GHGLOHU %HQLP WDQÖN ROGXøXP \RN $PD \RNWXU GL\HPHP g\OH LûYHUHQOHU YDUGÖU NL NHQGLVLQLQ oÖNDUÖ LOH DKODNL ELU X\JXODPD oDWÖûÖU YH DGDPÖ GD NDSÖQÖQ |QQH NR\DUODU %X ROPD] GHPL\RUXP DPD VRPXW ELU |UQHN RODUDN DQÖPVDPDPÖ LVWL\RUVDQÖ] ]LKQLPGH ELU |UQHN \RN <RNWXU GHPL\RUXP GLNNDWLQL]H DU] HGL\RUXP ùNLQFLVL ´%DVÖQ .RQVH\L YDUNHQ 'RøDQ *UXEXQXQ <D\ÖQ .RQVH\L QHGHQ NXUXOGX"µ GL\H ELU VRUX JHOGL DUNDODUGDQ %X GRVWXPD V|\OH\H\LP ùNLVL ELUELULQGHQ IDUNOÖ ûH\OHU %DVÖQ .RQVH\L RQ DOWÖ LONH ED]ÖQGD GHøHUOHQGLUPH\DSÖ\RU'RøDQ0HG\D*UXEXQXQ<D\ÖQ.RQVH\LQLQLONHVD\ÖVÖ\LUPLGLU %D]Ö VRQ ]DPDQGDNL JHOLûPHOHUL GH GLNNDWH DODQ LONHOHU YDUGÖU 7HPHOGH ELUELULQH SDUDOHOGLU oQN RQXQ LNLQFLVLQLQ GH ROXûPDVÖQD FLGGL ûHNLOGH NDWNÖGD EXOXQPD\D oDOÖûWÖP 2OXûPDVÖQGD RUDGDNL WHPHO DPDo 'RøDQ 0HG\D *UXEX LoHULVLQGHNL JD]HWHFLOHULQ R LONHOHU GRøUXOWXVXQGD X\JXODPD \DSPDODUÖGÖU %L] EX EDøODPGD LVWHGLøLPL] QRNWD\D KHQ] YDUPÖû GHøLOL] 2QX GD KHPHQ DOWÖQÖ oL]HUHN V|\OH\H\LP dQN EHQLP ûDKVL NDQDDWLPH J|UH JD]HWHFLQLQ PXNDYHOHVLQH R LONHOHUL NR\PD]VDQÖ] EXQODUD X\PDGÖøÖQ WDNGLUGH VHQL NDSÖQÖQ |QQH NR\DFDøÖ] \DSWÖUÖPÖQÖ NDUûÖVÖQD NR\PD]VDQÖ] EXJQ ELU \|QHWLFL LGDUH HGHU X\XOPDPDVÖ J|] DUGÖ HGLOLU |EU LGDUHFL GLNNDWH DOÖU YH X\XOPD\D ]RUODQÖU $PD QLKDL DPDoODQDQ QRNWD\D HWLN GHøHUOHUH VD\JÖOÖ X\JXODPDQÖQ EX JUXS LoLQGH \HUOHûPHVL LoLQ |QHULOHQ QRNWD\D DQFDN LûYHUHQOH \DSÖODQ PXNDYHOH\HEXGHøHUVLVWHPLQLNR\PDN\ROX\ODXODûÖOÖU7DELNDUûÖOÖNOÖWD]PLQDWODUYE *HOHOLP 6D\ÖQ .D\Öû·ÖQ V|]OHULQGH |]HOOLNOH VRPXWODûWÖ ´HVNLGHQ %DEÖkOL oRN L\L\GL ûLPGL %DEÖkOL EDWWÖµ <DQL %DEÖkOL GHGLøLP ]DPDQ QH\L NDVWHWWLøLPL ELOL\RUVXQX] 6D\ÖQ .D\Öû %DED 7DKLU·GHQ EDûODGÖ EX GHID %DED 7DKLU 7HUNRV *|O ROD\Ö RQGDQ VRQUD EHVOHPH EDVÖQÖQGDQ V|] HWWL ·OL \ÖOODUGDQ |UQHN DOGÖ 9HUGLøL |UQHNOHU GRøUXGXUGRøUXGXUGDRQODUEXJQQGHøLOHVNLVLQLQ|UQHNOHULGLU<DQLKDQJLELOLPVHO DUDûWÖUPD 7UNL\H·GH EDVÖQ ·GD 7DNYLPL 9HND\L oÖNWÖøÖ JQGH L\L\GL %DVLUHWoL $OL %H\ ]DPDQÖQGD L\L \UG $KPHW 0LWKDW (IHQGL ]DPDQÖQGD KDULND\GÖ úLQDVL oRN PNHPPHOGL YH RQGDQ VRQUD JHOGLN &XPKXUL\HW G|QHPLQH (EX]L\D 7HYILN ]DPDQÖQGD %DEÖkOL oRN L\L\GL ûLPGL oRN N|W GL\HELOLU" +DQJL ELOLPVHO DUDûWÖUPD EXQX RUWD\D NR\GX EHQ EXJQH NDGDU J|UPHGLP (øHU EDVPDNDOÖS GHøHUOHQGLUPHOHUL ELUELULPL]H DNWDUDFDN ROXUVDN VDQÖ\RUXP NL oRN LVDEHWOL ELU Lû \DSPÖû ROPD\Ö] %DVÖQGD WHNHOOHûPH KDQJL ELOLPVHO DUDûWÖUPD EXQX RUWD\D NR\GX EHQ ELOPL\RUXP %LULVL HYHW VL]GHQ|]HOOLNOHLûDUHWOHULQL]LoLQULFDHGL\RUXP7UNL\H·GHEHQLPNDQDDWLPLVRUDUVDQÖ] \RøXQODûPD YDUGÖU 'RøUXGXU <DQL EHOOL VHUPD\HOHULQ RODELOGLøL NDGDU oRN \D\ÖQ RUJDQÖQÖ HOH JHoLUPHOHULQGHQ ND\QDNODQDQ YH \RøXQODûPD NDYUDPÖ LoHULVLQGH WDQÖPOD\DELOHFHøLPL]ELUROJXYDUGÖU$PD7UNL\H·GHWHNHOOHûPHYDUGL\HQOHULQ'RøDQ 0HG\D*UXEX6DEDK*UXEXùKODV*UXEX$NûDPYH6KRZ79\DQLdXNXURYD*UXEX 6WDU *UXEX VDøGDNL EDVÖQ RODUDN DOJÖOD\DELOHFHøLPL] =DPDQ $NLW \DQL GLQFL EDVÖQ JLEL DOJÖOD\DELOHFHøLPL] <HQL úDIDN·WDQ ROXûDQ o D\UÖ \D\ÖQGD VRPXWODûDQ \D\ÖQODU $OPDQ\D·GD $[HO 6SULQJHU YDUGÖU %HUWHOVPDQQ YDUGÖU ùQJLOWHUH·GH ûLPGL GHøLûWL WDEOR EXQD EHQ]HU \RøXQODûPDODU YDUGÖ %XQODU ]HULQGH ùQJLOL]OHU FLGGL oDOÖûPDODU \DSWÖODU ·GH YH ·WH \DSWÖODU RUWD\D oÖNDUWWÖODU \RøXQODûPD QH NDGDU YDU 2QODUÖ VRPXW FLGGL YH REMHNWLI GHøHUOHQGLUPH\H WkEL WXWDU YH NR\DUVDQÖ] PDVDQÖQ ]HULQH KHUNHV NXODN YHULU GHU NL ´KDK KDNLNDWHQ EXUDGD ELU \DQOÖû YDUµ 2QX G]HOWPHN GRøUX ROXU (OEHWWH oQN oRøXOFX GHPRNUDVL LVWL\RUVDN LOHWLûLP GQ\DPÖ] |]JUFH ROXûVXQ NDPXR\X LVWL\RUVDN HOEHWWH oRøXOFX \D\ÖQFÖOÖøD WDUDI RODFDøÖ] (OEHWWH WHNHOOHûPH\H 0HG\D(WLøL3DQHOL KHSLPL] NDUûÖ oÖNDFDøÖ] %X EL]LP KD\DW PHVHOHPL] KD\DWL ELU PHVHOH $PD KHUKDQJL ELUFLGGLGHøHUOHQGLUPH\HWkELROPDGDQELUELULPL]GHQDNWDUDDNWDUDEXQODUÖ\D\PDPÖ]Ö LWLUDI HGL\RUXP NL GRøUX EXOPX\RUXP .RQXPODUÖPÖ]D GD X\JXQ ODIODU RODUDN DOJÖODPÖ\RUXP (IHQGLP VHUPD\H WHNQRORML JHOLûWL VHUPD\H EDVÖQD JLUGL GRøUXGXU %XQXQ VDNÖQFDODUÖ YDU oRN GRøUXGXU dQN PHG\DQÖQ VDKLEL YHULOHQ |UQHNOHUGH ROGXøX JLEL ]DPDQ ]DPDQ RQX VLODK RODUDN NXOODQÖU )HYNDODGH \DQOÖûWÖU DPD EXQXQ oDUHVL RQXQ |QQH NLOLW YXUPDN EXQD ûX \ROGDQ JLWVLQ GHPHN GHøLOGLU dRøXOFX GHPRNUDVLGHQ V|] HGL\RUVDNoRøXOFX\D\ÖQFÖOÖNWDQV|]HGL\RUVDNEXKHUNHVHNHQGLVLQL\DQLNDUûÖoÖNDUODUÖ LIDGH HWPH ûDQVÖ YHUHUHN KHUNHVH NHQGLVLQL WHPVLO HGHFHN \D\ÖQ RODQDNODUÖ VDøODPDNWÖU <DQLEXJD]HWHQLQVDKLELEDQNDVÖQÖQ\]QGHQ\DQOÖûLû\DSWÖUÖ\RUVDRoÖNDUDNDUûÖRODQ oÖNDUODUÖQ PHG\D GQ\DVÖQGD VHVL ROPDVÖQÖ VDøODPDPÖ] OD]ÖP %XQX J|] DUGÖ HGHFHøL] YH EDQND VDKLEL \D]GÖUPÖ\RU .DUûÖ JoOH EXQX DQFDN |QOH\HELOLUVLQL] V|YHUHN |QOH\HPH]VLQL] NL NDUûÖ oÖNDUDN |QOH\HPH]VLQL] NL $QFDN NDUûÖVÖQD oDUH RODQ NXUXPX RUJDQÖo|]PNR\DUVDQÖ]VRQXoDODELOLUVLQL]7HûHNNUHGHULPVD\JÖODUVXQDUÖP 1XUL.D\Öû %HQ|QFHVRUXODUGDQEDûODPDNLVWL\RUXP´(NUDQNDUDWPDQH|OoGHHWNLOLROX\RU"µ GHGLELUDUNDGDûÖPÖ]57h.\ÖO|QFHNXUXOGX2WDULKWHQEX\DQDWRSODPJQ HNUDQNDUDWPDYHPLNURIRQVXVWXUPDNDUDUÖYHUGLFH]DVÖYHUGL<DQLEX\DNODûÖN\ÖO WXWX\RU \ÖOGD \ÖOOÖN NDSDWPD FH]DVÖ X\JXODGÖN 7DEL EXQXQ VDYXQXODELOLU ELU WDUDIÖ \RN 'RøUX RODQÖQ EX ROGXøXQX GD VDQPÖ\RUXP d|]P QDVÖO NDSNDooÖOÖN VRUXQXQX |QOHPHN LoLQ FH]DODUÖQ DøÖUODûWÖUÖOPDVÖ GD JHUHNL\RUVD DPD HVDV oDUH VRV\DO DGDOHWL VDøODPDNVD LûVL]OLN VRUXQXQX o|]PHNVH QDVÖO WHU|U |QOHPHN LoLQ WHU|ULVWOHUL HWNLVL] KDOH JHWLUPHN NDGDU WHU|U EHVOH\HQ XQVXUODUÖ GD RUWDGDQ NDOGÖUPDN JHUHNL\RUVD RQXQ JLEL \DQL VDGHFH HNUDQ NDUDWDUDN PLNURIRQ VXVWXUDUDN \D\ÖQ GQ\DVÖQÖ G]HQOHPHN PPNQ GHøLOGLU .RQXûPDPGD GD EHOLUWWLøLP JLEL VHUPD\H \DSÖVÖQÖ G]HOWPHGHQ EX NRQXGDFLGGLDGÖPODUDWÖODELOHFHøLQLVDQPÖ\RUXP ´0HG\DSDWURQODUÖNDQXQGDoL]LOHQRUDQODUDX\PX\RUODUSHNLVL]QH\DSÖ\RUVXQX]"µ GHGL ELU DUNDGDûÖPÖ] *HUoHNWHQ GH 7UNL\H·GH ELU NLûLQLQ ELU WHOHYL]\RQ NXUXOXûXQGD \]GH \LUPLGHQ ID]OD KLVVHVLQLQ ROPDVÖ \DVDN EXJQN NDQXQXPX]D J|UH %LUGHQID]OD WHOHYL]\RQGD KLVVHVL YDUVD RQODUÖQ WRSODPÖQÖQ GD ·\L JHoPHPHVL JHUHNL\RU )DNDW EL]ELOL\RUX]NLEXJQ7UNL\H·GHoKDWWDG|UWWHOHYL]\RQXRODQPHG\DSDWURQODUÖYDU %L] EXQX ELOLS QH \DSÖ\RUX]" 6HUPD\H 3L\DVDVÖ .XUXOX·QD %DQNDFÖOÖN 'HQHWOHPH .XUXOX·QD 5HNDEHW .XUXOX·QD 0DOL\H %DNDQOÖøÖ·QD \D]ÖODU \D]GÖN .RQXQXQ DUDûWÖUÖOPDVÖ JHUHNWLøLQL LIDGH HWWLN %L]LP GLUHNW RODUDN JLGLS NXUXOXûODUÖQ HYUDNODUÖ ]HULQGHELULQFHOHPH\DSPD\HWNLPL]EXOXQPX\RUPDDOHVHI ´(NUDQODUÖ NDUDWPDN \HULQH \D\ÖQ KDNNÖ YHULUNHQ GDKD GLNNDWOL ROPDN GDKD X\JXQ GHøLO PL"µ GHGL ELU DUNDGDûÖPÖ] GD 'RøUX DPD EL] ûX DQGD \D\ÖQ NXUXOXûODUÖQD KHQ] OLVDQVODUÖQÖ YHUHPHGLN <HGL \ÖOGÖU OLVDQV YHUPHN LoLQ LKDOH \DSPDN LVWL\RUX] DPD ELU WUO EDûDUDPÖ\RUX] %XQXQ ELU QHGHQL GH PDDOHVHI \D\ÖQ NXUXOXûODUÖ QH ]DPDQ JLULûLPGH EXOXQVDN \D LNWLGDU ]HULQGH EDVNÖ NXUDUDN EX LKDOH\L LSWDO HWWLUL\RUODU \D GD NDQXQL \ROODUD EDûYXUX\RUODU \UWPH\L GXUGXUPD NDUDUÖ DOGÖUÖ\RUODU 1LVDQ D\ÖQGD \DSPD\Ö SODQODGÖøÖPÖ] LKDOH GH EX ûHNLOGH GXUGXUXOGX /LVDQVODUÖ GDøÖWDELOLUVHN \D\ÖQ NXUXOXûODUÖ LKODO \DSPD\Ö DOÖûNDQOÖN KDOLQH JHWLUGLøLQGH RQODUÖ VXVWXUPDPÖ] HWNLVL] KDOH JHWLUPHPL]OLVDQVLSWDOL\ROXQDJLWPHPL]NROD\ODûDFDNWÖU 8OXVDO8\JXODPDOÖ(WLN.RQJUHVL 6D\ÖQ 2NWD\ (NûL WHNHOOHûPHQLQ ROPDGÖøÖQÖ \RøXQODûPD ROGXøXQX V|\OHGL %HQLP ELOGLøLP NDGDUÖ\OD |]HOOLNOH \D]ÖOÖ EDVÖQGD oRN FLGGL ELU WHNHOOHûPH ROJXVX YDUGÖU 6D\ÖQ (NûL·QLQ GH oDOÖûWÖøÖ JUXS 7UNL\H·GHNL \D]ÖOÖ EDVÖQÖQ ·LQL HOLQGH EXOXQGXUPDNWDGÖU (øHU E|\OH ELU RUDQ WHNHOOHûPH GHøLOVH WHNHOOHûPHQLQ QH ROGXøXQX PHUDNHGL\RUXP<LQHSDQHOLVWDUNDGDûODUÖPÖ]GDQELULUDG\RYHWHOHYL]\RQFXOXøXQWLFDUL ELUHWNLQOLNROGXøXQXEXQDJ|UHKDUHNHWHWPHOHULJHUHNWLøLQLLIDGHHWWLOHU%XQDGDNDUûÖ oÖNÖ\RUXP5DG\R YHWHOHYL]\RQFXOXN WLFDULELU HWNLQOLN GHøLOGLU NDPXVDO ELU HWNLQOLNWLU .DPX oÖNDUODUÖ J|] |QQH DODUDN \DSÖODELOLU +HUKDQJL ELU IDEULNDGDQ IDUNÖ EXUDVÖGÖU <DQL oRN NkU HWPHN LVWH\HQ LQVDQODU LoLQ 7UNL\H·GH \DSÖODFDN GDKD oRN LûOHU YDUGÖU $PD UDG\R YH WHOHYL]\RQFXOXN \DSPDN LVWL\RUVDQÖ] RQX GLøHU VHNW|UGHNL LûOHULQL]GHQ D\UÖWXWPDQÖ]JHUHNLU GH 0HG\DQÖQ EX HWLN HUR]\RQGDQ YH \R]ODûPDGDQ NXUWXOPDVÖ LoLQ \DSPDVÖ JHUHNHQOHUL NÖVDFD LIDGH HWPHN LVWL\RUXP 0HG\DGDNL WHNHOOHûPH\L |QOH\HFHN NDQXQODU NDUDUOÖOÖNOD X\JXODQPDOÖGÖU %XQODU \HWPL\RUVD \HQL NDQXQL G]HQOHPHOHU LYHGLOLNOH \DSÖOPDOÖGÖU 0HG\D NXUXOXûODUÖQÖQ KDOND DoÖOPDVÖQGD oRN RUWDNOD GHQHWOHQHQ ELU VLVWHPH JHoLOPHVLQGH GH \DUDU J|U\RUXP %|\OHFH KHP PDOL ULVN D]DODFDNWÖU KHP GH VL\DVL LNWLGDU ELQOHUFH KLVVHGDUÖ NDUûÖVÖQD DOPD\D FHVDUHW HGHPH\HFHNWLU +kOk GQ\DQÖQ HQ VD\JÖQ JD]HWHOHULQGHQ ELUL NDEXO HGLOHQ /H 0RQGH E|\OH ELU DQOD\ÖûOD ùNLQFL 'Q\D 6DYDûÖ VRQUDVÖQGD 'H *DXOOH |QFOøQGH NXUXOPXûWXU 2 WDULKWH 'H *DXOOH GHYOHWLQ YHHJHPHQJoOHULQHWNLVLDOWÖQGDNDOPD\DFDNEDøÖPVÖ]ELUJD]HWHNXUDELOPHQLQ\ROXQX JD]HWH VHUPD\HVLQL oRN VD\ÖGD NLûL\H GDøÖWPDNOD EXOPXûWX %X PRGHO EXJQ GH HQ GRøUX YH JHUoHNoL PRGHO RODUDN GXUPDNWDGÖU .oN VHUPD\HOHUOH E\N JD]HWHOHU YH WHOHYL]\RQODU NXUPDN PPNQ GHøLOGLU DPD JD]HWH YH WHOHYL]\RQ NXUDFDN VHUPD\HQLQ ELUNLûLGHROPDVÖGDVRQGHUFHVDNÖQFDOÖGÖU %LU GH L]QLQL]OH -DSRQ |UQHøLQGHQ V|] HWPHN LVWL\RUXP -DSRQ\D·GD GQ\DQÖQ HQ E\N JD]HWHVL \D\ÖPODQPDNWDGÖU 2Q G|UW PLO\RQ JQON WLUDMÖ\OD <RPXLUX úLPEXQ JD]HWHVL %X JD]HWHQLQ \DQ NXUXOXûX \RNWXU ùNL WDQH \DQ NXUXOXûX YDUGÖU ELUL VHQIRQL RUNHVWUDVÖGÖU ELUL EH\VERO WDNÖPÖGÖU 9H JHUoHN SDWURQX RNX\XFXODUÖGÖU 7UNL\H·GH JD]HWHOHULQ WLUDMODUÖQÖQ EX NDGDU JGN NDOPDVÖQÖQ DUNDVÖQGD KDONÖQ JD]HWHOHUL NHQGL JD]HWHVLNDEXOHWPHPHVLJHUoHøL\DWPDNWDGÖU <R]ODûPDQÖQ |QQH JHoHELOPHN LoLQ \DSÖOPDVÖ JHUHNHQ ELU GLøHU KXVXV JD]HWHFL FHPL\HWOHUL YH ELUOLNOHUL PHVOHN LONHOHULQH X\PD\DQ \HOHUL NDPXR\XQD DoÖNODPDOÖ DIRUR] HWPHOL DUDODUÖQGD EDUÖQGÖUPDPDOÖGÖU *D]HWH RNX\XFXODUÖ YH WHOHYL]\RQ L]OH\LFLOHUL NHQGLOHULQGHQ \DQD ROPD\DQ JD]HWHFL YH SURJUDPFÖODUÖ SURWHVWR HWPHOL RQODUÖQ oDOÖûWÖøÖ JD]HWHOHUL DOPDPDOÖ WHOHYL]\RQODUÖ L]OHPHPHOLGLU .DPX WHOHYL]\RQFXOXøX ELU ONHGH JoO LVH RUDGD |]HO WHOHYL]\RQFXOXN GD NHQGLVLQH oHNL G]HQ YHUPHNWHGLU ùQJLOWHUH·GH $OPDQ\D·GD ùWDO\D·GD EXQXQ |UQHNOHULQL J|U\RUX] 7UNL\H·GH GH 757 NDOLWHGHQ WDYL] YHUPHGHQ GDKD oRN L]OHQPHQLQ \ROXQX EXODELOLUVH |]HO WHOHYL]\RQODU GD LVWHU LVWHPH] 757·\L WDNLS HWPHN ]RUXQGD NDODFDNODUGÖU hQLYHUVLWHOHU EQ\HVLQGH DUDûWÖUPD HQVWLWOHUL NXUXODELOLU %X HQVWLWOHU PHG\DGDNL KDEHU oDUSÖWPDODUÖQÖ G]HQOL ELU ûHNLOGH NDPXR\XQD DoÖNOD\DELOLU $\QÖ ûHNLOGH VLYLO WRSOXP |UJWOHUL GH PHG\D J|]OHP HYOHUL ROXûWXUDELOLU 0HG\DQÖQ GHQHWOHQPHVL DoÖVÖQGDQED]ÖùQWHUQHWVLWHOHULQLoRNXPXWYHULFLEXOX\RUXP)UDQVD·GD6DUÖ.DUWLVLPOL ELU VLYLO JLULûLP YDU %X JLULûLP )UDQVÖ] WHOHYL]\RQ NDQDOODUÖQGD HWLøH NDQXQ YH \|QHWPHOLNOHUH D\NÖUÖ EXOGXøX \D\ÖQ YH SURJUDPODUÖ KXNXNoXODUÖ\OD X]PDQODUÖ\OD GHøHUOHQGLUL\RUYHNDQXQL\ROODUDEDûYXUX\RU$GHWD|]HOELU57h.JLELoDOÖûÖ\RU7UN 0HG\D(WLøL3DQHOL PHG\DVÖQÖ GHQHWOH\HFHN E|\OH ELU VLYLO JLULûLPLQ GH \DUDUOÖ RODFDøÖQD LQDQÖ\RUXP 7HûHNNUHGHULP $\GÖQ6H]JLQ %L]EXJQN7UNL\H·\LID]ODNDUDQOÖNJ|U\RUX]57h.%DûNDQÖ6D\ÖQ.D\ÖûELUD] |QFH EDKVHWWL $YUXSD ONHOHULQGH EDWÖ GHPRNUDVLOHULQGH ELU WDNÖP VLYLO WRSOXP |UJWOHQPHOHUL PHG\D\Ö GHQHWLP DOWÖQD DOÖ\RU %X ELU UDKDWVÖ]OÖNWDQ GROD\Ö WDEL %HQLP J|UHELOGLøLP NDGDUÖ\OD EL]LP EXUDGD 7UNL\H·GH PHG\D\D \|QHOWWLøLPL] \D\ÖQODUÖQ LoHULøLDoÖVÖQGDQROVXQVDKLSOHQPHPONL\HWGXUXPXEDNÖPÖQGDQROVXQEXHOHûWLULOHULQ ELUoRøX EHOOL GHPRNUDVLOHU WDUDIÖQGDQ GD VHVOHQGLULOL\RU KHP GH ûLGGHWOL ELU ELoLPGH VHVOHQGLULOL\RU (YHW EL] %DVÖQ <D\ÖQ *HQHO 0GUOø RODUDN ELU DUDûWÖUPD \DSWÖN 57h.·OHGHSD\ODûWÖNRDUDûWÖUPDPÖ]Ö´%DWÖOÖGHPRNUDVLOHUGHPHG\DPONL\HWLGXUXPX QDVÖO ROXU"µ GL\H |]HOOLNOH WHOHYL]\RQ DODQÖQGD $QOD\DELOGLøLPL] NDGDUÖ\OD EX oDOÖûPDGDQ oÖNDUWDELOGLøLPL] NDGDUÖ\OD PHG\DGDNL HQWHJUDV\RQXQ oRN Xo QRNWDODUD YDUDELOGLøLQLJ|U\RUX]ùKDOHOHUHJLUPHNÖVÖWODPDODUÖGDELUD]VÖQÖUOÖ(øHU7UNL\HN|W ELU |UQHNVH R N|W ROPD GXUXPXQX WHN EDûÖQD \DûDPÖ\RU RQX V|\OHPHN LVWL\RUXP úLPGL EL]GH EHONL NDPXR\XQXQ PHG\D\D EDNÖûÖQÖQ GDKD HOHûWLUHO ROPDVÖQD \RO DoDQ ROJX EDVÖQ oDOÖûDQODUÖQÖQ EHOLUOL WHPLQDWODUGDQ \RNVXQ ROPDODUÖ <DQL VD\ÖOÖ %DVÖQ dDOÖûDQODUÖ <DVDVÖQÖQ WDP RODUDN X\JXODQDPDPDVÖ %X \DVD GD DVOÖQGD JQP] HNRQRPLN NRûXOODUÖQÖ oRN DûDQ LPNDQODU WDQÖ\RU oDOÖûDQD )HYNDODGH oHWUHILO ELU NRQX ELOL\RUXP$QFDN7UNL\H·GHEHONLPHG\D\D\|QHOLNELUWDNÖPUDKDWVÖ]OÖNODUÖQJLGHULOPHVL DoÖVÖQGDQEXVD\ÖOÖ\DVDQÖQJQQNRûXOODUÖQDX\GXUXOXSoRNGDKDFLGGLELUûHNLOGH X\JXODQPDVÖQÖQ WHPLQLQH oDOÖûÖODELOLU %HONL NXUWXOXû \ROODUÖQGDQ ELUL EXGXU 6D\ÖQ %DûNDQ 'H *DXOOH·Q /H 0RQGH·OD LOJLOL oDOÖûPDVÖQGDQ LQLVL\DWLILQGHQ ELU |UQHN YHUGL $VOÖQGD ND\QDN RODUDN EDNDUVDN ROD\D 'H *DXOOH·Q \DSWÖøÖ SHN GH DKODNL GHøLOGL dQN R G|QHPLQ RUWDPÖQGD NHQGLVLQL NHQGL J|UûOHULQL VDYXQDFDN |]HOOLNOH GH )UDQVD·QÖQGÖûSROLWLNDVÖQÖVDYXQDFDNELUJD]HWH\DUDWPDXøUDûÖ\GÖR <DEDQFÖ ONHOHUGHNL EDVÖQÖQ QH GHQOL WDUDIJLU RODELOGLøLQL 6D\ÖQ 2NWD\ (NûL LOH \DSWÖøÖPÖ] ELU oDOÖûPDGD J|UGN *HQHOGH \DEDQFÖ EDVÖQGD 7UNL\H LOH LOJLOL oÖNDQ KDEHUOHULQ NDOLWHVLQL \|QQ ELOL\RUVXQX] %XQODUÖQ LoLQGH WDEL NL GRøUXODU YDU WDELDWÖ\OD HOHûWLULOPHPL] JHUHNHQ KDNOÖ KDEHUOHU YDU WDELDWÖ\OD KDNOÖ WHQNLWOHU YDU $PD EX WHQNLWOHUGHQ |QHPOL ELU NÖVPÖ GD VLVWHPDWLN EHOOL SVLNRORMLN QHGHQOHUH GD\DQÖ\RU YH\DKXW GD EX ONHOHULQ GÖû SROLWLNDODUÖQÖQ X]DQWÖVÖ VD\ÖODELOLU 6D\ÖQ (NûL 8OXVODUDUDVÖ %DVÖQ .RQVH\L QH]GLQGH ELU JLULûLPGH EXOXQGX 8OXVODUDUDVÖ %DVÖQ .RQVH\OHULQLQ EX ûLND\HW PHNDQL]PDVÖQÖQ XOXVODUDUDVÖ EDVÖQ DODQÖQGD X\JXODQPDVÖ ûHNOLQGH ELU |QHUL JHWLUGL %X |QHUL EDVÖQ |]JUOøQH D\NÖUÖOÖN \DUDWDELOHFHøL JHUHNoHVL\OH UHGGHGLOGL úLPGL ELU \DQGD EDVÖQ |]JUOø LONHVL YDU ELU \DQGD REMHNWLIOLN YDU ELU \DQGD GD ELU XOXVXQ ELU ONHQLQ EX 7UNL\H ROVXQ EDûND ELU ONH ROVXQ KDNVÖ] \HUH HOHûWLULOPHVL KDWWD LWLEDUÖQÖQ ]HGHOHQPHVLROD\Ö YDU %XUDGD o XQVXUXQ GD |QHPL YDU $QFDN ELULQFL XQVXU EDVÖQ |]JUOø JHUHNoH J|VWHULOHUHN EX |QHUL XOXVODUDUDVÖ SODQGD UHGGHGLOGL %DûND ELU GH\LûOH NHQGL HYLPL]L WHPL]OH\HOLP NHQGL HYLPL]GH HQ L\L\L VDøODPD\D oDOÖûDOÖP DPD EX NRQX\D YHVLOH RODUDN GHøHUOHQGLUHOLP ONHPL]GHNL NRûXOODUÖ dRN WHûHNNUHGHULP 'DYLG%HUFKDUG %LU LNL QRNWD\D $UNDGDûODUÖPÖ]ÖQ EX GHøLQPHN LVWL\RUXP QRNWDGDNL ND\JÖODUÖQÖ %LU WDQHVL EDVÖQÖQ SD\ODûÖ\RUXP =DWHQ WLFDUHW EL] WDUDIÖ D\GÖQODUD D\GÖQODWPDNOD LOJLOL WHUV Gû\RU EX ELU JHUoHN $PD EL] JHUoHøH EDNPDOÖ\Ö] dQN 8OXVDO8\JXODPDOÖ(WLN.RQJUHVL ùQJLOWHUH·GHNLEDVÖQYHPHG\DQÖQoRøX|]HONLûLOHULQHOOHULQGHGLU%%&·GHELOHDUWÖNSDUD DPDFÖ\OD oDOÖûÖOÖ\RU 2QXQ LoLQ ED]Ö NRQXODUGD PXWODND WDYL] RODFDN ùNLQFL NRQX EDVÖQ ]HULQGHNL NRQWUROOHU YH JHUoHNOHU EXUDGD oRN GHULQ NRQXODU YDU oRN NÖVD RODUDN DQODWDFDøÖP %LU WDQHVL LWLUDI HGH\LP JHUoHN NRQXVXQGD oRN E\N GHøLûLNOLNOHU ROGX .LûLVHO J|UûOH VDELW JHUoHNOHU DUDVÖQGD oHOLûNLOHU J|UO\RU +HUNHV NHQGL J|UûQ LQDQGÖNODUÖQÖ DQODWÖ\RU ùVWHU LQDQÖ\RU LVWHU LQDQPÖ\RUVXQX] 'XUXP E|\OH EHONL L\L ELU GXUXP GHøLO %HONL ùQJLOWHUH·GHNL WDULK GHUVOHULQGHQ YH WDULK GHUVOHULQLQ YH WDULK ELOJLVLQLQD]ROPDVÖQGDQND\QDNODQDQELUJHUoHNDPDGXUXPE|\OH%XJQPHG\DGDELU DoÖN RWXUXP \DNODûÖPÖ YDU %X ]DWHQ Lû GHøLO oQN EDVÖQ \ROX\OD DWÖûDQ NLûLOHU ND\EHGL\RUODU$\QÖ]DPDQGDEXoRN|QHPOLùQJLOWHUH·GHDûÖUÖVHUEHVWOLNYDU%XEHQLP J|UûPGU YH ùQJLOL] RUWD VÖQÖIÖQÖQ ELU NÖVPÖQÖQ $QFDN QH \DSDELOLUVLQL] 'HYOHWLQ RWRULWHVLQL GHYLUHPH]VLQL] ùQJLOWHUH·GH EDVÖQÖQ ]HULQGHNL NÖVÖWODPD oRN D] =DWHQ WHOHYL]\RQ LoLQ UXKVDW DOPDN ]RUXQGDVÖQÖ] %X 0HG79 LoLQ HYHW IRONORULN \D\ÖQ LoLQ UXKVDW YHULOPLû YH RQODU GD WDPDPHQ VL\DVHWH G|QN ELU WDNÖP WHU|U GHVWHNOH\HQ \D\ÖQD EDûODGÖ YH EXQX GXUGXUPDN ELU KD\OL ]DPDQ DOGÖ VRQXQGD GXUGXUXOGX dQN PHNDQL]PD \RN 'LøHU NRQXODUGD ]DWHQ EDVÖQÖ NÖVÖWODPD PDKNHPHOHUH EDNÖ\RU ùQJLOWHUH·GH LIWLUD NDQXQODUÖ YDU DPD KDNDUHW NDQXQODUÖ \RN $\UÖFD VDELW GHøHUOHUL VDYXQXUODU ELU WHN LVWLVQD YDU R GD ÖUNoÖOÖN NRQXVXQGD 6L] ÖUNoÖOÖN NRQXVXQGD EDûNDODUÖQD KDNDUHW HGHPH]VLQL] %X GXUXPXQ oRN ROXPVX] WDUDIODUÖ YDU EHQ GH J|UûOHULQL]HND\JÖODUÖQÖ]DNDWÖOÖ\RUXPEXNRQXGD$PDD\QÖ]DPDQGDVUHNOLGHøLûPH VUHFL LoLQGH RODQ WRSOXPODUGD QDVÖO ELU NÖVÖWODPD oHUoHYHVL NR\DFDNVÖQÖ] dQN EHOOL ELU VUH VRQXQGD R oHUoHYH IRVLOOHûPLûRODFDN \DQL GHøLûHQ WRSOXPXQ \HQL GHøHUOHULQH WHUV GûHFHN 'HPHN NL EDVÖQGD VUHNOL WDYL] YDU VUHNOL HKYHQLûHUL NDEXO HWPHN ]RUXQGDVÖQÖ]DPD]DWHQEXNHQGLOLøLQGHQGRøX\RU 0XVWDID*|]DODQ (WLN VRUXQX YDU %X VRUXQ 7UNL\H·GH KHU DODQGD YDU KDVWDQHOHUGH YDU WÖS GQ\DVÖQGD YDU HøLWLPGH YDU PHG\DGD GD YDU 6L\DVL HWLN VRUXQX GD YDU 2 \]GHQ NL ,0)·QLQ HQ VRQ VWDQGE\ DQODûPDVÖQGD ,0) ûDUW NR\PXûWXU %LU NRQXûODQPD DODFDNVÖQÖ] YH VL\DVL HWLøL YH VL\DVL oUPH\L G]HOWPHN LoLQ ELU WDNÖP WHGELUOHU DODFDNVÖQÖ] GL\H ùVWHUVHQL] VRQ ,0) VWDQGE\ DQODûPDVÖQD EDNDELOLUVLQL] 'ROD\ÖVÖ\OD EXQX DVOÖQGD ELU WDUWÖûPD RUWDPÖQD JHWLUPHPL] OD]ÖP dÖNÖû QRNWDPÖ] HYHW ELU HWLN VRUXQXPX] YDU 'ROD\ÖVÖ\OD EX VRUXODU GD LûWH NoN G]HOWPHOHU GRøUX PXGXU GL\H dDUûDIoDUûDIKDNDUHWHGL\RUVXQX]\DQOÖûELOJLYHUL\RUVXQX]VRQUDNoNELUG]HOWPH \DSÖ\RUVXQX] 2 ûLUNHW EX NXUXOXQ GHUGL oRN ID]OD EHQL LOJLOHQGLUPL\RU %X YDU PÖ RQXQ EXQXQ \DSPDVÖ GD |QHPOL GHøLO (YHW YDU 'HPHN NL ELU HWLN VRUXQXPX] YDU úLPGL EXUDGD WDUWÖûPDPDPÖ] OD]ÖP %LUGHQ ELU VRQUDNL DGÖPD VRQXQX ]DWHQ KHSLPL] NDEXO HGL\RUX] +HSLPL] ]DWHQ VRQ GHUHFH PQHYYHU ]HQJLQ ELU ONH LoLQ KHU ûH\LQ DGLO ROGXøX |]HOOLNOH JHQoOHUL LoLQ DGLO ROGXøX ELU RUWDP LoLQ oDOÖûÖ\RUX] úDKVHQ EHQ E|\OH GûQ\RUXP úLPGL DQFDN EXUDGD ELU DQ ELOH DUD YHUPHPHPL] OD]ÖP 6RQ GHUHFH JHUoHNOHUH EDøOÖ JHUoHNOHUL DQOD\DUDN KDUHNHW HWPHPL] OD]ÖP 7UNL\H·GH WHNHOOHûPH YDU PÖGÖU JD]HWHOHUGH" %XQX VDPLPL V|\O\RUXP EHQ ELOPL\RUXP )DNDW ûXQX ELOL\RUXP 6D\ÖQ .D\Öû·ÖQ YHUGLøL RUDQÖQÖQ GRøUX ROGXøXQX ELOL\RUXP .HQGLVLQH GH HQ \DNÖQ ]DPDQGD HQ VRQ JD]HWH VDWÖû PLNWDUÖQÖ ELOGLUHFHøLP 7UNL\H·GH PLO\RQJD]HWHVDWÖOÖ\RU·ÖEXQXQ]DWHQVL\DVLJD]HWHOHU%LUJUXEXQVDKLSROGXøX ELU LNL YH o QXPDUDOÖ JD]HWHOHULQ ELU QXPDUDOÖ JD]HWH ROGXøX ûHKLU VD\ÖVÖ LNL YH\D o úLPGL ûX YDU PÖ WHNHOOHûPH YDU PÖ VDPLPL V|\O\RUXP ELOPL\RUXP )DNDW EXQXQ ELU 0HG\D(WLøL3DQHOL NXUDOÖ YDU DUNDGDûODU hVWQGH oDOÖûÖOPDVÖ JHUHNHQ ELU NXUDOÖ YDU $NVL WDNGLUGH EXQX VUHNOL RODUDN YH EHQFH VL\DVLOHULQ WX]DøÖQD GûHUHN NDEXO HGHUL] HYHW WHNHO 7HNHO YDU %L]LP ELU 5HNDEHW .XUXOXPX] YDUGÖU $YUXSD·GD GD EX LûOHU E|\OH \DSÖOÖ\RU ùVNDQGLQDY\D·GD HQ L\L o JD]HWHQLQ LNL \] JD]HWHQLQ GDKD GRøUXVX o NXUXOXûWD ROPDVÖQD PVDDGH HGLOL\RU úXQD EDNPDN OD]ÖP +DNVÖ] KkNLP ELULPLQ N|W NXOODQÖPÖQD YH |Q \DUJÖODUÖPÖ]OD GHøLO JHUoHNOHUL WRSOXPXQ LVWDWLVWLNVHO YHULOHULQH EDNDUDN NRQXûPDPÖ] OD]ÖP %X VDGHFH PHG\D HWLøLQLQ VRUXQX GHøLO EX 7UNL\H·QLQ HWLøLQLQ VRUXQX (øHU VL\DVLOHU ]HULQGH WHOHYL]\RQ OLVDQVODUÖ oÖNPDVÖ NRQXVXQGD ELU EDVNÖ YDU LVH EXUDGD VL\DVHW HWLøLQLQ JHUHøLQLQ \DSÖOPDVÖ OD]ÖP RQXQ GHYUH\H JLUPHVL OD]ÖP +HU ûH\ WLFDUHW DODQÖQGD GD EHONL \DQOÖû DQODûÖOPÖû RODELOLULP EHQ ûXQX GHPHN LVWL\RUXP KHSLQL]H GH V|\O\RUXP 79 JD]HWH IDUN HWPH] ]DUDU HGHQ YH oRN L\L QL\HWLQH UDøPHQ ]DUDU HGHQ YH VUHNOL RODUDN WHûYLNOH NDøÖW GHVWHøL\OH JD]HWHOHULQ GHYOHWLQ HOLQH EDNWÖøÖ ELU RUWDPGD PÖ JD]HWH RNXPDN LVWHUVLQL] \RNVD NkU ]DUDU HVDVÖQD J|UH oDOÖûDQ YH GH VRQXoODUÖQÖ J|UGøQ] GDKD ûHIIDI ELU PHG\DQÖQ UHWWLøL KDEHUOHUL PL RNXPDN LVWHUVLQL]" <RUXPXQX]X VL]H EÖUDNÖ\RUXP WDPDPÖ\OD VL]H DLW ELU NDUDUGÖU EX úHIIDIODûPD NRQXVX KDOND DoÖOPD NRQXVX EXQGDQ J]HO ELU ûH\ YDU PÖ DUNDGDûODU" 1L\H7UNL\H·GHWPPHG\DNXUXOXûODUÖKDONDDoÖNROPDVÖQ"7PWHOHYL]\RQNXUXOXûODUÖ KDOND DoÖN ROPDVÖQ" $PD EL] OLVDQVÖ ELOH YHUHPL\RUX] GDKD .LPGLU EXQODUÖQ VDKLSOHUL EHOOL GHøLO 9H HøHU KDOND DoÖN ELU WHOHYL]\RQXQX] YDUVD EDûND LûOHUOH LOJLOHQPHQL]H L]LQ YHUPL\RUX]3HNL R ]DPDQ DUNDGDûODUûHIIDIOÖøÖ EL] QH\OHVDøOD\DFDøÖ]" %DNÖQ EXJQ QH ]DPDQ LVWHUVHQL] HQ D]ÖQGDQ E\N PHG\D NXUXOXûODUÖQÖQ EX NXUXOXûODUÖQ ùQWHUQHW VLWHOHULQH JLULQ %X VLWHOHUGH JYHQLOLU NXUXOXûODUÖQÖQ YHUGLøL UDSRUODUD EDNÖQ GHQHWLP VRQXoODUÖQD EDNÖQ 6L]L ELOJL\L EXOPD\D GDYHW HGL\RUXP KHU ]DPDQ D\DøÖQÖ]D JHOPH] %X UDSRUODUÖQ VRQXoODUÖ QDVÖO ROX\RU" .Do NDWÖOÖPFÖVÖ YDU NDo DPDFÖ YDU QH NDGDU ]DPDQGD \DSPÖû" +DQJL VHNW|UGH QHUHVLQGH EXQX KDNVÖ] \HUH NRYDODPÖû" %X WLS NRQXODUGDûHIIDIOÖNoRN|QHPOLGLUEXWLSNRQXODUGDNDPX\DUDUÖQDVÖKKDWOLoDOÖûPDODUÖQ JHUoHNOHûHELOPHVLLoLQGHûHIIDIYHWLFDULRODUDNGDWDPDPÖ\ODDKODNLYHNDQXQLKHUWUO \NPOOøQ \HULQH JHWLUHELOHQ WHNQLN DQODPGD ûHIIDIODûPÖû JUXSODUOD EX PPNQ RODELOLU7HûHNNUHGHULP 1XULdRODNRøOX (IHQGLP SDQHOLVWOHUH oRN WHûHNNUOHU úLPGL EL] DVOÖQGD PHG\D HWLøLQL WDUWÖûPDN ]HUH \ROD oÖNWÖN 6RQXQGD VDKLSOLN WDUWÖûPDVÖQD G|QGN %XUDGD DVOÖQGD JDOLED WHN WDUWÖûPDGÖøÖPÖ] HQ |QHPOL QRNWD J|]GHQ NDoWÖ *LGHUHN JQP]GH PHG\DQÖQ GDKD E\N \DWÖUÖP JHUHNWLUHQ GDKD DøÖU PDOL \NOHU JHWLUHQ \DSÖVÖ \|QHWLPGH JLWWLNoH PDOL JUXSODUÖQ \DQL VHUPD\H VDKLELQLQ GDKD ID]OD V|] VDKLEL ROPDVÖQD \RO DoÖ\RU %X VDGHFH 7UNL\H LoLQ GHøLO GQ\DQÖQ KHU \HULQGH EX |UQHNOHPL \DûÖ\RUVXQX] EX ROJX\D WDQÖN ROX\RUVXQX] <DOQÖ] RUGD WDQÖN ROGXøXPX] oRN |QHPOL ELU EDûND ROD\ YDU (GLWRU\DO WXWDUOÖN GHQLOHQ VDKLSOLNOH R JD]HWHQLQ R WHOHYL]\RQXQ \|QHWLPL DUDVÖQGD ELU oL]JL oHNLOLSEXQODUÖQELUELULQGHQWDPDPHQEDøÖPVÖ]ELULûOH\LûRODUDNJ|WUOPHVLROJXVXQX J|]DUGÖHGL\RUX]0XVWDID*|]DODQ·ÖQGHGLøLGRøUXGXU%LUJD]HWHELUWHOHYL]\RQSDUD ND]DQPÖ\RUVD NHQGL JLGHULQL NDUûÖODPÖ\RUVD DQFDN EDøÖûODUOD \D GD VDøGDQ VROGDQ JHOHQ SDUD LOH D\DNWD GXUDELOLU 2 SDUD GD \DUÖQ |EU JQ R JD]HWHQLQ R WHOHYL]\RQXQ |QQH ELUIDWXUDNR\DU'ROD\ÖVÖ\ODEXQODUÖQNHQGLEDûÖQDSDUDND]DQDQNHQGL\DøÖLOHNDYUXODQ NXUXOXûODUKDOLQHJHOPHVLJHUHNLU$QFDNEXQDNDUûÖOÖNELUJD]HWH\DGDWHOHYL]\RQXQELU JUXS LOH EDøODQWÖOÖ RODUDN \DûÖ\RU ROPDVÖ PXWODND R JUXEXQ HPLU NRPXWDVÖ DOWÖQGD 8OXVDO8\JXODPDOÖ(WLN.RQJUHVL RODFDøÖ R JUXEXQ oÖNDUODUÖ GRøUXOWXVXQGD KDUHNHW HGHFHøL DQODPÖQD GD JHOPH] %XQXQ 7UNL\H·GH GH KHSLQL]LQ oRN L\L ELOGLøL LNL WDQH |UQHøL YDU %LUL 179·GLU ELUL &11 7UN·WU %XQODU WDPDPHQ SDWURQODUÖQÖQ GHQHWLPL GÖûÖQGD WDPDPHQ NHQGL EDøÖPVÖ] oL]JLOHULQL VUGUPHNWHGLU 'LøHU WDUWÖûPDODUÖQ WDPDPHQ GÖûÖQGD NDODELOHFHN ûHNLOGH \D\ÖQFÖOÖNODUÖQÖJ|WUHQNXUXOXûODUGÖU%LULQFLPHVHOHEXEHQFH ùNLQFLVL GH oDOÖûDQODUÖQ KDQJL NXUDOODU oHUoHYHVLQGH GDYUDQPDVÖ JHUHNWLøLGLU %HONL JHOHFHN VHQHNL SDQHOOHUH EX LNL \DNODûÖPÖ NR\DUDN EX LNL NRQX\X IDUNOÖ IDUNOÖ HOH DOPDN OD]ÖP $PD EX ODIÖ GDKD ID]OD X]DWPDN LVWHPL\RUXP KHSLQL]H L\L JQOHU GLOHPHGHQ |QFHNoNELUûH\GDKDV|\OHPHNLVWL\RUXP-HDQ3DXO6DUWUH·ÖQ6|]FNOHUGL\HDQÖODUÖQÖ \D\ÖQODGÖøÖ NLWDSWD oRN J]HO ELU ûH\ YDUGÖU .ÖUND\DøD VRUPXûODU \UPH\H EDûODUNHQ |QFH KDQJL D\DøÖQÖ DWDUVÖQ GL\H NÖUND\DN R JQGU EXJQGU GûQ\RUPXû (Q L\LVL EL] R NDGDU GûQPH\HOLP NoN GH ROVD NHQGL oDSÖPÖ]GD ELU ûH\OHU \DSPD\D EDûOD\DOÖPdRNWHûHNNUOHU 7(5g56ù<$6(7ùú'h1<$6,9((7ù.3$1(/ù 3DQHO<|QHWLFLVL3URI'U$NÖQ(UJGHQ2'7h)HOVHIH%|OP%DûNDQÖ 3DQHOLVWOHU 3URI'U$KPHWùQDP2'7h)HOVHIH%|OP .D\D*YHQo7UN0KHQGLVYH0LPDU2GDODUÖ%LUOLøL%DûNDQÖ 2UKDQ%LUJLW%DVÖQ.RQVH\L<NVHN.XUXOh\HVL 8OXo*UNDQ0LOOHWYHNLOL 3URI'U&HQJL]*OHo0LOOHWYHNLOL 3URI'U'RøX(UJLO$QNDUDhQLYHUVLWHVL6L\DVDO%LOJLOHU)DNOWHVL +LNPHW8OXøED\0LOOHWYHNLOL $NÖQ(UJGHQ 'HøHUOL.RQXNODU.RQJUHPL]LQELULQFLJQQQLNLQFLRWXUXPXQDKRûJHOGLQL] %XJQN LNLQFL SDQHOLPL]LQ DGÖ ´7HU|U 6L\DVHW ùû 'Q\DVÖ YH (WLNµ ú|\OH ELU \|QWHP L]OL\RUX] ELULQFL WXUGD RQDU GDNLND NRQXûPD DUDGD VRUXODUÖ DOÖS RQGDQ VRQUD LNLQFL WXUGD PPNQ ROGXøX NDGDU VRUXODUD FHYDS ûHNOLQGH 7DELv ELWLUPHGLøLQL] NRQXODUÖ GD LNLQFL WXUD DNWDUÖUVDQÖ] VHYLQLULP %LULQFL WXU RQDU GDNLND $KPHW ùQDP ELU IHOVHIL DoÖû NRQXûPDVÖ \DSDFDN 2QGDQ VRQUD GD VDQÖ\RUXP RWXUXû VÖUDVÖQD J|UH NRQXûPDFÖODUD V|] YHUHFHøLP (YHW LON RODUDN 6D\ÖQ $KPHW ùQDP NRQX\D IHOVHIL ELU JLULû\DSDFDN %X\XUXQX]6D\ÖQùQDP $KPHWùQDP %HQ G|UW NDYUDPÖ ûX ûHNLOGH EDøOÖ\RUXP ùû GQ\DVÖ PHG\D WHU|U YH HWLN 'ûQFHPL DoÖNOD\D\ÖP EX G|UW NDYUDP DUDVÖQGDNL LOLûNL\L %LU G]HQGH \DûÖ\RUX] %X G]HQGHøLûLNDGODUODDQÖOÖ\RU(øHUoRNVÖFDN\DNODûÖUVDQÖ]GQ\DQÖQLoLQGHEXOXQGXøX VRV\RHNRQRPLN YH NOWUHO G]HQH LûWH OLEHUDO G]HQ GL\HELOLUVLQL] \D GD ELUD] GDKD HOHûWLUHO ELU DGODQGÖUPD LOH NDSLWDOLVW G]HQ YH\D HPSHU\DOLVW G]HQ KHU QH\VH %X G]HQ ELOLPGHQ YH WHNQRORMLGHQ JFQ DODQ ELU oDUN YH oRN \RøXQ N|NOHUL RODQ ELU LûOH\LûRODUDNJ|]N\RUVDQD\LGHYULPLQGHQVRQUDúLPGLEXLûOH\LûLoHULVLQGHLûoHYUHVL EX G]HQLQ NDoÖQÖOPD] ELU SDUoDVÖ RODUDN J|]N\RU <DQL EX G]HQLQ oDUNODUÖQÖ G|QGUHQ LQVDQODU YH EX LQVDQODUÖQ ROXûWXUGXøX NXUXPODU YH EX G]HQLQ GLQDPLøLQL ROXûWXUDQ E\N ELU HQHUML ND\QDøÖ Lû oHYUHVL %X G]HQLQ LoLQGH \DûD\DQ LQVDQODUOD EX G]HQ DUDVÖQGDNL N|SU\ KDEHUOHûPH\L VDøOD\DQ GD PHG\D 0HG\DQÖQ R EDNÖPGDQ oRN|QHPOLELULûOHYLYDUdQNPHG\DEXG]HQLQoDUNÖQÖG|QGUGøQGûQHQYH EX oDUNÖQ G|QPHVLQGH JF HOLQGH EXOXQGXUDQODU LOH EX oDUNÖQ LoLQGH G|QHQ LQVDQODU DUDVÖQGDNLKDEHUOHûPH\LVDøOD\DFDNRODQEXG]HQLQQDVÖOELUG]HQROGXøXNRQXVXQGD ELOJL YHUHFHN RODQ EX G]HQLQ JHUoHNOLN DQOD\ÖûÖQÖQ JHUoHNOLNOH RODQ LOLûNLVLQL NXUDFDN RODQKDEHUND\QDøÖRODUDNJ|]N\RU'ROD\ÖVÖ\ODEXG]HQGHNLDNVDNOÖNODUGDQKHPEX G]HQL oHYUHOH\HQ YH EX G]HQLQ NDoÖQÖOPD] SDUoDODUÖ YH EX G]HQL oHYLUHQ NLûLOHU RODUDN Lû oHYUHVL VRUXPOX KHP GH EX G]HQL oHYLUHQ YH GHYDP HWWLUHQ JF YHUHELOHQ DNWDUDQ EX JoOH LOJLOL KDEHUOHU YHUHQ PHG\D E\N |OoGH VRUXPOX 7HU|U LûWH EX 8OXVDO8\JXODPDOÖ(WLN.RQJUHVL G]HQLQ oHYULOLûL LOH LOJLOL EX LNL JFQ LOLûNLVLQGH RUWD\D oÖNÖ\RU dQN EX G]HQGHQ UDKDWVÖ] RODQ EX G]HQGHNL KDNVÖ]OÖøÖ EX G]HQGHNL DGDOHWVL]OLøL EX G]HQGHNL HNVLNOLNOHUL YH |]UOHUL NDEXO HWPH\HQ YH EXQODUD NDUûÖ oÖNDQ LQVDQODUÖQ ELU WHU|U ³ RQD\OD\ÖQYH\DRQD\ODPD\ÖQWDELE\N|OoGHWHU|URQD\ODPÖ\RUX]DPD³EXG]HQH NDUûÖ oÖNDELOPH %X G]HQLQ LûOH\LûLQH EDNDQ KHP Lû oHYUHOHULQLQ oHYLUGLøL ELU G]HQ RODUDN EX G]HQH NDUûÖ oÖNÖ\RU KHP GH PHG\DQÖQ EX G]HQLQ LûOH\LûL LOH LOJLOL EX G]HQLQ ]HULQH |UWWø |UWOHULQGHQ UDKDWVÖ] RODQ <DQL JHUoHNOLøL ELU ELoLPGH VDSWÖUDQ VDNOD\DQ oDUSWÖUDQ JoOHUH NDUûÖ ELU oÖNÖû RODUDN WHU|U NHQGLQL J|VWHUL\RU GL\H GûQ\RUXP %X DQODPGD WHU|U QH NDGDU N|WOHUVHN N|WOH\HOLP ³PDVXP ELU VU LQVDQÖQ |OPQH \RO DoWÖøÖ LoLQ³ EX G]HQLQ LûOH\LûLQLQ NDoÖQÖOPD] ELU SDUoDVÖ RODUDN J|]N\RU<DQLEXG]HQRQXoHYLUHQLûDGDPODUÖLOHG|Q\RUEXG]HQLQKDEHUFLOHUL LOH G|Q\RU $PD EXQGDQ UDKDWVÖ] RODQ LQVDQODUÖQ LV\DQ HWPH ELoLPL RODUDN WHU|UOH GH G|Q\RU ']HQ E|\OH NXUXOXQFD EDQD |\OH JHOL\RU NL LVWHU LVWHPH] EX G]HQGHQ UDKDWVÖ] RODQ EX G]HQGHQ DFÖ oHNHQ LQVDQODUÖQ QH GHQOL LûWH |]JUON LQVDQ KDNODUÖ NDUGHûOLNHûLWOLNDGDOHWV|]OHULNXOODQÖOÖUVDNXOODQÖOVÖQRODøDQG]HQLQNXUDOODUÖQDX\JXQ NDUûÖ oÖNPD RODQDøÖ YH G]HQL GHøLûWLUPH XPXGXQX WDûÖPD\DQ G]HQGHQ EX DQODPGD XPXGXQX NHVPLû YH G]HQLQ DNVDNOÖNODUÖQÖ ELU HOHûWLUL YH RQD ELU LV\DQ RODUDN J|]NHQ WHU|U KDUHNHWL RUWD\D oÖNÖ\RU 'ROD\ÖVÖ\OD WHU|U LOH PFDGHOHGH EHQFH G]HQLQ EWQQQ HOH DOÖQPDVÖ OD]ÖP <DQL QDVÖO ELU G]HQGH \DûÖ\RUX] NL WHU|U GHQLOHQ LQVDQOÖNGÖûÖELUûH\RUWD\DoÖNÖ\RU1DVÖOELUG]HQGH\DûÖ\RUX]NLEXG]HQLQVUPHVLQL VDøOD\DQ Lû DGDPODUÖ YH PHG\D PHG\DQÖQ JHUoL PXKDOLI RODQ NÖVÖPODUÖ GD YDUGÖU DPD EHQPHG\D\ÖEWQ\OHWRSODPRODUDNROXPVX]ELU\HUGHJ|U\RUXP<DQLEXG]HQLQ oDUNODUÖQÖQG|QPHVLQHKL]PHWHGHQELUNXUXPRODUDNJ|U\RUXPdQNPHG\DEXJQ KHP EL]LP ONHPL]GH KHPGQ\DGD Lû oHYUHOHUL LOH oRN \DNÖQGDQ LOLûNLOLGLU 'ROD\ÖVÖLOH WHU|U NDoÖQÖOPD] ELU H]LOHQ DFÖ oHNHQ KDNVÖ]OÖøD XøUD\DQ LQVDQÖQ NHQGLQL DQODWPD ELoLPL RODUDN J|]N\RU $PD EX ûHNLOGH DQODWPDVÖQD HOEHWWH NL J|QOP] UD]Ö GHøLO ùQVDQOÖøÖQ ELU DQODWÖP ELoLPL GHøLO $PD EDûND WUO EX G]HQGH H]LOHQ LQVDQODU NHQGLOHULQL DQODWPD RODQDøÖ EXODPÖ\RUODU %HONL GH EX WHU|U \]QGHQ ELUWDNÖP ûH\OHUL \HQLGHQ J|]GHQ JHoLUPHPL] JHUHN EX G]HQLQ EHONL VLONLQPH NHQGLQH JHOHELOPH RODQDøÖ GD WHU|UGH J|]N\RU dRN DFÖ ELU ûH\ oRN NDQOÖ ELU ûH\ LVWHQPH\HQ ELU ûH\ DPD WHU|U EX DQODPGD ELU RODQDN LQVDQODU LoLQ <DQL ELUG]HQLQ DNVDNOÖNODUÖQÖ \HQLGHQ J|]GHQ JHoLUPHN GDKD L\L ELU GQ\D YH GDKD L\L ELU JHOHFHN LoLQ QH GHQOL WUDMLN YH DFÖ ROXUVDROVXQ|QHPOLELULPNDQRODUDNJ|UO\RUGRøUXVXùûWHHWLNEXUDGDJLUL\RU<DQL EX G]HQ QDVÖO ELU G]HQ NL EX G]HQGH DFÖ oHNHQ LQVDQODU NHQGL VHVOHULQL WHU|UOH GX\XUDELOL\RUODU ùûWH HWLN EX oO LOLûNLQLQ \HQLGHQ J|]GHQ JHoLULOPHVL DoÖVÖQGDQ oRN |QHPOL %L]H QH\L J|VWHUL\RU QH\L VRUX\RU HWLN ND\JÖPÖ]" ùQVDQ RODUDN EX GQ\DGD \DûDUNHQ LoLQGH \DûDGÖøÖPÖ]G]HQLQGHøHUOHULQLVRUJXODPDPÖ]D\RODoÖ\RU%XQXHWLNDoÖGDQ\DSDFDøÖ] 6DQÖ\RUXP G]HQL oHYUHOH\HQ oDUNODUÖQ HQ E\N \DQÖOJÖVÖ G]HQGHNL EX DNVDNOÖøÖ EX WHU|U EHODVÖQÖ J|UU J|UPH] EXQX KHPHQ ELU NDUûÖ WHU|UOH KDOOHWPH\H oDOÖûPDODUÖ HWLN ER\XWX XQXWPDODUÖ <DQL VRUPDODUÖ JHUHNHQ KHU ûH\GHQ |QFH ´1HUHGH \DQOÖû \DSÖ\RUX]" <DûDGÖøÖPÖ] EX KD\DWÖQ QHUHVL \DQOÖû" ´'HøHUOHULPL]LQ KDQJLVLQGH \D GD KDQJLOHULQGH DNVDNOÖNODU |]UOHU YDU NL EX FHKHQQHPL \DûDPDN GXUXPXQGD\Ö]"µ JLEL VRUXODU gQFHOLNOL RODUDN VRUXOPDVÖ JHUHNHQ EX VRUXODU HWLøH GDLU VRUXODUGÖU oQN HWLN JHQHO DQODPÖ\OD ûXQD FHYDS YHULU ´1DVÖO \DûDPDOÖ" +DQJL GHøHUOHUOH \DûDPDOÖ" +DQJL GHøHUOHUOH \DûDPDOÖ NL EX FHKHQQHP RUWDGDQ NDONVÖQ GQ\D GDKD J]HO ELU \HU KDOLQH JHOVLQ"µ $PD EX VRUXOPX\RU DUDûWÖUÖOPÖ\RU YH EWQ Lû HWLN DGÖQD \DSÖODQ ELU WDNÖP 7HU|U6L\DVHWùû'Q\DVÖYH(WLN3DQHOL NRGODUÖQ DUDQPDVÖ RODUDN J|UO\RU (øHU ELU WDNÖP NRGODU EXOXQXUVD ELU WDNÖP WDQÖPODPDODU \DSÖOÖUVD ³´WHU|U QHGLU" |]JUON QHGLU"µ JLEL³ PHVOHN DKODNÖQÖQ NRGODUÖ YH PHVOHNWH oDOÖûDQODUÖQ X\PDVÖ JHUHNHQ NXUDOODU YHULOLUVH KHU ûH\ DoÖN YH VHoLN RUWD\D NRQXUVD VRUXQ o|]OU VDQÖOÖ\RU $PD SUREOHP EXUDGD GHøLO NL 6L] LVWHGLøLQL] NDGDU EDQD J|UH NXUDO NR\XQ EX G]HQ YH EX Lû GHøLûPHGHQ VUGø VUHFH NXUDOODU XPXPXQ NXUDOODUÖ KDOLQH JHWLULOHELOLU LNWLGDUÖQ JFQ VUGUPH \|QQGH G|QûWUOHELOLU YH \R]ODûWÖUÖODELOLU 2UWDGD GHPRNUDVL LQVDQ KDNODUÖ DGDOHW HûLWOLN |]JUON NDYUDPODU XoXûXUGXUXU YHVL] KHU QH NDGDU J]HO ELU G]HQGH \DûDGÖøÖQÖ]YH KHU ûH\LQ \HUOL \HULQH RWXUGXøX KVQNXUXQWXVXQD NDSÖOÖUVDQÖ] NDSÖOÖQ EX GQ\DQÖQ \DUDWWÖøÖ FHKHQQHP EX GQ\DGDNL KDNVÖ]OÖNODU YH ]XOP VUPH\H GHYDP HGHU 2QXQ LoLQ EXUDGD KHP Lû oHYUHOHULQLQ KHP Lû oHYUHOHULQH EDøOÖ RODUDN VL\DVHWLQ YH RQD EDøOÖ RODUDN GD DVNHUL JFQ HNRQRPLN JFQ NHQGLQL EX DQODPGD HWLN DoÖGDQ \HQLGHQ J|]GHQ JHoLUPHVL JHUHNL\RU %X VDGHFH J|UQûWH ELU WDNÖP \HQL NXUDOODUÖQ \HQL WDQÖPODUÖQ YH \HQL NDYUDPODUÖQ EXOXQPDVÖ VRUXQX GHøLOGLU EX ELU \DûDPD ELoLPL VRUXQXGXU ELU WDYÖU VRUXQXGXU .XUDO ROXûWXUXOPDVÖQD YH GHøHUOHULQ DUDûWÖUÖOPDVÖQD NDUûÖ GHøLOLP DPD EX NXUDOODUD X\JXQ LQVDQÖQ \DSÖVÖQÖ DUDûWÖUPDN OD]ÖP JHOGLøLQL GûQ\RUXP %X NXUDOODUD X\JXQ WXWXPX DUDûWÖUPDN OD]ÖP %X NXUDOODUD X\JXQ DKODN NDUDNWHULQL DUDûWÖUPDN JHUHN dQN LQVDQ |\OH JDULS ELU YDUOÖNWÖU NL VL] QH NDGDU NXUDOODU NR\DUVDQÖ] NR\XQ YH RQODU QH NDGDU NXUDOODUD X\X\RUPXû L]OHQLPL YHULUOHUVH YHUVLQOHURNXUDOODUDX\DUDNGDNXUDOVÖ]DKODNGÖûÖELUGQ\D\DUDWPDLPNDQÖKHU]DPDQ YDUGÖU oQN LQVDQ NÖYÖUWDQ oDUSÖWDQ YH LVWHGLøL NXUDOÖ LVWHGLøL \|QH oHNHELOHQ ELU YDUOÖNWÖU 2QXQ LoLQ LQVDQÖQ |]\OH LOJLOL oRN GHULQ ELU SUREOHPLPL]LQ ROGXøXQX GûQ\RUXP ùûWH HWLN VRUJXODPD EXUDGD EDûOÖ\RU (WLN VRUJXODPD NRQXVXQX ûX WLS VRUXODUGDQ DOÖU ´ùQVDQ QHGLU" 1DVÖO ROPDOÖGÖU" .RQXODQ NXUDOODUOD YH EX \NVHN GHøHUOHUH X\JXQ \DûDPD\OD LOJLOL RODUDN QDVÖO NHQGLQL JHOLûWLUPHN ]RUXQGDGÖU"µ (øHU LQVDQNHQGLNR\GXøX\NVHNGHøHUOHUHX\JXQ\DSÖVDOGHøLûLPLJHUoHNOHûWLUHPH]VHNHQGL NHQGLQL DOGDWPD\Ö VUGUHFHNWLU <DQL \LQH WHU|UH WHU|UOH NDUûÖ NR\DFDN KDNVÖ]OÖøÖ \HQPHNLoLQ\LQHKDNVÖ]OÖN\DSDFDNDPDDGÖGHøLûHFHNEXVHIHUNHQGL\DSWÖøÖKDNVÖ]OÖøD GHPRNUDVL GL\HFHN |]JUON GL\HFHN LQVDQ KDNODUÖ GL\HFHN JF ROPD\DQODUÖQ NDUûÖ oÖNÖûODUÖ WHU|U RODFDN DPD JF RODQODUÖQ HVWLUGLøL WHU|UQ DGÖ LQVDQ KDNODUÖ |]JUON GQ\D EDUÖûÖ GQ\D G]HQL RODFDN 2QXQ LoLQ EWQ EXQODUÖ E\N ELU WDUDIVÖ]OÖNOD YH JQGHOLN ND\JÖODUÖQ VÖUDGDQ oÖNDUODUÖQ X]DøÖQGD \HQLGHQ J|]GHQ JHoLUPHPL] JHUHNLU GL\H GûQ\RUXP 2QXQ LoLQ HWLN ER\XWX oRN DQODPOÖ J|U\RUXP (WLN NRQXVXQD GD oRN PHQIDDWSHUHVW oÖNDUFÖ ELU DoÖGDQ EDNPDPDN JHUHN oQN LoLP ûXQD oRN \DQÖ\RU JHUoHNWHQùQVDQEXNDGDUGHøLOLQVDQEXFHKHQQHPLKDNHWPL\RUùQVDQEX]XOPKDN HWPL\RU ùQVDQ ûX DûDPDGD \\·D JLUGLøLPL] E|\OH ELU G|QHPGH LQVDQ ROPD\Ö KkOk EHFHUHPL\RU 2 QHGHQOH WDUWÖûPDODUÖ GDKD HWLN GDKD \NVHN GHøHUOHUOH YH NHQGL Lo G|QûPP]OH LOJLOL VRUJXODPDODUOD VUGUPHOL\L] GL\H GûQ\RUXP 3UDWLN VL\DVL oÖNDUFÖND\JÖODUGDQX]DNODûPD\DoDOÖûDUDN7HûHNNUHGL\RUXP $NÖQ(UJGHQ $KPHWùQDP·DEXVRQGHUHFHD\GÖQODWÖFÖJLULûNRQXûPDVÖLoLQWHûHNNUHGHUL]úLPGL V|]+LNPHW8OXøED\·DEÖUDNPDNLVWL\RUXP%X\XUXQX]6D\ÖQ8OXøED\ +LNPHW8OXøED\ 7HûHNNUOHU 6D\ÖQ %DûNDQ 6D\ÖQ %DûNDQ 2UWD 'RøX 7HNQLN hQLYHUVLWHVLQLQ 'HøHUOL<|QHWLFLOHULYH%LOLPgøUHWHQOHUL'HøHUOL.RQXNODUYH6HYJLOLgøUHQFLOHU+HU ûH\GHQ |QFH 2UWD 'RøX 7HNQLN hQLYHUVLWHVLQL hQLYHUVLWHQLQ )HOVHIH %|OPQ YH 8OXVDO8\JXODPDOÖ(WLN.RQJUHVL E|OP EDûNDQÖ SDQHO \|QHWLFLPL] 3URI 'U $NÖQ (UJGHQ·L 8OXVDO 8\JXODPDOÖ (WLN .RQJUHVL·QLQ LONLQL G]HQOHGLNOHUL LoLQ NXWODU YH EX oHUoHYHGH WHU|U VL\DVHW Lû GQ\DVÖ YH HWLN SDQHOLQGH EDQD J|UûOHULPL DoÖNODPD IÖUVDWÖ YHUGLNOHUL LoLQ GH WHûHNNUOHULPL VXQDUÖP ùQVDQOÖNWDULKLQLHOHûWLUHOJ|]OHHOHDOGÖøÖPÖ]GDLNWLGDUÖYH\|QHWLPLHOHJHoLUHELOPHN LoLQoHûLWOLNHVLPOHULQ\DSWÖøÖPFDGHOHOHULYHEXPFDGHOHOHUGHNXOODQÖODQoHûLWOLDUDoODUÖ J|UU] %X PFDGHOHGH DUDoODUÖQ |QHPOL ELU URO R\QDGÖøÖQÖ GD J|]OHPOHUL] 6L\DVHW Lû GQ\DVÖ PHG\D KDWWD YH KDWWD WHU|U ]DPDQ ]DPDQ R LNWLGDUÖ HOH JHoLUPHN YH\D R LNWLGDUGDV|]VDKLELRODELOPHNLoLQoHûLWOL\|QWHPOHUNXOODQDJHOPLûWLUùNWLGDUÖYH\DGDKD JHQLûELULIDGHLOHJFHOHJHoLUPHNLoLQ\DSÖODQoHNLûPHOHUGHX\JDUDGLODUDoODUNDGDU KLOH GHVLVH JLEL VLODKODUÖQ GD \RøXQ ELU ûHNLOGH NXOODQÖOGÖøÖQÖ J|UU] dQN EX PFDGHOHGH 0DN\DYHOL]PL WDQÖPODPDN LoLQ NXOODQÖODQ WHUPLQRORML\L NXOODQÖUVDN NL 0DFKLDYHOOL ]DPDQ ]DPDQ \DQOÖû \RUXPODQÖU ´JD\H YDVÖWDODUÖ PHûUX NÖODUµ 0FDGHOHGH HUGHPOL DUDoODUÖ NXOODQDQODU NDGDU HUGHPVL] DUDoODUÖ NXOODQDQODUD GD VÖNoD UDVWODQÖU 7RSOXP RODUDN oHNWLøLPL] VÖNÖQWÖODUÖQ YH KX]XUVX]OXNODUÖQ WHPHOLQGH EX HUGHP EXQDOÖPÖ GD |QHPOL ELU \HU WXWDU 1LoLQ KHU WUO PFDGHOH\L EX LNWLGDU LoLQ ROVXQ GLøHU DPDoODU LoLQ ROVXQ HUGHP oHUoHYHVLQGH \UWHPL\RU GD HUGHPH DGDOHWH X\PD\DQ \|QWHP YH DUDoODUÖ NXOODQPDN GXUXPXQGD NDOÖ\RU LQVDQOÖN" 7DULK EX VUHFL \DûDPÖû HUGHP |QHPOL ELU PFDGHOH YHUHJHOPLû DQFDN QHGHQ KkOk ELUD] VRQUD |UQHNOHULQH GHøLQHFHøLP WUGHQ L\L \|QWHPOHU YH N|W \|QWHPOHUOH PFDGHOH GHYDP HGL\RU" 'ROD\ÖVÖ\OD EXJQ VL]OHUOH ELUOLNWH EX NRQXODUÖ WDUWÖûWÖøÖPÖ]GD ELU DQODPGD LQVDQOÖN WDULKLQGH \DSÖODJHOHQ WDUWÖûPDODUD ELU \HQLVLQL GDKD HNOHPLû RODFDøÖ] hPLW HGHOLPNLEXWDUWÖûPDODUWRSOXPXGDKDL\L\HGRøUXJ|WUPHGHNDWNÖGDEXOXQVXQ %X WDULKL VUHFH EDNWÖøÖPGD \DQL LQVDQOÖøÖQ LNWLGDU YH\D GLøHU PFDGHOHOHULQGH HUGHPOLYH\DHUGHPVL]DUDoODUÖNXOODQPDVÖQÖQWHPHOLQGHDVOÖQGDDLOHGHEDûOD\DQRNXOGD GHYDP HGHQ WRSOXP LoLQGH VUHQ YH VRQ oDøODUGD GD PHG\DQÖQ GD |QHPOL URO DOGÖøÖ HøLWLP RUWDPÖQGD LQVDQOÖN GHøHUOHULQLQ |øUHWLOPHVLQGH YH ND]DQGÖUÖOPDVÖQGD QRNVDQOÖNODU ROGXøXQX J|U\RUXP %XQD GD oRN |QHP YHUL\RUXP =LUD EL] oRFXøX GRøGXøX DQGDQ LWLEDUHQ X\JXQ RUWDPGD X\JXQ GHøHUOHUOH \HWLûWLUPH]VHN \HWLûNLQ oDøÖQD JHOGLøLQGH R G|QHPH NDGDU HOGH HWWLøL KDWDOÖ ND]DQÖPODUÖ GHøLûWLUHELOPHN oRN ]RUGXUdQNNLûLOLNROXûPXûLQDQÖODQGHøHUOHU\HUOHûPLûWLU.D]DQÖODQEXGHøHUOHUGHQ \HWLûNLQ oDøÖQGD YD]JHoPHN EX DQODPGD NLûLOLøLQGHQ YD]JHoPHN LQDQFÖQGDQ YD]JHoPHN DQODPÖQD JHOL\RU %X PFDGHOHQLQ LoLQH JLUPHN LVWH\HQOHU GH oRN ID]OD ROPX\RU 2 QHGHQOH LQVDQOÖøÖQ \DSDJHOGLøL YH EXJQ GH WHNUDUODPDNWD ROGXøX KDWD oRFXøD GRøGXøX DQGDQ LWLEDUHQ YHUGLøL WRSOXPVDO HøLWLPH DWIHWWLøL |QHPLQ GûN ROPDVÖ YHKDWDODUÖQÖ RUDGD LûOHPHVLGLU úLPGL GûQQ NL ELU oRFXNGQ\D\D JHOL\RU YH RQVHNL]\DûÖQDNDGDUDQQHVLHYGHG|YO\RUNDUGHûOHULG|YO\RUNHQGLVLG|YO\RU 2NXOD JLGL\RU RNXOGD GD G|YO\RU 0DKDOOHGH GH G|YO\RU úLPGL EX oRFXøXQ ]LKQLQGH D\DNWD NDODELOPHN LoLQ WHU|U HVWLUPHNWHQ EDûND ELU DUDo YH JHUHFLQ |Q SODQGD RODELOPHVL PPNQ P" 0PNQ GHøLO 'ROD\ÖVÖ\OD LoLQGH \HWLûWLøLPL] RUWDP YH\D oRFXøD oRFXN ROGXøX DQGDQ LWLEDUHQ \NOHGLøLPL] GHøHUOHUOH EL] R LQVDQÖQ YH D\QÖ ]DPDQGDGDWRSOXPXQJHOHFHøLQLûHNLOOHQGLUL\RUX] .LûLQLQ\HWLûPHVLQGHYHNLûLOLøLQROXûPDVÖQGDEXGHQOL\DûDPVDO|QHPLRODQHøLWLPH PDDOHVHI 7UNL\H·GH NDPX ND\QDNODUÖQGD *60+·QÖQ ·VLQL D\ÖUPDN VXUHWL\OH GQ\DQÖQ |QGH JHOHQ NÖUN HNRQRPLVL LoLQGH RWX] GRNX]XQFX VÖUDGD\Ö] %|\OH ROXQFD GD DOWPÖû LOD \] NLûLOLN VÖQÖIODUGD GHUV YHUPHN GXUXPXQGD RODQ |øUHWPHQOHUH WRSOXPXQ HQ GûN FUHWLQL YHULUVHQL] |øUHWPHQ PHVOHøLQL VHoHQOHULQ NDOLWHVL YH 7HU|U6L\DVHWùû'Q\DVÖYH(WLN3DQHOL NHQGLOHULQL \DûDP ER\X HøLWPHNWH NDUûÖODûWÖNODUÖ VÖNÖQWÖODU GD HøLWLPLQ NDOLWHVLQL YH UQQ HWNLOHU %XQXQ \DQÖQGD RNXPDGDQ VRøXWDFDN WDU]GD ELU HøLWLP SROLWLNDVÖ ROGXøXVUHFHEHOLUOLNXUXPODUÖGDELWLUVHOHUELOHJHQoOHUVRQXoWDELULûHJLUHPL\RUODUVD VRUXQ FLGGL ELU ELoLPGH EDûOÖ\RU (øLWLPVL] NDOPÖû YH\D L\L HøLWLP DOPDPÖû ELU NLûL Lû SL\DVDVÖQDJLUGLøLYDNLWNHQGLVLQHLûYHULOPL\RUVDYH\DYHULOHPL\RUVD\DVDGÖûÖ\ROODUGDQ NDUQÖQÖ GR\XUPDN YH KD\DWÖQÖ LGDPH HWWLUHELOPHN NDUûÖVÖQGD ELU VHoHQHN RODUDN EHOLUHFHNWLU $\UÖFD Lû RUWDPÖQGD GD HQ PDVXP NDGHPHVL ND\ÖW GÖûÖ RODUDN oDOÖûDQ DOWHUQDWLI ELU LVWLKGDP DODQÖ YDUVD LûVL] NDODQ NLûLQLQ EX DODQODUD ND\PD RODVÖOÖøÖ D]ÖPVDQPD\DFDN ER\XWWD RODFDNWÖU ùûWH GQ\DQÖQ KHU WDUDIÖQGD \DVD GÖûÖ oDOÖûDQODU WHU|UHNXUEDQRODUDNVHoLOHQLQVDQODU\D\JÖQELUûHNLOGHEXLûVL]YHHøLWLPNDOLWHVLGûN oHYUHOHUGHQ VDøODQPD\D oDOÖûÖOPDNWDGÖU $\UÖFD PRUDO GHøHUL GûN RODUDN \HWLûPLû LQVDQODU GD EX SL\DVDQÖQ GLøHU ELU ND\QDøÖGÖU $øDo \Dû LNHQ HøLOLU PDQWÖøÖQGDQ KDUHNHWOH GûQOGøQGH LQVDQODUD JHQoNHQ \DQOÖû GHøHUOHU \NOHPHQLQ RQODUGDQ \HWLûNLQ ROGXNODUÖQGD GRøUX GHøHUOHUOH JGOHQHQ GDYUDQÖûODUGD EXOXQPDODUÖQÖ YH\D WRSOXP LoLQGH GRøUX UROOHU DOPDODUÖQÖ EHNOHPHQLQ DûÖUÖ ELU L\LPVHUOLN RODFDøÖ VRQXFXQD YDUDELOLUL] úLPGL EHQ QLoLQ DøÖUOÖNOD HøLWLPLQ ]HULQGH GXUX\RUXP RQXQ QHGHQLQL GH V|\OH\H\LP .RQJUHQLQ SURJUDP OLVWHVLQH EDNWÖøÖPÖ] ]DPDQ DLOH RNXO HøLWLP YH HWLN GHøHUOHU ]HULQGH D\UÖ ELU RWXUXPD \HU YHULOPHGLøLQL J|]OHPOHGLP %X \DNODûÖPÖ GD û|\OH DOJÖODGÖP +HU RWXUXPGD RWXUXP NRQXVX LûOHQLUNHQ GRøDO RODUDN NRQXQXQ HøLWLPLQER\XWXQDGD\HUYHULOHFHNYHLûOHQHFHNWLU%XDQOD\ÖûÖGRøUXODPDNLoLQGHEHQ NHQGL VUHPLQ EHOLUOL ELU E|OP HøLWLPH D\ÖUGÖP %LUD] |QFH GLOH JHWLUGLøLP DQOD\ÖûÖ \DQL JHQoOLøLQGHQ LWLEDUHQ LQVDQODUD QH GHøHUOHU YHUL\RUVDN NHQGL \DûDPODUÖQÖ YH WRSOXPX HWNLOH\Lû ER\XWODUÖQÖ ûHNLOOHQGLULUL] J|UûQ EHQGHQ oRN |QFH PLODWWDQ |QFH G|UGQF \]\ÖOGD (IODWXQ V|\OHPLûWLU ´(øLWLPLQ EDûODGÖøÖ \|Q LQVDQÖQ JHOHFHN \DûÖQÖ EHOLUOHUµ'RøUXHøLWLPOHEDûODUVDQÖ]L\LLQVDQ\HWLûWLULU\DQOÖûHøLWLPOHEDûODUVDQÖ]\DQOÖû LQVDQ\HWLûWLULUYHVRQXoODUÖQDNDWODQÖUVÖQÖ]DUDVÖQGD\DûDPÖûùVYHoOLSHGDJRJ -RKDQQ3HVWDOR]]Lû|\OHGL\RU´$KODNUXKYHJ|UHYELOLQFL\|QQGHQo|NPûRODQELU GQ\D DQFDN YH DQFDN HøLWLPOH LQVDQ \HWLûWLUPHNOH LQVDQODUD HUGHPL |øUHWPHNOH PPNQGUµ %XQD EHQ]HU ELUoRN |]GH\Lû \D]ÖOÖ WDULKLQ EDûODGÖøÖ 6PHUOHU·GH GH EXOXQXU (øHU LoLPL]GH IÖUVDW EXOXS 7DULK 6PHUOH %DûODU NLWDEÖQD V|\OH ELU J|] DWDQ YDUVD HWLN GHøHUOHULQ LON RQODUÖQ WDEOHWOHULQGH \HU DOGÖøÖQÖ GD DQÖPVDU ù\L YH N|W PFDGHOH VUHFL PLODWWDQ |QFH LNL ELQ o ELQ \ÖO |QFHVLQH NDGDU JLGHU 2 JQGHQ EX JQH ]DWHQ LQVDQOÖN HWLN GHøHUOHUL WDUWÖûDJHOPHNWHGLU 9H EX DUDGD WDELDWÖ\OD HøLWLP LQVDQODUÖ HYGH ûX YH\D EX \|QWHPOH WHUEL\H HWPHN RNXO VÖUDODUÖQGD ûXQX YH\D EXQX RNXWPDNWDQ LEDUHW GHøLOGLU (øLWLPLQ LoHULøL GH VRQ GHUHFH |QHPOL 8QXWPD\DOÖP NL EL]LP WRSOXPXPX]GD KHUKDOGH ELULOHULQH ]DUDUOÖ J|UQGø LoLQ \ÖOODUGÖU IHOVHIH VRV\RORML SVLNRORML PDQWÖN GHUVOHUL ]RUXQOX RODUDN RNXWXOPD] \ÖOÖQGD IHOVHIH WHNUDU]RUXQOXGHUVOHUDUDVÖQDNRQXOGXDPDDUDGDNL\ÖOODU\LWLULOGL %LU GH HøLWLP WHN EDûÖQD \HWPL\RU ùQVDQÖQ |] GHQHWLPL WRSOXPVDO \DUDUOÖOÖN DoÖVÖQGDQWDûÖGÖøÖGHøHUOHU|QHPOLùVWHUVHVL\DVHWOHXøUDûVÖQLVWHUVHDNDGHPLV\HQROVXQ LVWHUVH Lû DGDPÖ ROVXQ \DQL WRSOXPGD KDQJL URO VWOHQPLû ROXUVD ROVXQ KHU H\OHPLQL PRUDOGHøHUOHUWDUWÖVÖQGDWDUWPÖ\RUVDRWRSOXPGDVÖNÖQWÖODUYDUGHPHNWLU%XEDøODPGD QO ELUGûQUQ ELU LONHVLQL VL]OHUOH SD\ODûPDN LVWL\RUXP dLQOL GûQU .RQIo\V PLODWWDQ |QFH DUDVÖQGD \DûDPÖû NHQGLVLQH X\JXODGÖøÖ YH EL]LP GH ]DQQHGL\RUXPEXJQGDKLX\JXODPDPÖ]JHUHNHQoLONH\LV|\O\RU´+HUJQNHQGLPL o NRQXGD VRUJXODUÖP EDûNDODUÖ DGÖQD \DSWÖNODUÖPGD HOLPGHQ JHOHQLQ HQ L\LVLQL 8OXVDO8\JXODPDOÖ(WLN.RQJUHVL \DSDELOGLP PL"µ %X FPOH NDPX ND\QDNODUÖQÖ NXOODQDQ NDPX\D \|Q YHUHQ LQVDQODU LoLQ GDKD L\L LIDGH HGLOHPH]GL ´'RVWODUÖPOD LOLûNLOHULPGH V|\OHGLøLP V|]OHUOH JYHQOHULQL \LWLUWHFHN ELU ûH\ GLOH JHWLUGLP PL"µ 7RSOXPVDO LOLûNLOHUL G]HQOH\HFHN GUVWON LONHVL LoLQ NHQGLQL VRUJXODPDN EXQGDQ GDKD L\L LIDGH HGLOHELOLU PL" +HU JQ NHQGLVLQH VRUGXøX oQF VXDO LVH ´.HQGLPH X\JXODPDGÖøÖP ELU ûH\L GLøHU LQVDQODUD \DSWÖP PÖ"µ .DoÖPÖ] EX VXDOOHUL KHU JQ NHQGLPL]H VRUX\RUX]" (øHU NHQGL |]HOHûWLULPL]L \DSPÖ\RUVDN NHQGLPL]GHNL YH oHYUHPL]GHNL NoN KDWDODUD J|] \XPX\RUVDN GDKD E\N \HWNL YH LPNDQODU HOLPL]H JHoWLøL YDNLW GDKD E\N KDWDODUÖ \DSPD\DFDøÖPÖ]ÖQJDUDQWLVLQHUHGH" %XJQ DOWÖQÖ oL]PHN LVWHGLøLP ELU GLøHU KXVXV GD WRSOXPVDO GHøHUOHULQ GDKD GD N|W\H JLWPHVLQGH EL] EHOLUOL \HWNLOHUL YH DUDoODUÖ \DQOÖû NXOODQÖ\RUVDN KHP oRFXNODU KHP GH \HWLûNLQOHU LoLQ FLGGL WHKOLNHOHU \DUDWÖ\RUX] <XUW GÖûÖQGD oHûLWOL ONHOHUGH WHOHYL]\RQODUÖQ ED]Ö SURJUDPODUÖQGD ´NÖUPÖ]Ö QRNWDµ NRQXU *D]HWHOHUGHNL 79 SURJUDPODUÖQÖQDOWÖQGDGDEXNÖUPÖ]ÖQRNWDLoLQHøHUNDWROLNONHVL\VHNRGNDWROLNGL\H \D]DU <DQL RQX RQ VHNL] \DûÖQGDQ NoN oRFXNODUÖQ VH\UHWPHPHVL YH\D RNXPDPDVÖ JHUHNLU %HQLP oRFXNODUÖP \XUW GÖûÖQGD EXOXQGXøXPX] G|QHPGH EXQX J|UGNOHULQGH RGDODUÖQD JLGHUOHUGL $PD LON |øUHWLP oDøÖQGD EXUD\D G|QGNOHULQGH ´'DOODVµ GL]LVLQL DUNDGDûODUÖQGDQGLQOHGLNOHULLoLQ´6HQEL]HQHGHQVH\UHWWLUPL\RUVXQ"µGL\HLV\DQHWWLOHU %L]LP NHQGL ONHPL]GH KHU WUO SURJUDP KHU VDDWWH oRFXNODUD YH HULûNLQOHUH DoÖN %XJQEXUDGD NHQGL NHQGLPL]L \ÖSUDWWÖøÖPÖ] DUDo YH JHUHoOHUL GH oRN L\LVRUJXODPDPÖ] JHUHNLU ùûWH 57h. YV JLEL NXUXPODUÖQ ROXûWXUXOPDVÖQÖQ DUNDVÖQGD EX LKWL\DoODU \DWÖ\RU2OD\ODUÖVLYLOWRSOXP|UJWOHULDUDFÖOÖøÖ\ODGHQHWOHPHN %XJQ WRSOXP RODUDN WLFDUL DOÖûYHULûOHUGHNL KLOHGHQ N|W PDOGDQ ûXQGDQ EXQGDQ ûLND\HW HGL\RUX] (PLQ ROXQ G|UW ELQ EHû \] \ÖO |QFH GH LQVDQODU EXQGDQ ûLND\HW HGL\RUODUGÖ6PHU·GH,,,8UKDQHGDQÖQÖNXUDQ8U1DPPXPLODWWDQ|QFHLNLELQG|UW \] \ÖOÖQGD oÖNDUGÖøÖ YH HWLN EDûDUÖODUÖQÖ VÖUDODGÖøÖ \DVD\D LOLûNLQ PHWLQGH ûXQODUÖ YXUJXOX\RU ´.|N VDOPÖû EURNUDWLN \ROVX]OXNODUD VRQ YHUGLP SD]DU \HULQGH GUVWOø VDøODPDN LoLQ DøÖUOÖN YH |OoOHUH G]HQOHPH JHWLUGLP GXO \HWLP YH \RNVXODUÖ N|W GDYUDQÖûODUGDQ NRUXGXPµ $GHWD EXJQ \D]ÖOPÖû $UDGDQ G|UW ELQ EHû \] VHQH JHoPLû G|UW ELQ EHû \] \ÖOGD QH NDGDU GHYOHW NXUXOGX\VD KHU ELULQLQ \DVDODUÖQGDEXQODUYDU$PDûXQXXQXWPD\DOÖPELUD]|QFH'HøHUOL+RFDPÖQGDLIDGH HWWLøL JLEL LQVDQÖQ PD\DVÖQGD L\LOLNOH N|WON \DQ \DQD ù\LOLNOH N|WOøQ PFDGHOHVL LQVDQOÖNWDULKLDGDOHWOLROPDNODDGDOHWVL]ROPDQÖQPFDGHOHVLEXWDULKD\QÖ]DPDQGD9H EX PFDGHOHGH ]DPDQ ]DPDQ N|WONOHU DGDOHWVL]OLNOHU YH\D HUGHPVL]OLNOHU |Q SODQD oÖNDELOGLøL LoLQ WRSOXPODU \ÖNÖOÖ\RU 8U1DPPX·QXQ GD KDQHGDQÖ \ÖNÖOGÖ GHYOHWL WDULKH NDUÖûWÖRQGDQVRQUDELUVUWRSOXP\DûDPODUÖQÖVUGUGYHWDULKHNDUÖûWÖODUùûWHL\L\OH N|WQQ PFDGHOHVLQL EX EDûDUÖ YH EDûDUÖVÖ]OÖNODU ûHNLOOHQGLUL\RU 6|]OHULPL WDPDPODPDGDQ |QFH EX E|OPGH ELU ûH\LQ GDKD DOWÖQÖ oL]PHN LVWHULP 'HøHUOL DUNDGDûÖP EHQGHQ |QFH V|\OHGL QRUPODUÖ NRGODUÖ oRN L\L NR\PDPÖ] OD]ÖP <HWHUOL GHøLO oQN QRUPODUÖ YH NRGODUÖ NR\GXøXQX] DQGD RQODUÖQ GÖûÖQGD \DûDPDN LVWH\HQOHU VL] RQODUÖ \D]GÖøÖQÖ] GDNLNDGDQ LWLEDUHQ RNX\XS RQODUÖQ ERûOXNODUÖQÖ EXOXS EX ERûOXNODUGDQ LVWLIDGH HWPHQLQ \ROODUÖQÖ DUÖ\RU 6L] EXQX IDUN HGHQH GHøLQ GH EHOOL ELU ]DPDQ JHoL\RU 2 ]DPDQ ERûOXøXQGD GD LVWHQHQ VRQXoODU HOGH HGLOL\RU 2 QHGHQOH 3XEOLOLXV 6\UXV ûXQX GL\RU EX DQOD\ÖûÖ PRUDO GHøHUOHULPL]LQ LoLQH DOPDPÖ] JHUHNWLøLQH LQDQÖ\RUXP´.DQXQODUROPDGÖøÖQGDELOHYLFGDQYDUGÖUµùûWH.RQIo\V·Q\DSWÖøÖGD KHU JQ NHQGL YLFGDQ PDKNHPHVLQH oÖNÖS VRUJXODPD\D YHUGLøL \DQÖWODUOD PRUDO GHøHUOHULQL NRUXPDVÖ YH \NVHN WXWPDVÖGÖU úLPGL EL]LP GH LQVDQODUÖPÖ]D DLOHGHQ 7HU|U6L\DVHWùû'Q\DVÖYH(WLN3DQHOL EDûOD\DQ HøLWLP VLVWHPLPL]OH NR\GXøXPX] NDQXQODU YHUGLøLPL] NRGODU YV YDU (YHW DPDEXQODU\RNNHQGDKLYLFGDQGRøUX\X\DQOÖûWDQD\ÖUWHGHELOPH\HWHUOLOLøLQHVDKLSPL" %X \DUJÖ\Ö YHUHELOHFHN GRQDQÖPODUOD GROX ROGXøXPX] YDNLW ]DQQHGL\RUXP HUGHP ID]LOHW DGDOHW L\LOLN PFDGHOHVLQGH KHU ELULPL]LQ NLûLVHO YH\D NXUXPVDO NDWNÖODUÖ GDKD JoO YH NDOÖFÖ RODFDNWÖU %X NDWNÖODUÖ \|QHOWWLøLPL] NXUXPODU LWLEDUL\OH D\DNWD WXWWXøXPX] VUHFH GDKD L\L YH GDKD J]HO ELU \DUÖQÖ oRFXNODUÖPÖ]D EÖUDNDELOPHN LoLQ J|UHYLPL]L\DSPÖûROPDRQXUXQXWDûÖ\DFDøÖ]7HûHNNUOHU $NÖQ(UJGHQ 7HûHNNU HGHUL] 6D\ÖQ 8OXøED\ 6ÖUDGDNL NRQXûPDFÖPÖ] 'RøX (UJLO %X\XUXQX] 6D\ÖQ(UJLO 'RøX(UJLO %HQ ELUD] IDUNOÖ ELU ER\XWX GLOH JHWLUPHN LVWL\RUXP 7HU|UL]P WDULK LoLQGH oHûLWOL DûDPDODUGDQ JHoWL ·GHQ %LULQFL 'Q\D 6DYDûÖ·QD NDGDU JHoHQ G|QHPGH DQDUûLVW KDUHNHWOHULQ GH LoLQGH EXOXQGXøX ELU WUO JHUoHNOHûPH\HQ UHIRUPX ]RUODPDN DGÖQD ûLGGHW H\OHPOHULQL LoHUHQ ELU GDOJD\Ö J|UGN 2QGDQ VRQUD %LULQFL 'Q\D 6DYDûÖ LOH ùNLQFL 'Q\D 6DYDûÖ·QGDQ ELU RQ \ÖO VRQUD\D NDGDU GHYDP HGHQ LNLQFL ELU G|QHP YDU ·ODUD NDGDU GL\HOLP %X GDKD oRN EDøÖPVÖ]OÖN |]JUON |]HUNOLN PFDGHOHOHULQL LoHUHQ ELU WDU]GÖ ·WDQ VRQUD PHY]LL ROPDNWDQ oÖNÖS JLGHUHN XOXVODUDUDVÖODûDQ ELU WU WHU|UL]P WLSLQH JHOL\RUX] %XQXQ HQ oDUSÖFÖ |UQHøL )LOLVWLQOL JHULOODODUÖQ 0QLK·WHNL ROLPSL\DWNDPSÖQÖEDVPDVÖùVUDLOOLVSRUFXODUÖUHKLQDOPDVÖYHoRNNDQOÖELWHQRH\OHPGH EWQGQ\DQÖQ|QQGHVHUJLOHQHQ WHDWUDO ELUROD\GÖ 2JQGHQ LWLEDUHQ ·OHUGH L\LFH EHOLUJLQOHûPLû RODQ GDYDODUÖQ JLGHUHN NXWVDOODûWÖUÖOGÖøÖ YH EX NXWVDOOÖøÖQ E\N |OoGH GLQ LOH WHPHOOHQGLULOGLøL VDGHFH R ]DPDQD NDGDU ELOGLøLPL] WHU|UL]P PDQWÖøÖQD X\JXQ GHøLOIDNDWD\QÖ]DPDQGDNHQGLVLQLGH\RNHGHQQLKLOLVWELUWDU]RUWD\DoÖNWÖ 7HU|UL]PLQNODVLNPDQWÖøÖQÖQKHGHIRODUDNEHOLUOHQHQJUXEXNLWOH\LGHYOHWLDQOD\ÖûÖ \DGDPDGGLKHGHIOHULPPNQROGXøXNDGDUD]ND\ÖSYHUHUHNPPNQROGXøXNDGDU D] ]DUDU J|UHUHN WDKULS HWPHN YH EX WDKULELQ D\QÖ ]DPDQGD PHG\DWLN ELU ROD\D G|QûWUOPHVLQL VDøODPDN ROGXøXQX ELOL\RUX] $] ]DUDUOD oRN ]DUDU YHUPHN YH EXQX PPNQ ROGXøX NDGDU JHQLû oDSOÖ ELU HWNLOHPH ROD\ÖQD G|QûWUPHN EX DQODPGD EWQ WHU|UL]P ROD\ODUÖ ELU VDKQH G]HQOHPHVLGLU GHQHELOLU 7DQÖPODQDFDN ROXUVD WHU|UL]P |OGUOHQ VDOGÖUÖODQ YH\D WDKULS HGLOHQ LQVDQ YH PDGGL KHGHIOHULQ |WHVLQGH oRN GDKD JHQLû NLWOHOHUL HWNLOH\HUHN VWUDWHMLN IDNDW \DVD GÖûÖ \ROODUOD ND]DQoODU HOGH HWPHNWLU%XUDGDDOWÖoL]LOPHVLJHUHNHQûH\VDOGÖUÖODQYH\D\RNHGLOHQLQVDQLYH\DPDGGL KHGHIOHUGHøLORQODUÖELUDUDoRODUDNNXOODQDUDNoRNGDKDJHQLûNLWOHOHULHWNLOHPHNWLU2 DQODPGD ´WHDWUDOGLUµ GHPHN LVWL\RUXP %X QH NDGDU GHKûHW LoHULUVH NL WHU|U GHKûHW GHPHNWLUELOL\RUVXQX]RNDGDUHWNLOLROXU 7HU|UL]POH PFDGHOH EXJQH NDGDU KHS GDKD E\N JoOH RQX NDUûÖODPDN YH EDVWÖUPDN ELoLPLQGH ROPXûWXU JHQHO DQODPGD )DNDW WHU|UL]P GH NHQGLVLQL EXQD X\GXUGXYHVDGHFH\RNHWPH\HYHNDUûÖGDNLQL\RNHGHUHNNHQGLVLQLND]DQoOÖoÖNDUDPD\D \|QHOLN ELU ûLGGHW ROJXVX ROPDQÖQ |WHVLQGH ND]DQÖPODUÖQÖ KLoH VD\DQ ELU \RN HWPH ELoLPLQHG|QûW%XUDGLNDOELUQLKLOLVWWDYÖUGÖU<DQLND]DQGÖøÖQÖJ|UPHGHQNHQGLVLQL GH IHGD HGHQ \HQL ELU DNÖP \HQL ELU WDU] WHU|UL]P %X WHNQRORMLQLQ PDVXP UQOHULQL ELOH VLODKD G|QûWUHQ oQN GQ\D\Ö ELU VDYDû DODQÖ RODUDN DOJÖOD\DQ ELU PFDGHOH WDU]Ö $UWÖN FHSKH VDYDûÖ DQOD\ÖûÖ VRQD HUGL %WQ GQ\D ELU PFDGHOHQLQ VDKQHVL %\N GHYOHWOHULQ QNOHHU JoOHULQH NDUûÖ ELU |OP VLODKÖ JHOLûWLULOGL .HQGLVLQL GH \RN HGHQELUPDQWÖøÖSR]LWLYLVWELUEDNÖûDoÖVÖQÖQDQODPDVÖPPNQGHøLOdQNNRQWURO 8OXVDO8\JXODPDOÖ(WLN.RQJUHVL PPNQGHøLOE|\OHELUPDQWÖøÖQúLPGL\HNDGDUHJHPHQOLNQDPOXXFXQGDQJ|UOHUHN VDøODQGÖøÖ LoLQ GQ\D\Ö ELU NHUH GHøLO GQ\D ELU NHUH \RN HGLOVH EWQ \DûDP GXUXU ELUNDo NHUH \RN HGHFHN NDGDU QNOHHU YH EDûND VLODKODU YDU GQ\DGD %X QLoLQ \DSÖOGÖ" ùVWLNUDU DGÖQD \DSÖOGÖ ùVWLNUDU HûLWWLU EDUÖû R GD HûLWWLU GHKûHW GHQJHVLGLU 1H NDGDU oDUSÖNELUDQOD\ÖûGHøLOPL" =DWHQ WHU|UL]PLQ WHPHOLQGH RODQ ROJX WHU|U \DQL GHKûHWWLU 7HU|UL]P ELU H\OHPGLU GHKûHW \DUDWPDN YH R GHKûHW \ROX\OD LQVDQODUÖ SDUDOL]H HGLS NRUNXWXS VLQGLUHUHN YH\D GHYOHWOHUL \D GD VL\DVDO UHMLPOHUL JHULOHWHUHN WDYL]OHU NRSDUWPDNWÖU %LU WU ûDQWDM \|QWHPLGLU$PDGHKûHWGHQJHVL³J|U\RUVXQX]³EHNOHQHQVRQXFXDoÖVÖQGDQoDUSÖN ELU PDQWÖN %X PDQWÖN GHKûHWL \D\PD\D QHGHQ ROGX YH \HQL WU WHU|UL]P GDOJDVÖQÖQ GD KHUKDOGH HEHOLøLQL \DSWÖ 5HIDK GHQJHOL JHOLûPH YH HûLWOLN DUD\ÖûÖ NUHVHOOHûHFHøLQH GHKûHWLQ \DQLWHU|UQ NUHVHOOHûWLøLQL J|U\RUX] =HQJLQ PUHIIHK LOHULONHOHUH NDUûÖ \RNVXO YH RWRULWHU WRSOXPODU YDU GQ\DGD DPD ONH LoLQGH ]HQJLQ YH GQ\DOÖ VÖQÖIODUD NDUûÖ JHFHNRQGXODU HûLWVL] ELU LOLûNL\L LIDGH HGL\RUODU %X QLWURJOLVHULQ GROX ELU DUDEDQÖQ WDULKLoLQGHKDUHNHWHWPHVLJLEL6RQGHUHFHWHKOLNHOLYHSDWODPD\DKD]ÖU %|\OH HûLWVL] ELU LOLûNL \DQ \DQD \DûD\DQ ELUOLNWH \DûD\DQ LOLûNL HWLN PL" (JHPHQOLN ELU WHN WDUDIOÖ \DûDP WDQÖPÖQÖQ |UQHN J|VWHULOPHVL LQVDQODUÖQ E|\OH \DûDPD\D oDøUÖOPDVÖ\DQLDPDoODUÖQEHOLUWLOPHVLDPDDUDoODUÖQVXQXOPDPDVÖRODUDNODQVHHGLOLS³ NL VRV\RORMLGH EXQD DQRPL GL\RUX] NXUDOVÖ]OÖN³ GQ\DGD WRSOXPODU DUDVÖQGDNL LOLûNL E|\OH \DûDQÖUNHQ EX \]GHQ ELUWDNÖP LQVDQODU WHU|ULVW VDOGÖUÖ VÖUDVÖQGD |OGUOGNWHQ VRQUD PLO\RQODUFD LQVDQ VHYLQL\RUVD EX oDUSÖN JD\UL DKODNL ELU LOLûNL 3HNL DKODNL RODQ QH" $KODNL RODQÖ DUDUNHQ ³KHUKDOGH³ \DûDP YH G]HQ LOLûNLVLQLQ VRUJXODQPDVÖ OD]ÖP %XQGDQ +LNPHW %H\ EDKVHWWL $KPHW %H\ EDKVHWWL *o HøHU KXNXN YH DGDOHW NDYUDPODUÖ\OD EHVOHQPL\RUVD RQODU ]HULQH RWXUPX\RUVD RQODUGDQ VR\XWODQPÖû RODUDN NXUXOXS X\JXODQÖ\RUVD EX LOLûNL VDøOÖNOÖ GHøLO (WLN KLo GHøLO $PD EXQX |UWEDV HWPHN LoLQ EDNÖQ XOXVODUDUDVÖ PHG\D\D ³.|UIH] 6DYDûÖ·QGD GD ROGX EXUDGD GD ROGX³ EX NDGDU E\N KDOÖ ERPEDUGÖPDQÖ \DSÖOÖUNHQ ELU WHN |OQQ UHVPLQL J|UPHGLQL] J|UG\VHQL]ELOHDUÖ]LGLUEX 3HNLEXWUNHQGLQLGH\RNHGHQWHU|ULVWWLSLQDVÖORUWD\DoÖNWÖ"9HQHV|\O\RUEL]H" dQN RQXQ QH V|\OHGLøLQL DQODPDGDQ RQXQOD PFDGHOH HWPH\L YH GQ\D\Ö GD RQXQ WHU|UQ |QOH\HFHN ELoLPH G|QûWUPH\L EDûDUDPD\Ö] 2QXQ LoLQ RQXQ GQ\DVÖ LKODO HGLOPLûWL %HONL ÖU]ÖQD JHoLOPLûWL 2 \]GHQ GH GLNNDW HGHUVHQL] ùNL] .XOHOHULQ YH 3HQWDJRQ·XQ YXUXOPDVÖ GD ELU ÖU]D JHoLû LûOHYL JLEL NDUûÖOÖøÖQÖ J|UG 2QODU PRGHUQ NOWUOH JHOHQHNVHO NOWUQ PHOH]L ELU NOWUQ oRFXNODUÖ 2 PHOH] NOWUQ HWLN NDYUDPODUÖ GDKD ROXûPDGÖ $PD \DûDGÖNODUÖ NRûXOODUGD WHGLUJLQOLN YDU *HoPLûWHQ NRSPD JHOHFHøLQ ELU SDUoDVÖ RODPDPD YDU (QGLûH YH PDUMLQDOOHûPH GX\JXODUÖ YDU .DUûÖWOÖNYHERûOXN|INHOLELULV\DQDQHGHQROX\RUDPDGHYULPHGHøLOdQNGHYULPLQ ELU JHOHFHN SURMHVL YDUGÖU LV\DQÖQ GHøLO 2 \]GHQ WDKULS HWWLøL LQVDQL YH\D PDGGL KHGHIOHU JLEL NHQGLVLQL GH \RN HGHELOL\RU 2QXQ LoLQ \RN HWPHN DUWÖN DPDo %X QLKLOLVW ELUWDYÖU 2 \]GHQ WHU|UL]POHVDYDûVDGHFH WHU|ULVWOHUL \DNDODPDNOD \D GD \RN HWPHNOH VÖQÖUOÖ ROPDPDOÖ g]JUON DoÖNOÖN LQVDQ PHUNH]OL JHOLûPH YH DGDOHW LONHVLQH GD\DOÖ ELU \|QHWLP ³LVWHUVHQL] \|QHWLûLP³ XOXVODUDUDVÖ HûLWOLN WHPHOLQGH \HQLGHQ ELU \DSÖODQPD HWLN ELU \DSÖODQPD ROPDOÖ <D ROPD]VD QH ROXU" %LU VU %LQ /DGHQ RUWD\D oÖNDU LV\DQÖ WHPVLO HGHQ 'LULVL |QHPVL] |OV NDKUDPDQ ELU VU LQVDQ VWHOLN JHQo LQVDQ RUWD\D oÖNDU ´gOPH\H KHYHVOL H\OHPFLµ 1H GHPLûWL 7DOLEDQ·ÖQ WHPVLOFLVL" ´6L] \DûDPD\D QH NDGDU KHYHVOL LVHQL] EL] GH |OPH\Hµ %XQX DQODPDN oRN Jo 1DVÖO ELU VRV\DOL]DV\RQ 7HU|U6L\DVHWùû'Q\DVÖYH(WLN3DQHOL VUHFLQGHQ JHoL\RU EX LQVDQODU NL |OPHN RQXQ LoLQ \DûDPDNWDQ GDKD GRøDO KDWWD LVWHQHELOLUROX\RU"úXQXGHPHNLVWHPL\RUXP\DQOÖûDQODûÖOPDVÖQ%XDGDPODUoRNN|W NRûXOODUGD\DûÖ\RUODUR\]GHQ|O\RUODU|OGU\RUODU+D\ÖUEXKD]ÖUOD\ÖFÖELURUWDP $PD GRøUXGDQ GRøUX\D EX N|W NRûXOODU HûLWWLU ûLGGHW GHøLO %LU LNLQFL VRV\DOL]DV\RQ VUHFL YDU 2QX L\L DQODPDPÖ] OD]ÖP %XQODUÖQ NDWÖ YH NHVLQ GHøHU \DUJÖODUÖ YDU 'LQVHO RODELOLU GQ\HYL RODELOLU .HQGLOHUL YH PLV\RQODUÖ KDNNÖQGD DEDUWÖOÖ YH VRUXPOXOXøX NHQGLOHULQHGHøLOKHGHILQH\DQVÖWDQJ|UûOHULYDU0HVHOD/DGLQ%XJQEDVÖQD\DQVÖ\DQ ELU V|\OHPL YDU oRN LOJLQo ho |øHVLQL WHVSLW HWWLP VL]LQOH SD\ODûPDN LVWHGLøLP 'L\RU NL ´(øHU KDONÖPÖ]ÖQ LQWLNDPÖQÖ DOPDN WHU|UL]P LVH EL] WHU|ULVWL]µ YH LNLQFL RODUDN ´0DVXP LQVDQODUÖ |OGU\RUX] GL\RUODU 'RøUX .XWVDO VDYDûWD |]JUON VDYDûÖQGD PDVXP LQVDQODU |OGUOU 'LQLPL] GH EXQD FHYD] YHUL\RUµ GL\RU gOHQ LQVDQODU D\QÖ WHU|UL]P PDQWÖøÖQGD ROGXøX JLEL WDUDIVÖ] GHøLOGLU =DWHQ WHU|UL]P YH\D WHU|ULVW WDUDIVÖ]OÖøÖ NDEXO HWPH] ´<D EHQGHQVLQ \D GD GûPDQÖPVÖQ 7DUDIÖQÖVHoµ GHU 2 RUWD DODQÖ X]ODûÖODELOHFHN J|UûOHELOHFHN DODQÖ \RN HGHU WHU|ULVW 7HN WDUDIOÖ ELU LUDGH EH\DQÖGÖU EX %LU LUDGH\L ]RUODPD ELoLPLGLU (Q GUDPDWLN YH HQ HWNLOL |OP LoHUHQ ELoLPLGLU ´gOHQOHU $%' VLVWHPL LoLQ oDOÖûÖ\RUGX 2 \]GHQ RQODUÖ PDVXP DGGHGHPH\L]µ GL\RU 9H WDEL HQ |QHPOLVL ´%L]H GDYUDQGÖNODUÖ JLEL EL] RQODUD GDYUDQGÖNµ GL\RU %X WDEL LOJLQo %X NÖVDVD NÖVDV DKODNÖ 'Q\D\Ö \DûDPÖ VRUXQODUÖ DQODPDoDEDVÖQGDELUQHGHQVHOOLøLGÖûOD\DQVRUXQXGHøLOVRUXQOX\XRUWDGDQNDOGÖUPD\D oDOÖûDQ YH DKODNÖ NDUûÖOÖNOÖ NDEXOH GD\DQDQ LONHOHUH GHøLO ûLGGHWH GD\DQGÖUÖOGÖøÖ LoLQ ELU GHKûHWGHQJHVLPDQWÖøÖQDRWXUDQELUDQOD\Öû $PD EX GHKûHW GHQJHVL VDGHFH WHU|ULVWLQ LIDGHVL YH\D GQ\D J|Uû GHøLO NL 'Q\DGDNL LVWLNUDU LoLQ EL]H EHOOHWLOHQ DQOD\Öû GD EX\GX 'Q\D EDUÖûÖ YH LVWLNUDUÖ QNOHHU VLODKODUÖQ |]HOOLNOH VDøODGÖøÖ ELU GHKûHW GHQJHVL ]HULQH NXUXOPXûWX %L]H E|\OH |øUHWWLOHU ùûWH EX |øUHWLQLQ oRFXNODUÖ WHU|ULVWOHUGLU $\QÖ PDQWÖøÖ ûLPGL EL]H NDUûÖ NXOODQÖ\RUODU 3HNL LQVDQ QDVÖO EX KDOH JHOLU E|\OH GûQU GDYUDQÖU" ùûWH EX LNLQFL VRV\DOL]DV\RQ GHGLøLP VUHo oRN |QHPOL 'RøGXNWDQ VRQUD DLOHGH EDûOD\ÖS RNXOGD GHYDPHGHQYHWRSOXPGDVUHQVRV\DOL]DV\RQXQ|WHVLQGHEXKÖQoOÖEXPHOH]NOWUQ ERûOXNWD EÖUDNWÖøÖ LQVDQODUÖQ JLUGLøL |UJWOHU ³ODLN RODELOLU EX³ \D GD FHPDDWOHU ³ GLQVHO RODELOLU³ RUDGD ELU LNLQFL VRV\DOL]DV\RQ VUHFLQL oDOÖûWÖUÖ\RU 2UDGD NHQGLOHULQLQ GÖûÖQGDNLOHULQ N|W ROGXøX GROD\ÖVÖ\OD \RN HGLOPHVL JHUHNWLøL NHQGLOHULQLQ VHoLOPLû YH E\N ELU GDYDQÖQ HUL ROGXNODUÖQD LQDQGÖUÖOGÖNODUÖ LNLQFL ELU VRV\DOL]DV\RQ VUHFL %XQX DQODPDGÖNoD EX VRV\DOL]DV\RQ VUHFLQLQ KDQJL NRûXOODUGD RUWD\D oÖNWÖøÖQÖ ELOPHGLNoH RQXQOD PFDGHOH HWPHPL] PPNQ GHøLO dQN EL]LP PDQWÖøÖPÖ] KDWWD NODVLN WHU|UL]P PDQWÖøÖ EXQX DQODPDPÖ]D L]LQ YHUPL\RU %|\OH ELU DQOD\ÖûÖQ RUWDN E|OHQL DQOD\ÖûGHøLOWROHUDQVGHøLOELUOLNWHOLNGHøLOQHIUHW$PDEXDQOD\ÖûODPFDGHOHHWPHQLQ GH WHPHOL QHIUHW ROPDPDOÖ 8\JDUOÖNODU oDWÖûPDVÖ ROPDPDOÖ NDUûÖWOÖN ROPDPDOÖ 9H J|U\RUVXQX] ûLGGHWH NDUûÖ ûLGGHW FHSKHVLQLQ GÖûÖQGD ELU GH EX ûLGGHWL PHûUXODûWÖUDQ LNLQFL ELU FHSKH YDU %XQD JHUHNoHOHU PFDGHOHVL YH\D WHU|UL]P GL\HELOLUL] 0HG\D EXQXQ KHP DODQÖ KHP GH DUDFÖ 2 \]GHQ PHG\DQÖQ EXUDGDNL URO IHYNDODGH |QHPOL (øHU EX FHSKHGH |]JUONOHU NÖVÖODFDNVD WRSOXPODU OLEHUDO GHøHUOHU ]HULQGH GHøLO JYHQOLN DQOD\ÖûÖ ]HULQGH NXûNX NRUNX YH JYHQOLN DQOD\ÖûÖ ]HULQH RWXUWXODFDNVD R ]DPDQ WHU|UL]P ]DWHQ DPDFÖQD YDUPÖûWÖU 7HU|UL]P ]DWHQ EX NXûNX YH NRUNX RUWDPÖQÖ \DUDWPDN YH EXQXQ VRQXFXQGD NHQGL LVWHGLNOHULQL HOGH HWPHN LoLQ \DSÖODQ ELU ûLGGHW H\OHPLGLU (WLN ROPD\DQ ELU PFDGHOH ELoLPLGLU 2QXQOD \DSÖODQ PFDGHOHQLQ GH HWLN ROPDPDVÖKHUûH\LQDKODNGÖûÖQDGûPHVLQLKHUûH\LQPXEDKROPDVÖQÖYHKHUûH\LQJo YHLNWLGDULoLQ\DSÖOGÖøÖQÖEL]HDQODWÖU%XUDGDWXWXQDFDNKLoELU\HUNDOPÖ\RU 8OXVDO8\JXODPDOÖ(WLN.RQJUHVL $NÖQ(UJGHQ 6D\ÖQ(UJLO·HWHûHNNUHGHUL]6D\ÖQ8OXo*UNDQEX\XUXQX]V|]VL]LQ 8OXo*UNDQ gQFHOLNOH QDVÖO ELU 7UNL\H·GH \DûÖ\RUX]" %XQXQ WDULIL VRQ GHUHFH JHUHNOL GL\H GûQ\RUXP %HONL EHQ \DûWDNLOHU JHoPLûH G|QN QRVWDOMLNWLUOHU YH J]HO JQOHUL DQÖPVD\DELOLUOHU $PD VDORQXQ E\N oRøXQOXøXQX ROXûWXUDQ \LUPLOL \DûODUÖQ EHONL ELU LNL\DûDOWÖQGDEHONLELULNL\DûVWQGHNLJHQoOHUGRøGXNODUÖJQGHQEHULHQIODV\RQXQ GROX GL]JLQ LûVL]OLøLQ GL] ER\X JHOLU GDøÖOÖPÖQÖQ ER]XN E|OJHOHU DUDVÖQGDNL JHOLûPLûOLN IDUNÖQÖQ HûLWVL] ROGXøX ELU 7UNL\H·GH \DûÖ\RU $KPHW ùQDP·ÖQ VRUXVXQX ELU NH] GDKD DQÖPVD\DFDN ROXUVDN ´%X RUWDPGD EX NRûXOODUGD KDQJL GHøHUOHUOH \DûDQDELOLU"µ g\OH J|UQ\RU NL 7UNL\H·GH EXJQ YDU RODQ QRNWDGD ROXPOX KLoELU GHøHUOH DûDøÖGDQ \XNDUÖ\D \XNDUÖGDQ DûDøÖ\D \DûDQDPÖ\RU ùQVDQODUÖQ ]DWHQ E|\OHVL ELU RUWDPGD X]XQ VUHGUVWYHQDPXVOXNDOPDODUÖGDoRNNROD\ROPX\RU %DNÖQ UHVPL DKODNÖPÖ]OD ³HWLøLQ ELU ER\XWX RODUDN HOH DOÖQÖUVD³ JD\UL UHVPL DKODNÖPÖ]DUDVÖQGDGDE\NELUIDUNOÖODûPDYDU+HUKDQJLELUJQIHOVHIHE|OPGHøLO GH LGDUL ELOLPOHU IDNOWHVL PDOL\H E|OPQGH .DPX )LQDQVPDQÖ (WLøL GL\H ELU SDQHO G]HQOHQVH KHUKDOGH NRQXûPDFÖODU EL] GH GDKLO ´%H\WOPDOH HO VUOPH] NDPX PDOÖ NXWVDOGÖU \HWLPLQ KDNNÖ UHVPL DKODN YHUJL |GHPHN NXWVDOGÖUµ WDU]ÖQGD UHVPL DKODN GHøHUOHULQL NRQXûXUX] $PD JD\UL UHVPL DKODNÖPÖ] QH" ´'HYOHWLQ PDOÖ GHQL] \HPH\HQ GRPX]µ ´9HUJL |GHPHN HQD\LOLNWLUµ %X RUWDPGD UHVPL YH JD\UL UHVPL DKODN GD VRQ GHUHFHDoÖOPÖûGXUXPGD5HVPLDKODNODJD\ULUHVPLDKODNÖQDoÖOGÖøÖQRNWDEL]LWLSLNELU QRNWD\D GD J|WU\RU +LNPHW 8OXøED\·ÖQ EDKVHWWLøL R LNWLGDU PFDGHOHVLQGH EX PFDGHOH WP\OH GHYOHWLQ \DøPDVÖQD NDPX ND\QDNODUÖQÖQ WDODQÖQD G|QûPû GXUXPGD *HUoHNWHQ ûX DQ 7UNL\H·GH WDULIOHUH VÖøPD\DFDN YH HWLN WDUWÖûPDODUÖQ PXWODND YH PXWODND RGDøÖQD RWXUWPDPÖ] JHUHNHQ ELU GHYOHW \DøPDVÖ NDPX ND\QDNODUÖQÖQ WDODQÖ VRUXQX YDU %XQX KHP EL] SROLWLNDFÖODU \XNDUÖGDQ DûDøÖ\D GRøUX J|WU\RUX] KHP GH WRSOXP DûDøÖGDQ \XNDUÖ\D GRøUX %X \DøPD WDODQ G]HQL JHUoHNWHQ N|N VDOPÖû YD]L\HWWH YH oRNoD HOHûWLULOHQ KDNOÖ RODUDN HOHûWLULOHQ ELU NRQX <DQL \DSÖODQ KHU WUO UH]LOOLN VRQ GHUHFH GRøDO ELU ROJX\PXû JLEL J|UQ\RU 7UNL\H·GH HNRQRPLQLQ \DUÖGDQ ID]ODVÖQÖQ ND\ÖWOÖ ROPDGÖøÖQÖ ND\ÖWVÖ] ROGXøXQX NRQXûX\RUX] 0HG\D VDEDK NRQXûWXøXPX] 0HG\D EWQ GHøHUOHULQL ³HVNL PHG\D PHQVXEX RODUDN EHQLP \DûDGÖøÖP \ÖOODUGD YDU RODELOHQOHU GH GDKLO³ \LWLUPLû GXUXPGD 7P\OH ELUWLFDUHWNDYJDVÖ<DQLKDEHUGL\HLNLJUXEXQWLFDULoÖNDUODUÖVH\UHGLOPH\H]RUODQÖ\RUYH R WLFDUL oÖNDUODUÖQ JYHQFHVL RODUDN oHûLWOL \DVDODUGD ELU HQJHO YDUVD ³|UQHøLQ 5DG\R 7HOHYL]\RQ hVW .XUXOX <DVDVÖQGD ED]Ö HQJHOOHU YDU³ ED]Ö JUXSODUÖQ HQHUML LKDOHOHULQH JLUPHVLQH HQJHO ROX\RU LNWLGDUÖ\OD PXKDOHIHWL\OH EWQ VL\DVL SDUWLOHU ELUNDo NLûLQLQ GLUHQPHVL\OH NDUûÖODûÖS R PHG\D JUXSODUÖQÖQ R WLFDUL oÖNDUODUÖQÖ QDVÖO JYHQFH\H DOÖUÖ] GL\H\DVDNDYJDODUÖ\DSÖ\RU %XQODUÖ ELU VL\DVHWoL RODUDN VRUXPOXOXNWDQ NDoPDN \D GD VRUXPOXOXøX SD\ODûWÖUPDN LoLQ V|\OHPL\RUXP %LU WHVSLW ELU VDSWDPD EXOXQGXøXPX] QRNWD\Ö GRøUX DOJÖODPD DQODPÖQGD V|\O\RUXP 9H JHUoHNWHQ 7UNL\H JHQoOHULPL]OH \DûÖW ³EXUDGD EXOXQDQ JHQoOHULPL]OH QLYHUVLWH JHQoOLøLPL]OH \DûÖW³ \LUPL \ÖOÖQÖ KDU YXUXS KDUPDQ VDYXUGX <DøPD WDODQ HNRQRPLVLQL \DUDWWÖ YH EXQXQ UQ RODUDN GD ûLPGL oRNoD \DNÖQÖODQ WRSOXPGDKLoELUGHøHUL ROPD\DQ GHPDJRJ SRSOLVW NLUOLSROLWLNDODUÖQ YHSROLWLNDFÖODUÖQ UHWLPLQH ELU DQODPGD \RO DoWÖ úLPGL KHS ELUOLNWH RQXQ NHIDUHWLQL |G\RUX] %X VRQ 7HU|U6L\DVHWùû'Q\DVÖYH(WLN3DQHOL GHUHFH DøÖU ELU NHIDUHW 7DKPLQOHULQ |WHVLQGH ELU NHIDUHW g\OHVLQH ELU NHIDUHW NL \ROVX]OXNODU XVXOV]ONOHU YH \DøPD GHYOHWLQ HQ WHSH QRNWDODUÖQD XODûPÖû GXUXPGD 7UNL\H JLEL ELU ONHQLQ ûLPGL ELU LNL |UQHøLQL YHUHFHøLP HWLN ERûOXøX \DûDPDPDVÖ JHUHNLU'Q\DQÖQKLoELU\HULQGHE|\OHELUûH\\DûDQPD] 'RNX]XQFX &XPKXUEDûNDQÖPÖ] SDUODPHQWRGD\GÖP³ QH ]DPDQ 6OH\PDQ 'HPLUHO·L FXPKXUEDûNDQÖ ³R VHoWLN" G|QHPGH 0HFOLV EHQ NUVVQH GH ³ KDWÖUOD\DELOPHN LoLQ KDIÖ]DODUÖPÖ]Ö ELUD] ]RUOD\DOÖP³ oÖNWÖ ELU ùONVDQ \ROVX]OXøX WDUWÖûÖOÖ\RUGX ´9HUPLûVHP EHQ YHUGLP 1H ROPXû"µ GHGL .DUûÖOÖøÖQGD EL] RQX FXPKXUEDûNDQÖ VHoWLN (WLøL WDUWÖûPDN oRN ]RU EX RUWDPGD 6RQUD ELU DLOH IRWRøUDIÖ oHNWLUGL2DLOHIRWRøUDIÖQGDWRUXQODUKDULoKHUNHVKDSLVWH´%XEHQLPDLOHIRWRøUDIÖPµ GHGL *|UHY VUHVLQL QDVÖO X]DWÖUÖ] GL\H DQD\DVD\Ö GHøLûWLUPH\H NDONWÖN 9H KDNLNDWHQ LoLQGH oDOÖûWÖøÖPÖ] 7UNL\H %\N 0LOOHW 0HFOLVLQGH *HQHO .XUXO 6DORQX ELUD] VRQUD UDNDPODUÖ\OD KDQJL ER\XWODUOD ELU \ROVX]OXøXQ NRQXVXGXU YXUJXODPD\D oDOÖûDFDøÖP .HQGLQL VR\DQ ELU PHFOLV .HQGL NHQGLQL VR\GX 2QXQ LoLQGH oDOÖûÖ\RUX] 9H VRUXPOXODUÖQD oÖNWÖN PHFOLVWH \DOYDUGÖN ´<DSPD\ÖQ DI \DVDVÖQÖµ $IIHWWLOHU <DUJÖ\D JHWLUPHNLoLQNLPLLQVDQODUÖQJHUoHNWHQJ|EHøLoDWODPÖûWÖ<DUJÖX]DWWÖ6UDWOLo|]PHGL DIoÖNDFDNGL\H9HDIoÖNWÖKHPHQELUFHOVHGHELWLUGLOHU 7UNL\H·QLQ EX RUWDPÖQGD ³\DûDGÖøÖPÖ] NUL] GL\RUX] EX RUWDPD³ EX HûLWVL]OLNOHU WHU|U GH EHVOHU HWLN GHøHUOHULQ ER]XOPDVÖQÖ GD oUPH\L GH $PD EDNÖQ EX QDVÖO ELU QRNWDGDQ ND\QDNODQÖ\RU 7UNL\H·QLQ |]HOOLNOH VRQ \LUPL \ÖOÖQGD \DQL EXUDGD EXOXQDQ ³WHNUDU YXUJXOX\RUXP³ JHQoOHULPL]LQ QLYHUVLWH |øUHQFLOHULPL]LQ \DûODUÖ\OD HûLW G|QHPGH 7UNL\H JHUoHNOHûWLUGLøL NDPX \DWÖUÖPODUÖQÖQ \DUÖGDQ ID]ODVÖQÖ ³EX NRQXGD HQ XIDN ELU GLO VUoPHP DEDUWPDP YDUVD VHYJLOL +LNPHW 8OXøED\ KHPHQ EHQL G]HOWVLQ³ONV\HUVL]JHUHNVL]RODUDN\DSWÖ,VSDUWD·\DKDYDDODQÖ.DVWDPRQX·\DKDYD DODQÖ 6LQRS·D KDYDDODQÖ úLPGL 0HQGHUHV +DYD $ODQÖ·QD NÖUN NLORPHWUH PHVDIHGH $\GÖQ·D KDYDDODQÖQÖ WDUWÖûÖ\RUX] %|OQPû \ROODU GXUXUNHQ 7UNL\H $QNDUDùVWDQEXO GÖûÖQGDNL EXQFD RWR\ROX ³ûLPGL .DUDGHQL]·GHNL³ QLoLQ \DSÖ\RU" hVWQGH ³ $QNDUD·QÖQoHYUHVLQGHNLRWR\ROODUÖGûQQ³NDoDUDED\DNDoVDQL\HGHNDoGDNLNDGD XODûÖ\RUVXQX] G|UW ûHULWOL \ROGD" %HQ \LUPL NLORPHWUHGH LNL DUDED JHoWLøLPL ]RU KDWÖUOÖ\RUXPYH\DEHQLoDUDEDQÖQJHoWLøLQL.DPXELQDODUÖûX$QNDUD·GDNL'Q\DGD NDo ONHGH dHYUH %DNDQOÖøÖ YDU ELOPL\RUXP dRN D] ONHGH YDU *HQHOOLNOH EDNDQOÖN RODUDN DOJÖODQPÖ\RU 9H ûX DQGD EL]LP dHYUH %DNDQOÖøÖPÖ] o ELQ PHWUHNDUH\H VÖøÖ\RU <HQL GXUGXUXOGX NÖUN o ELQ PHWUHNDUHOLN NDPX ELQDVÖ SURMHVL YDUGÖ %X |UQHNOHUL oRøDOWPDN PPNQ $PD DVÖO V|\OHPHN LVWHGLøLP EX ONV EX LVUDI GHøLO )D]OD LGGLDOÖ RODFDN DPD GRøUX ROGXøXQGDQ KLo NXûNXP \RN HøHU EX NDPX \DWÖUÖPODUÖQÖ GQ\D IL\DWODUÖ\OD \DSVD\GÖN 7UNL\H·QLQ ûX DQGD Lo YH GÖû ERUoODUÖQGD \|QHWLOHPHPH NRQWUROGHQoÖNPDJLELELUVRUXQROPD\DFDNWÖ ùNL |UQHN YHUHFHøLP ELUL GHPLQ GHøLQGLøLP 0HFOLV *HQHO .XUXO 6DORQX %HQ LQûDDWoÖ GHøLOLP ùQûDDW LûLQL ELOPL\RUXP $PD EDQD V|\OHQGLøL NDGDUÖ\OD GQ\DGD ûX DQDNDGDUELOLQHELOHQHQONVLQûDDWÖQPHWUHNDUHIL\DWÖoELQEHû\]GRODUDPDOROPXû 7UNL\H %\N 0LOOHW 0HFOLVL *HQHO .XUXOX 6DORQXQXQ HOHNWURQLN DNVDPÖQÖ NDWPÖ\RUXP6DGHFH\LUPLELUPLO\RQGRODUDPDOHGLOHQLQûDDWJLGHULQLV|\O\RUXPùNL ELQPHWUHNDUHROGXøXQDJ|UHLQûDDWDODQÖRQELQGRODU úX $\Dû 7QHOL \ÖOÖQGD EDûOD\DQ 6HNL] EXoXN NLORPHWUH RODUDN EDûOD\ÖS RQ EXoXNNLORPHWUH\HoÖNDQYHELWLULOHPH\HQho\]HOOLG|UW\]PLO\RQGRODUILLOHQSDUD KDUFDQDQ %X GHPHNWLU NL PHWUHVL RWX] EHûNÖUN ELQ GRODUD JHOL\RU $PHULND·QÖQ 9LUJLQLD GL\H ELU WQHOL RWX] DOWÖ NLORPHWUHOLN EHû ELQ G|UW \] GRODUD 1RUYHo·LQ 8OXVDO8\JXODPDOÖ(WLN.RQJUHVL /D·HUGDOGL\HELUWQHOL\LUPLDOWÖNLORPHWUH³ELUNDo\ÖOLoLQGHELWLUGLKHULNLVLGH³EHû ELQGRODUDELWLUGLOHU %X \DøPD KLoELU GHøHUOH DoÖNODQDPD\DFDN KLoELU HWLN WDQÖPÖQÖQ LoLQH VÖøGÖUÖODPD\DFDN EX \DøPD D\QÖ ûHNOL\OH GH VU\RU úX DQ NDPXQXQ GHYDP HGHQ \DWÖUÖPODUÖQÖQ SRUWUHVL VHNVHQ G|UW PLO\DU GRODU 9H EL] EXQX D\ÖNODPD WHûHEEVQGH ELOHEXOXQDPÖ\RUX]=DPDQ]DPDQV|]QHGL\RUX]EX\DWÖUÖPODUÖGXUGXUDOÖPELWHFHN JLEL RODQÖQD |QFHOLN YHUHOLP %X |GHQHNOHUOH EXQODU ELWPL\RU ELWPH\HFHN dQN \DøPDVUHFHN7HU|ULoLQ'RøX(UJLO·LQV|\OHGLNOHULKDNLNDWHQoRNGRøUX%XWHU|UQ UHPHVL EHVOHQPHVL LoLQ oRN X\JXQ ELU RUWDP %X RUWDPGD WHU|U ûX JHUHNoH\OH EX JHUHNoH\OH LGHRORMLVLQL KHU DQ EXOXU 'LQFL RODUDN GD EXOXU E|OF RODUDN GD EXOXU %XQXWHU|UPHûUXODûWÖUPDN\DGDKRûJ|VWHUPHNLoLQV|\OHPL\RUXP$PDG]HOWLOPHVL JHUHNHQ WHU|U EHVOH\HQ ELU EDWDNOÖNVLYULVLQHN |\NV 9H EX EDWDNOÖN EL] EWQ EXQODUÖ NRQXûXUNHQ GDKD GD GHULQOHûL\RU .|W \|QHWLP EURNUDVLQLQ NDUDUVÖ]OÖøÖ VL\DVHWoLQLQ EHQFLOOLøL WHWLNOHPH PHNDQL]PDVÖQÖ KDQJL IDNW|UOH DoÖNODUVDQÖ] DoÖNOD\ÖQ DPD.DVÖPYHúXEDW·GH\DûDGÖøÖPÖ]NUL]OHUEXNDUDWDEOR\X³KLoELUGHøHUOH DoÖNODQDPD\DFDNEXWDEOR\X³GDKDGDN|WOHûWLUGL %DNÖQGQ\DGD\RNVXOOXNVÖQÖUÖJQGHLNLGRODUOD\DûDPDNRODUDN|OoOG*QGHLNL GRODUÖQ DOWÖQGD ELU JHOLUOH \DûDPD PHFEXUL\HWLQGH NDODQODU \RNVXOOXN VÖQÖUÖQGD <DQL LNL GRODUOD EHVOHQHFHN EDUÖQDFDN JL\LQHFHN %X LQVDQODU \RNVXOOXN VÖQÖUÖQGD %LU GRODU DoOÖN VÖQÖUÖ 7UNL\H·GH \RNVXOOXN YH DoOÖN VÖQÖUÖ LNL\H NDWODQGÖ ûX JHoWLøLPL] G|QHPGH $ûDøÖ \XNDUÖ \LUPL PLO\RQ GROD\ÖQGD LQVDQ \RNVXOOXN VÖQÖUÖQÖQ DOWÖQGD o PLO\RQ GROD\ÖQGD LQVDQ GD ³VRQ WDQÖPODPDODUD YH KHVDSODPDODUD J|UH³ DoOÖN VÖQÖUÖQGD \DûÖ\RU%XHWLNRODUDNGDNDEXOHGLOHELOHFHNELUONHPDQ]DUDVÖGHøLO 3HNL QH \DSPDOÖ" %X VRUX\D \DQÖW YHUPH\H oDOÖûÖUVDN %XQD E|\OH JHOPLû E|\OH JLGHFHN \DNODûÖPÖ\OD VH\LUFL NDOPD\D KLoELULPL]LQ KDNNÖ \RN %LU WRSOXPVDO VHIHUEHUOLN JHUHNL\RU $PD WRSOXPVDO VHIHUEHUOLN KLo NXûNXVX] NHQGL NHQGLQH ROPD] ùûH PXWODND VLYLO WRSOXP NXUXOXûODUÖQLYHUVLWHOHUVL\DVHW o D\DøÖQÖ LWLFL Jo RODUDN ROXûWXUDELOPH ILNUL]HULQGHQJLULûLOPHOLYHEXNRQXGDVL\DVHWHREXQGDQNDoVDGD|QFONPLV\RQX ]RUOD \NOHQPHOL JHUHNLUVH VL\DVHWoLOHUL VL\DVHW VDKQHVLQGHNL ILJUOHUL GHøLûWLUHUHN %X ELULQFLVL 7UNL\H·QLQ |QQGH oRN KRû ELU WDNYLP YDU FXPKXUL\HWLQ \]QF \ÖO G|QPQH G|QN ELU 7UNL\H KHGHIL NR\PDN %X KHGHIOHUL GRøUX WDULI HGLS LQDQÖOÖU JYHQLOLU ELU ELoLPGH NXFDNODPD\D HOGH HWPH\H oDOÖûPDN dRN EDVLW 5XV\D·GD ELU VL\DVHWoLQLQ oÖNÖS ´6L]L ùVYLoUH JLEL \DûDWDFDøÖPµ GHPHVL ELOH WRSOXPODUD KH\HFDQ YHUHELOL\RU 7UNL\H EXQXQ oRN GDKD FLGGLVLQL oRN GDKD DQODPOÖVÖQÖ \DSDELOLU %X KHGHIOHUL KH\HFDQOD ³XQXWWXøXPX] EL]H XQXWWXUXODQ³ EWQOHûWLUHELOLU 8QXWWXøXPX] XQXWWXUXODQ GL\RUXP +DNLNDWHQ EDûÖPÖ] VÖNÖûWÖNoD FXPKXUL\HWLQ ND]DQÖPODUÖQÖ \LWLUPH WHKOLNHVL\OH NDUûÖ NDUûÖ\D NDOGÖNoD 2QXQFX <ÖO 0DUûÖ·QÖ V|\O\RUX]1L\H(OOLQFL<ÖO0DUûÖ\RN"1L\H<HWPLû%HûLQFL<ÖO0DUûÖ\RN" ùNLQFLVL VL\DVHWL |]JUOHûWLUPHN 6L\DVL 3DUWLOHU YH 6HoLP \DVDODUÖQGD ³EHONL LNLQFL WXUGD EXQX GDKD GD ER\XWODQGÖUDELOLUL]³ VL\DVHWL |]JUOHûWLUPHN hoQFV VL\DVHWL NLUOHQHQ VL\DVHWL WHPL]OH\HFHN PLOOHWYHNLOOHULQLQ \DSDPD\DFDøÖ LûOHU 0DO EH\DQODUÖ KHGL\H NDEXO YH GRNXQXOPD]OÖNODUÖQ VDGHFH \DVDPD HWNLQOLøL\OH VÖQÖUODQGÖUÖOPDVÖ NRQXVXQGD GD VL\DVHWL WRSOXPD |QF RODFDN HWLN ER\XWXQD NDYXûWXUPDN 7HûHNNU HGL\RUXP 7HU|U6L\DVHWùû'Q\DVÖYH(WLN3DQHOL $NÖQ(UJGHQ 6D\ÖQ 8OXo *UNDQ·D WHûHNNU HGHUL] %X DUDGD EHQ ELU SDUDQWH] DoDUDN ELUûH\ HNOH\H\LP 6D\ÖQ 'HPLUHO·GHQ EDKVHGLOGL %L]LP 7DULK %|OP %DûNDQÖPÖ] 6D\ÖQ 6HoLO $NJQ ELU DUûLY \DNÖQ oDø DUûLYL ROXûWXUX\RU 2QGDQ GX\GXøXPD J|UH HWLN NDYUDPÖ DKODNRODUDNGHøLOHWLNRODUDN\DQL\DEDQFÖGLOGHNLHWKLFVRODUDNNDPXVDODODQGDLONGHID 'HPLUHO WDUDIÖQGDQ \HGL VHQH |QFH NXOODQÖOPÖû %XQX 6HoLO·GHQ |øUHQGLøLP ]DPDQ oRN ûDûÖUPÖûWÖPgQHPOLRODQEXHWLNNDYUDPÖQÖQNLPLQWDUDIÖQGDQNXOODQÖOGÖøÖKDWWDGRøUX PX\DQOÖûPÖNXOODQÖOGÖøÖGHøLODPDEXNDYUDPÖQNXOODQÖOPDVÖHWLNJUDPHULQLQROXûXPX DoÖVÖQGDQ EX NDYUDPÖQ WRSOXPVDO JUDPHULQ LoLQH ELU ûHNLOGH JLUPHVL DoÖVÖQGDQ oRN |QHPOL <DQL EXQX VDøOD\DELOPHN |QHPOL 7DELL EX GD LQVDQÖ DKODNOÖ \DSÖ\RU PX \DSPÖ\RU PX R GD ELU EDûND VRUXQ DPD ELU WRSOXPVDO JUDPHU YDU %LUWRSOXP JUDPHUL YDU ELU VL\DVHWPHG\D HWLøL JUDPHUL YDU EXQXQ ROXûPDVÖ oRN |QHPOL ùVWHU 'HPLUHO NXOODQVÖQ LVWHU ELU EDûNDVÖ NXOODQVÖQ HWLN NDYUDPÖQÖQ NDPXVDO DODQGD NXOODQÖOPDVÖ oRN |QHPOL ELU ROD\ (WLN NDYUDPÖ \DQOÖû GD NXOODQÖOÖ\RU WDELL NL $\QÖ NRQXûPDGD 6HoLO $NJQ DNWDUGÖ 3DUWWLPH ELU |øUHWLP \HVL DOÖQDFDNPÖû <|QHWLP .XUXOX GD EXQX UHGGHWPLû 5HG JHUHNoHVL ûX ´(WLN JHUHNoHOHUOH UHGGHGLOGLµ 6HoLO $NJQ EX ROD\ ]HULQH WHODûODQÖ\RU VDøÖ VROX DUÖ\RU ´EXQXQ DQODPÖ QHGLU"µ GL\H $OGÖøÖ \DQÖW ûX ûHNLOGH (IHQGLP EX SDUW WLPH |øUHWLP \HVL LONRNXO |øUHWPHQOLøL GH \DSPÖû DPD ELU VU NLWDEÖ ROGXøX LoLQ E|OP RQX IDODQFD GHUVH LVWHPLû <DQL ´LONRNXO |øUHWPHQL ELU QLYHUVLWH KRFDVÖ RODPD]µ EX GD HWLøLQ NXOODQÖP ELoLPOHULQGHQ ELULVL 7DELL EXQODU \DYDû\DYDûG]HOHFHN']HOGLNoHNDYUDPODU\HULQHRWXUDFDN\HUOHûHFHNYHELUJUDPHU ROXûDFDN%XJUDPHUROXûPDGDQELUPLOOHWYHNLOLELUSDUODPHQWRELOHNHQGLNROWXøXQXQ \ROVX]OXøXQX G]HOWHPH\HFHN %X JUDPHU RWXUPDGDQ KLo ELU ûH\ \DSÖODPD] oDUH EXOXQDPD] PDDOHVHI ùûWH R ]DPDQ E|\OH JHOLUL] NHQGL SDUODPHQWRPX]XQ \ROVX]OXøXQGDQ EDKVHWPHN ]RUXQGD NDOÖUÖ] %X oRN DFÖ ELU ûH\ (YHW 6D\ÖQ 2UKDQ %LUJLWRQGDNLNDOXWIHQ 2UKDQ%LUJLW 'HøHUOL.RQXNODUVD\GDPOÖøÖKHUDODQGDJHUoHNOHûWLUHPHPLûELUONHGHVHYJLOL8OXo *UNDQ·ÖQ DQODWWÖNODUÖ HOEHWWH GRøUXGXU DPD VDQÖUÖP \HWHUOL GHøLOGLU 1LWHNLP R GD ]DPDQ VUHFLQL NHQGLVL LoLQ oRN L\L GHøHUOHQGLUGL YH NXOODQGÖ DUWDQODUÖ LNLQFL WXUD VDNOD\DFDøÖQÖV|\OHGL %XUDGD EXOXQPD QHGHQLPL GRøUXVX EX QD]LN oDøUÖ\Ö DOGÖøÖP JQGHQ EHUL NHQGL NHQGLPH VRUJXOX\RUXP %HQ LûDGDPÖ GHøLOLP \DûDPÖP ER\XQFD KLo Lû GQ\DVÖ\OD X]DNWDQ \DNÖQGDQ LOLûNLP ROPDGÖ úX DQGD HPHNOL ELU VL\DVHWoL\LP WHU|U X]PDQÖ YH\D DNDGHPLV\HQYVGHGHøLOLP%HQLHNVLNROPDVÖQODU%DVÖQ.XUXOX<NVHN.XUXOh\HVL RODUDNHYVDKLSOHULQL]EXUD\DoDøÖUGÖ$PD\ÖOÖDûNÖQELUJD]HWHFLOLNYHRQXQODDWEDûÖ JLGHQ ELU VL\DVHW ELULNLPLQLQ EHQGH EÖUDNWÖNODUÖQGDQ ED]Ö NHVLWOHUL 8OXo *UNDQ·ÖQ QRNWDODGÖøÖ\HUGHQDODUDNNHQGLHY|GHYLPLWDPDPODPD\DoDOÖûDFDøÖP %L]LP VL\DVHW \DSWÖøÖPÖ] G|QHPOHUGH SDUWLOHU GHYOHW \DUGÖPÖ DOPD]GÖ $PD 7UNL\H·GH KHQ] 6DEDQFÖ $LOHVLQLQ EDEDVÖQÖQ VÖUWÖQGDNL oÖUoÖU oXYDOODUÖQÖ EÖUDNDUDN $GDQD·GDQ ùVWDQEXO·D J|oPHGLøL 5DKPHWOL 9HKEL .Ro·XQ $QNDUD·GDQ ùVWDQEXO·D JLWPHGLøL 7DûKDQ LOH 8OXV DODQÖQÖQ NDUÖûWÖøÖ \HUGHNL *|UHFHOL ùû 0HUNH]L·QGH NDOGÖøÖ R G|QHPGHVD\ÖOÖELUNDoEDQNDGHYOHWLQHOLQGH\GL3DUWLOHULQGH|\OHoRNE\NPDVUDIODUÖ ROPD]GÖ%XQODUÖHVQDIODWLFDUHWDUDVÖQGDNLELUWDNÖPNoNER\XWOXLûDGDPODUÖ\ODELUOLNWH EDVED\DøÖKHUD\YHKHULVWHQGLøLQGH|GHQWLOHULQLRFDNODUDEXFDNODUD|GH\HQVDGH\HOHU \DSDUGÖ 3DUWL PHUNH]OHULQGH J|UHY DODQODUÖQ DOWÖQGD J|UNHPOL DUDEDODU \RNWX 8OXVDO8\JXODPDOÖ(WLN.RQJUHVL WHOHNRPQLNDV\RQD JHUHNVLQPH \RNWX |\OH ELU ROD\ROJX \RNWX %DVÖQOD LOLûNLOHUGH GH \LQHLûGQ\DVÖ\ODROGXøXJLELDOGÖODUYHUGLOHUJLELELUûH\\RNWX 0D\ÖV·Ö oRN L\L ELU ûHNLOGH VL\DVL SDUWLOHUH GHYOHW \DUGÖPÖQÖ JHWLUGL $PD NLPLQ QH\L QH NDGDU KDUFDGÖøÖQÖ VL\DVL SDUWLOHU \DVDVÖ\OD NRQWURO HGHFHøLQL YDUVD\VD GD NHQGL JHWLUGLøL \DUGÖPÖQ GÖûÖQGD KDQJL SDUWLOHUH QDVÖO ND\QDNODUÖQ DNWDUÖODFDøÖQÖ NRQWURO HGHPHGL |QOHPH\L GûQHPHGL %HONL GH ELU |OoGH 7UNL\H·GH VRV\DO GHPRNUDWODUÖQ \DKXW VRV\DOLVW SDUWLOHULQ \DQÖ VÖUD JHUoHNWHQ Lû GQ\DVÖQÖ WHPVLO HGHELOHFHN SDUWLOHULQ |QQ DoPDN LVWHGL 2 QHGHQOH 7UNL\H·GH SD]DU HNRQRPLVL LOH ELUOLNWH SDUWLOHU GH E|ON GHøLûWLUGL %HQLP ·H NDGDU J|UHY \DSWÖøÖP &+3 0HUNH] <UWPH .XUXOX·QGDNHQGLFHELPL]GHQDUWÖUDELOGLøLPL]SDUDODUOD$QNDUD·GDQEL]HYHULOHQ\HUOHUH JLGHUGLN 2UDGD \D ELU SDUWLOL DUNDGDûÖQ HYLQGH PLVDILU ROXUGXN \DKXW NHQGL |OoWOHULPL]OH EHOLUOL RWHOOHUGH NDODELOLUGLN $PD GRøUX\X V|\OHPHN JHUHNLUVH WHOHNRPQLNDV\RQXQ IDNVODUÖQ WHOHNVOHULQ YV EX NDGDU JHOLûWLøL YH VL\DVL SDUWLOHULQ ELOJLVD\DU DøODUÖ\OD GRQDQPDODUÖQÖQ NDoÖQÖOPD] KDOH JHOGLøL ELU G|QHPGH HOEHWWH GHYOHW \DUGÖPODUÖ QH NDGDU E\UVH E\VQ SHN ID]OD \HWHUOL ROPDGÖ 6L\DVL SDUWLOHULQ NRQJUHOHULQGH³oRøXQOXNODGHøLO³JHOHQGHOHJHOHULQDøÖUODQPDODUÖV|]NRQXVXROPD\D EDûODGÖ %Hû \ÖOGÖ]OÖ RWHOOHUGH NDUDUJDKODU SD]DUODU NXUXOGX %XQODU LVWHU LVWHPH] LûDGDPODUÖQÖQ GHOHJHOHUL WRSOD\ÖS JHQHO PHUNH]H \|QOHQGLUPHOHULQH YH EXQXQ NDUûÖOÖøÖQGD ELU WDNÖP DUWÖ GHøHUOHUL NHQGL Lû GQ\DODUÖQD \DQVÖWPDODUÖQD GD \RO DoWÖ %LU WDNÖP VRV\DO GHPRNUDW SDUWLOHUGH R WUO LûDGDPODUÖ GD |YJ\H GHøHU |GHYOHU RPX]ODQGÖ 8OXo *UNDQ EXQODUD oRN WDQÖNOÖN HWPLûWLU ELOLU GHPH\H\LP R LûOHUH NDWÖOPDGDQJ|]OHPOHPLûWLU $PD EDûND ED]Ö ûH\OHU GXUGX 1DVÖO GXUGX" (VNLGHQ VL\DVL SDUWL JUXSODUÖQGD ED\DøÖ GLûH GLû WDUWÖûPDODU \DSÖOÖUGÖ 7UNL\H·GH WHN SDUWL G|QHPLQLQ JUXS WXWDQDNODUÖQÖ HGLQLU YH L]OHUVHQL] 7%00·QLQ WHN SDUWLVLQLQ JUXSODUÖQGD EXJQN SDUODPHQWRQXQ oRN ]HULQGHoRNL\L|]JUONWDUWÖûPDODUÖ\DSÖOGÖøÖQÖ\DVDODUÖQLUGHOHQGLøLQLNRPLV\RQODUÖQ KDOODo SDPXøX JLEL ELUWDNÖP VRUXQODUÖ DWWÖøÖQÖ VDSWDUVÖQÖ] 2QXQOD GD \HWLQLOPHPLûWLU oRN SDUWLOL \DûDPD JHoLOLUNHQ 7%00·GH ùVPHW ùQ|Q G|QHPLQGH YH $OL 5DQD 7DUKDQ·ÖQ EDûNDQOÖøÖQGD GHQJH\L VDøODPDVÖ YH \DYDû \DYDû GD ROVD J|UHFHOL GH ROVD SDUODPHQWRWDUWÖûPDODUÖQÖ\UWPHVLYHKNPHWLQGHQHWOHQPHVLLoLQPVWDNLOELUJUXS NXUXOPXûWXU 6RQUD 'HPRNUDW 3DUWL G|QHPL JHOPLûWLU $oÖN \UHNOH V|\OH\H\LP |]JUONOHUL VRQXQDNDGDUNÖVÖWODQPÖûEDVÖQUHVPLLODQODDERQH\OH|UWO|GHQHNYHULOHUHNGHYOHWLQ DYXFXQD EDNDU ELU KDOH JHWLULOPH\H oDOÖûÖOPÖûWÖ oQN EDVÖQ VHUPD\H JUXSODUÖQD GD\DQPÖ\RUGX GHYOHW JGPQGH ROPDN ]RUXQOXOXøXQGD\GÖ $PD NHQGL SDUWL JUXEXQGD 5DKPHWOL $GQDQ 0HQGHUHV ´VL] LVWHUVHQL] KLODIHWL ELOH JHWLUHELOLUVLQL]µ ELoLPLQGHNL V|\OHPL\OH DVOÖQGD JUXS \HOHULQLQ JFQ \DQVÖWPÖûWÖU <DQL ´NDGÖQÖ HUNHN HUNHøL NDGÖQ \DSDELOLUµ GHQLOHQ ùQJLOWHUH .UDOLoHVL·QLQ JFQH DWIHGLOHQ ELU EHQ]HWPH\LNHQGLWHRORMLN\DSÖVÖLoLQGHJ|VWHUPLûWLU VRQUDVÖQGD ·WHQ ·H NDGDU &+3 JUXEXQXQ DNWLI HWNLQ YH ED]HQ GH \|QHWLPLQGH EXOXQDQ \HOHULQGHQ ELULVL\LP %L]LP JUXEXPX] GD GLQJLQGL $3 PHFOLV JUXEX GD gWHNL E\NO NoNO SDUWLOHULQ JUXEXQGD KDUHNHW YDUGÖ *UXS VDGHFH ELU NRQXûPD LoLQ JHOLS WDWLOH JLUPH]GL 'DKDVÖ JUXSODUGD PLOOHWYHNLOOHULQLQ GÖûÖQGD |UJWOHUGHQ JHOHQ ûX YH\D EX GHOHJHOHU EDVNÖ JUXSODUÖ VHoPHQ \DQGDûODU RWXUDPD]GÖ dQN RUDODU 7%00·QLQ NoN ELUHU RUJDQÖ\GÖ YH KDOHQ GH |\OHGLU $PD VRQUD QH ROGX\VDROGXJUXSODUELoLPGHøLûWLUGL7XUJXW%H\LOH6OH\PDQ%H\LOHGHøLûWLUGL7DQVX +DQÖP LOH GHøLûWLUGL YH VRO SDUWLOHUH GH \DQVÖGÖ *UXSODU ûLPGL VDGHFH VD\ÖQ JHQHO 7HU|U6L\DVHWùû'Q\DVÖYH(WLN3DQHOL EDûNDQODUÖQ KDIWDOÖN V|\OHPLQGHQ LEDUHW NDOÖ\RU 3HNL EXQGD KHU SDUWL\H PHQVXS VD\ÖQ PLOOHWYHNLOOHULQLQ EDûND DODQODUD DNWDUDFDNODUÖ ûLND\HWOHUL RUDGD NHQGL DLOH RGDODUÖ LoHULVLQGHGLOHJHWLUPHOHULQLHQJHOOH\HQKDQJLKNPYDU"+LoELUKNP\RN 7HNSDUWLG|QHPLQHG|QHUVHQL]|UJWVHOED]GDDûDøÖGDQ\XNDUÖ\DGRøUXEHQ \ÖOODUÖQGD ´RFDNµWDQ EDûOD\DUDN JHOGLP 2FDNODUGDQ EXFDNODUD LOoHOHULQ WPQGH EDûNDQOÖNWDEXOXQGXPùVWDQEXO·GDLOVHNUHWHUOLøL\DSWÖP2QXQDUNDVÖQGDQPLOOHWYHNLOL VHoLOLUVHoLOPH]EXUDGDJUXS\|QHWLPNXUXOXQDJLUGLP*UXSV|]FOø\DSWÖP0HUNH] <UWPH .XUXOXQGD oHûLWOL LûOHU J|UHYOHU \DSWÖP +HSVLQGH DûDøÖGDQ \XNDUÖ\D GRøUX |UJWQ \DKXW KDONÖQ VHVL \DQVÖWÖOÖU WDUWÖûÖOÖUGÖ úLPGL SDUWL PHFOLVOHULQLQ 0<.·QÖQ *<.·QÖQ KHU QH GHUVHQL] GH\LQ ³KHU SDUWLQLQ NHQGL V|\OHPLQH J|UH oHûLWOL LVLPOHUL YDU³ LoHULVLQGHQ E|\OH GLûH GRNXQXU JD]HWHFLOHULQ VÖ]GÖUDELOHFHøL KDEHUOHUL \RN 0HVHOD 7UNL\H·QLQ \|QHWVHO \DSÖODQPDVÖ LoLQ \ÖOÖQGD 6D\ÖQ 6OH\PDQ 'HPLUHO·LQ 'HYOHW 3ODQODPD 7HûNLODWÖ·QGD \HGHN VXED\ RODUDN J|UHY \DSWÖøÖ 6D\ÖQ 0PWD] 6R\VDO·ÖQ6L\DVDO%LOJLOHU)DNOWHVLQGHDVLVWDQRODUDNEXOXQGXøXELUG|QHPGH´0HKWDS 3URMHVLµ\OH 7UNL\H·QLQ LGDUL \DSÖODQPDVÖQGD ELU GHøLûLP WDUWÖûÖODUDN HOH DOÖQGÖ %LU GH EDNWÖN $1$3 ELU JHUHNVLQPH GX\PXû LNL GHøHUOL 0<. \HVL ELUL *HQHO %DûNDQ <DUGÖPFÖVÖ (UNDQ 0XPFX |WHNL HNRQRPLN LûOHUGHQ VRUXPOX 1HVULQ 1D] ELU RGD\D NDSDQPÖû ELU WDNÖP \HUOHUGHQ YDKL\ DOPÖûODU ´7UNL\H·QLQ <DSÖVDO 'HøLûLPLµ GL\H ELU SURMH\OH JHOGLOHU úLPGL (UNDQ %H\·H NLPVH VRUPX\RU 7XUL]P %DNDQÖ LNHQ EXQGDQ D\ |QFH\H NDGDU EDûÖQGD EXOXQGXøX EDNDQOÖøÖQ ODøYÖQÖ LVWL\RUGX ûLPGL R EDNDQOÖøÖ .OWU %DNDQOÖøÖ YH dHYUH %DNDQOÖøÖ LOH GDKD GD E\WPH\H \|QHOL\RU %XQODU QH PHFOLVWH J|UûO\RU QH GH JUXSODUGD +HUNHV DNOÖQD JHOHQ ELU ûH\L \DSÖ\RU YH SDUODPHQWR LûWH E|\OH VL]LQ WDUDIÖQÖ]GDQ JQDK NHoLVL JLEL J|UO\RU NL EHQFH KDNVÖ] %HQFHVL]VLYLOWRSOXP|UJWOHULVL]EURNUDWODUVL]DNDGHPLV\HQOHUVL]|øUHQFLOHUoRN KDNOÖ RODUDN ONHQLQ XOXVXQ WRSOXPXQ JHOLU GDøÖOÖPÖQGDNL DGDOHWVL]OLN DoÖVÖQGDQ SDUODPHQWHUOHULQ ELUGHQELUH PDDûODUÖQÖ DUWWÖUPD\D \|QHOPHVLQH EDûNDOGÖUÖGD EXOXQX\RUVXQX] 3DUODPHQWR LoLQGH ELUoRN DUNDGDûÖPÖ] GD VL]OHUOH KDUHNHW HGL\RU EX EDûNDOGÖUÖ KDUHNHWLQGH $PD WHSHOHUGHQ GDøODUÖ J|UHPL\RUVXQX] NXVXUD EDNPD\ÖQ 6D\ÖQ &XPKXUEDûNDQÖ D\QÖ DQD\DVD SDNHWL LoLQGH GRNXQXOPD]OÖN NXUXPXQD LOLûNLQ PDGGH\H GRNXQPX\RU RQX RQD\OÖ\RU DPD |EUQ UHIHUDQGXPD J|WUPH\H NDONÖûWÖøÖ VÖUDGD NHQGLVLQL oRN VD\JÖGHøHU ELoLPGH DONÖûOÖ\RUX] %HONL GRøDVW ELU ûHNLOGH NDKUDPDQ LODQ GRNXQXOPD]OÖøÖQGD HWPH\H NDONÖûÖ\RUX] \DWÖ\RU %HQFH 3DUODPHQWHULQ DVÖO VRUXQ SDUODPHQWHUOLNOH SDUODPHQWHUOHULQ EDøGDûPD\DQ LûOHU \DSPDVÖQGD \DWÖ\RU %DNDQODUÖQ VL\DVDO NXUDOODUOD LûOHGLNOHUL YDUVD\ÖODQ VXoODUÖQ VL\DVDO NXUDOODUOD DNODQPDVÖQGD YH LûWH VRQ ED\ÖQGÖUOÖN HVNL EDNDQÖQÖQ GXUXPXQGD ROGXøX JLEL ELUGHQELUHELULOHULQLQNDIDVÖQGDLDGHLLWLEDUHWPHVLQGH\DWÖ\RU 7UNL\H·QLQ VRUXQODUÖQÖ ELUELULQGHQ D\UÖûWÖUDPD]VDN EURNUDWODUÖQ DVNHU VLYLO YH\D DNDGHPLV\HQ DOGÖNODUÖ PDDûODUÖQ VD\GDPOÖøÖQD GLNNDW HWPH]VHN ELU NÖVPÖPÖ] JL]OL NDUDUQDPHOHUOH QLoLQ PDDû YHULOL\RU EXQX VRUJXOD\DPD]VDN \DQL QLIRUPDOÖ QLIRUPDVÖ]LQVDQODUDUDVÖQGDD\UÖP\DSPD]VDNONHGHELUWDNÖPLûOHUWHUVJLWWLøL]DPDQ DQFDN EXJQN +UUL\HW·LQ PDQûHWLQGH ROGXøX JLEL VHQH |QFH G|QHPLQ +DYD .XYYHWOHUL .RPXWDQÖ·QÖQ ´)·ODU PÖ )·OHU PL DOÖQVÖQ"µ GL\H $PHULNDQ .RQJUHVL·QGHQ 'Öû ùûOHUL .RPLWHVL·QH \DQVÖ\DQ VRQUD GD G|QHPLQ GHYOHW EDûNDQÖQFD KDVÖUDOWÖHGLOHQ\ROVX]OXøXQ]HULQGHEDûND\ROVX]OXNODUELULNLU 6HQGLNDODUÖPÖ]ÖQ KDQJL LûOHUOH XøUDûWÖøÖQÖ ELOHPL\RUXP 7UNL\H·GH |]HO VHNW|U JLGHUHN E\\RU g]HO VHNW|U LoHULVLQGH QH 'LVN QH +DNLû QH 7UNLû ELU WHN VHQGLNDQÖQ WRSOX V|]OHûPH JF NDOPDPÖû +HSVL YDU JF\OH PHUNH] \|QHWLPOHULQL 8OXVDO8\JXODPDOÖ(WLN.RQJUHVL \UWPHN LoLQ NDPX J|UHYOLOHULQLQ HOLQH NROXQD FHNHWLQH \DSÖûÖ\RUODU YH EDûEDNDQOÖN PHUGLYHQOHULQGH VL\DVDO HUNOH SD]DUOÖN HGHUHN D\DNWD NDOPD\D oDOÖûÖ\RUODU 'Q\DQÖQ QHUHVLQGHE|\OHVHQGLNDFÖOÖNNDOGÖDUNDGDûODU"2QGDQVRQUDEL]NLEHQKkOkoDOÖûÖ\RUXP JLWWLøLPL] \HUGH WRSOX V|]OHûPHGHQ \RNVXQX] 7RSOX V|]OHûPHPL] ROVD R WRSOX V|]OHûPH\H R EDVÖQ PHVOHN LONHOHULQL DOGÖUPD RODQDøÖQD EHONL NDYXûDFDøÖ] $PD JLUGLøLP Lû\HULQGH KHU VDEDK LûH JLUHUNHQ EDVWÖøÖP NDUWOD JLUHELOL\RUXP WXUQLNHOHUGHQ %D]HQ \DQÖPGDNL DUNDGDûÖQ NDUWÖ oDOÖûPÖ\RU ´$FDED PDQ\HWLN DODQÖ GHøHULQL PL \LWLUGL"µ GL\H EDNÖ\RUX] \XNDUGDQ JHOHQ HPLUOH NDSÖ\Ö DoDPD] KDOH JHWLULOPLû YH\D JLUPLûVHELUHPDLOJHOL\RULûLQHVRQYHULOPLû%LOJLVD\DUÖQÖNDSDWÖ\RULûWHQoÖNÖ\RU GHQHQ ELU ûH\ NDOPDPÖû WRSOX V|]OHûPH GHQHQ ELU ûH\ NDOPDPÖû KLoELU ûH\ DOPDGDQ EHOOLELUSD]DUOÖNODQHNRSDUDELOLUVHLûLQGHQD\UÖOÖSJLGL\RU 7UNL\H·QLQ E|\OH JLWPH\HFHøLQL ELOL\RUX] 7UNL\H·QLQ E|\OH JLWPHPHVL LoLQ JHUoHNOHUL\HQLGHQNRQXûPDG|QHPLEDûODWÖQDUWÖN%HQGHQJHoWLEHQVL]HDONÖûWXWD\ÖP EHQVL]HGXDHGH\LP\HQLG|QHPLoLQ+HSLQL]HWHûHNNUHGL\RUXP $NÖQ(UJGHQ 6D\ÖQ 2UKDQ %LUJLW·H WHûHNNU HGL\RUX] $QOD\DPDGÖøÖQÖ V|\OHPLûWL QHGHQ EX SDQHOGHROGXøXQX+HUKDOGHEXNRQXûPDJ|VWHUGLRQDEXQXQQHGHQOHULQL 2UKDQ%LUJLW %XQHLûH\DUÖ\RUVD\ÖQ%DûNDQ $NÖQ(UJGHQ úLPGLûLPGLJHOL\RU%X\XUXQ6D\ÖQ.D\D*YHQo 2UKDQ%LUJLW .D\D*YHQoûLPGLLûDGDPÖPÖROX\RU" *OûPHOHU .D\D*YHQo 'HøHUOLDUNDGDûODUÖPVD\ÖQNDWÖOÖPFÖODUVD\ÖQEDûNDQWHûHNNUHGL\RUXP2VRUX\X EHQGHNHQGLNHQGLPHVRUDELOLULPEHQQL\HEXUDGD\ÖP"úLPGLWDELLEXQRNWDGDELUoRN ûH\ EXODELOLUVLQL] %L] PKHQGLVOHUPLPDUODU oRN GRøXUJDQ ELU PHVOHøLQ LoLQGH\L] $UDPÖ]GD ELOL\RUVXQX] LNL EDûEDNDQ VRQUDGDQ FXPKXUEDûNDQÖ ROPXû EDûEDNDQ YDU <DQL oRN VD\ÖGD VL\DVHWoL YDU ûX DQ VDQÖUÖP WDQH PLOOHWYHNLOL YDU PKHQGLV YH PLPDU VÖIDWÖQÖ WDûÖ\DQ ùNL FXPKXUEDûNDQÖ YDU oRN VD\ÖGD LûDGDPÖ YDU VD\ÖQ $KPHW ùQDPJLELoRNGHøHUOLIHOVHIHFLOHULPL]YDUEDûNDPHVOHNOHUGHQDUNDGDûODUÖPÖ]YDU 6DEDKNLRWXUXPGD6D\ÖQ.XoXUDGL·QLQ\DSPÖûROGXøXGHøHUOHULOHLOJLOLWDQÖPDELUD] GHøLQLS RQGDQ VRQUD EX oHUoHYHGHQ VL\DVHW GQ\DVÖQD YH Lû GQ\DVÖQD ELU EDNPDN LVWL\RUXP 6RQUD EXQODUÖQ LOLûNLOHULQH YH WHU|UOH RODQ VRQ GHøLQPHOHULQH JHoPHN LVWL\RUXP úLPGL EDûYXUGXøXPX] GHøHUOHU ´(YUHQVHO GHøHU YDU PÖGÖU"µ VRUXVXQX \DQÖWODPD\Ö JHUHNWLUL\RU (YUHQVHO GHøHUOHU EHONL EHOOL ELU ]DPDQ NHVLWLQGH EHOOL ELU WRSOXOXNWD YH EHONLGHELUDQODPGDUHWLPVUHFLQLQRUHWLPLOLûNLOHULQLQQHUHVLQGH\HUDOGÖøÖQDEDøOÖ RODUDNEHOOLELUJHQHOOLNWHGHøHUOHURODELOLU$PDVDGHFHYHVDGHFHEXNDGDU'ROD\ÖVÖ\OD EXJQJHoHUOLRODQGHøHUOHUOHEXQGDQ\ÖO|QFHJHoHUOLRODQGHøHUOHU\DGDELUWHNHOFL VHUPD\HVDKLEL\OHELUDW|O\HVDKLELQLQGHøHUOHULEXQODUGDQYHELUELUOHULQGHQIDUNOÖGÖU .ÖVDFD|QFHOLNOHLûGQ\DVÖQDEDNDOÖP6D\ÖQùQDP·ÖQ´EHQµWDQÖPÖQÖDOD\ÖPRUDGDQ EDûOD\DOÖP 'L\RU NL ùQDP ´<DûDPD G]HQLQLQ oDUNODUÖQÖ G|QGUHQ NHQGL LoLQGH 7HU|U6L\DVHWùû'Q\DVÖYH(WLN3DQHOL NXUDOODUÖ RODQ NkU HWPH JHQLûOHPH J|]HWHQ ELU GQ\Dµ úLPGL EX GQ\DQÖQ NXUDOODUÖ YDUPÖ"9DU$oÖNYHQHW%XQXXOXVODUDUDVÖELUWDNÖPEHOJHOHUOHGH]DWHQLIDGHHGL\RUODU %X WRSODQWÖGDQ |QFH PHVOHøLP YH X]PDQOÖN DODQODUÖP ROPDPDVÖ QHGHQL\OH ùQWHUQHWWH ´$FDED Lû GQ\DVÖQGD ELU XOXVODUDUDVÖ EHOJH YDU PÖGÖU"µ GL\H û|\OH ELU JH]LQGLP ùNL WDQH EHOJH GLNNDWLPL oHNWL %LULVL 0LQQHVRWD LONHOHUL GLøHUL GH .DQDGD N|NHQOL ´&RRNVµ GL\H DGODQGÖUÖODELOHFHN ED]Ö WHPHO LONHOHU NL EXUDODUGD DVOÖQGD NHQGLOHULQH|]JGHøHUOHULQLQQHROGXøXV|\OHQL\RU%D]ÖWHPHOGDYUDQÖûLONHOHULNRGODUÖ GL\H DGODQGÖUÖOPÖûODU %XQXQ WHPHOLQGH NkU YDU ùû GQ\DVÖQÖQ KHP YDUOÖN QHGHQL KHP GH WHPHO GHøHUL NkU %XUDGD ELU SDUDQWH] DoPDN ]RUXQGD\ÖP <DSDFDøÖPÖ] WDUWÖûPDODUGD JHQHOOLNOH KHS VLVWHP LoL NRQXODUD GHøLQL\RUX] 2\VD |UQHøLQ Lû GQ\DVÖ \D GD VHUPD\H\H EDNÖû 0DUNVLVW EDNÖû DoÖVÖ\OD oRN GDKD IDUNOÖ GHøHUOHQGLULOPHN GXUXPXQGDGÖU 0DU[·ÖQ GHøHU WHRULVL DUWÖ GHøHU NDYUDPÖ GL\RU NL ´$UWÖ GHøHU NDUûÖOÖøÖ |GHQPH\HQ HPHNWLU FUHWWLUµ .DUûÖOÖøÖ |GHQPH\HQLQ ELU EDûND oHYLULVL DVOÖQGD KÖUVÖ]OÖNWÖU <DQL KÖUVÖ]OÖN EHGHOLQL |GHPHGHQ ELU EDûNDVÖQD DLW RODQ KHUKDQJL ELU ûH\H VDKLSOHQPH ROD\ÖGÖU 9H EXQXQ NDQXQODUGDNL \HUL EXGXU 'ROD\ÖVÖ\OD 0DUNVLVW DoÖGDQ EDNWÖøÖQÖ]GD VHUPD\H G]HQL \DQL NDSLWDOLVW VLVWHP ]DWHQ DKODNL ROPD\DQ ELU VLVWHPGLU %X SDUDQWH]L QHGHQ DoWÖP" %XQX V|\OHPH]VHN HNVLN ROXU %L] WDUWÖûPDPÖ]Ö JHQH PHYFXW VLVWHP ]HULQGHQ VUGUHFHøL] dQN VLVWHP WDUWÖûPDVÖ \DSPD\DFDøÖ] $PD PHYFXW VLVWHP ]HULQH NDSLWDOLVW VLVWHPLQ NHQGL GHøHUOHUL YH NHQGL WHPHO GHøHUOHQGLUPHOHUL NXUDOODUÖ ]HULQGHQ WDUWÖûPDPÖ]Ö VUGUHFHøL] .DSDWÖ\RUXP EX SDUDQWH]L 7HPHO HWNHQL .kU úLPGL ELUoRN |UQHøL YHULOHELOLU ELUD] |QFH EDKVHWWLøLP EX XOXVODUDUDVÖ EHOJHOHULQ $PD WHPHOLQGH Lû GQ\DVÖ KHS GL\RU NL ´(IHQGLP EL] HQ L\L\L YHUHFHøL] EL] WRSOXPD PXWODND ELU ID\GD VDøOD\DFDøÖ] LVWLKGDP \DUDWDFDøÖ] ³JHQHO KDWODUÖ LWLEDUL\OH V|\O\RUXP³ \DEDQFÖ VHUPD\H RODUDN JLWWLøLPL] ONHOHULQ KDONÖQÖQ UHIDK G]H\LQLQ \NVHOWLOPHVLQH NDWNÖGD EXOXQDFDøÖ]µ 3HNL QH ROX\RU" 6|\OHQHQOHULQ KHSVLQLQ WHUVL ROX\RU %LU |UQHN YHUHFHøLP *HQHUDO (OHFWULFV GQ\DQÖQ HQ E\N ILUPDODUÖ DUDVÖQGD ELU QXPDUDGD RODQ PHûKXU oRN XOXVOX ûLUNHWOHUGHQ ELULVL <|QHWLP NXUXOXEDûNDQÖQGDQELUDQHNGRWELUD]HVSUL\DSDUJLELNRQXûPDVÖDPDEHOJHOHUHJHoPLû RODQ ELU ûH\ ´%HQ UHWLP WHVLVOHULQL JHPLOHUH PRQWH HGHFHøLP 'Q\DQÖQ QHUHVLQGH XFX] LûJF YDUVD GQ\DQÖQ QHUHVLQGH oHYUH VRUXQODUÖ LOH LOJLOL ELU NÖVÖWODPD \RNVD JLGHFHøLPUHWLPLRUDGD\DSDFDøÖPYHGQ\DQÖQJHULNDODQÖQDVDWDFDøÖPµùûWHNkUYH DKODNÖ \DQ \DQD NR\GXøXPX] ]DPDQ NDSLWDOLVW VLVWHPLQ EXJQN GQ\D VLVWHPLQLQ DKODNNXUDOÖEDNÖûÖ\DGDNHQGLQHJ|UHGHøHULEX 6HYJLOL $UNDGDûODUÖP oRN L\L DQÖPVDUVÖQÖ] 7UNL\H·GH FLGGL ELU WHKOLNH \DûDGÖN VRQUD QH ROGX\VD JHUL oHNLOGL .DWNÖVÖ RODQ EWQ DUNDGDûODUD WHûHNNU HGL\RUXP ³ EXUDGD RWXUDQ DUNDGDûODUÖPÖQ ROGXøXQX GD ELOL\RUXP R NRQXGD³ ´(QGVWUL <DVD 7DVDUÖVÖµ JHOGL 6L] VDGHFH YH VDGHFH PLO\RQ GRODU SDUD\Ö JHWLULQ QH LVWL\RUVDQÖ] EHQGHQ $UVD PÖ LVWL\RUVXQX]" %HQGHQ $OW\DSÖ PÖ LVWL\RUVXQX]" %HQGHQ %DûND QH LVWL\RUVXQX]" <D EX oHYUH NDQXQX 7UNL\H·GH EHQL HQJHOOL\RU" 7DPDP PXDIVÖQ ùPDU NDQXQX" 7DPDP RQGDQ GD PXDIVÖQ %HOHGL\HOHULQ ELOPHP QH NDQXQX" 2QGDQ GD PXDIVÖQ<DQL|\OHVLQHELUûH\JHOL\RUGXNL\HWHUNLPLO\RQGRODUJHWLULQ1H\VHJLWWL .LPGLUEXQXQDUNDVÖQGDRODQVHUPD\HJUXSODUÖ"7UNL\H·\H\DWÖUÖP\DSPDNLVWH\HQED]Ö \DEDQFÖ VHUPD\H JUXSODUÖQÖQ 7UNL\H·GH \UUONWH ROPDVÖQÖ LVWHGLøL ELU NDQXQ WHNOLIL\GL ´%DûEDNDQOÖN WDUDIÖQGDQ WDVDUÖ KDOLQH JHWLULOL\RUµ V|\OHQWLOHUL LOH NÖ\DPHWOHU NRSWX JHUL oHNLOGL úLPGLNL JHOHQ DUWÖN QH\VH KLo ROPD]VD EX DNVDNOÖNODUÖ WDûÖPÖ\RU ùWLUD]HWWLøLPL]QRNWDODUROPDNODELUOLNWH 8OXVDO8\JXODPDOÖ(WLN.RQJUHVL 1H \DSÖOÖ\RU EDûND" %LUD] |QFH *HQHUDO (OHFWULFV·WHQ YHUPLû ROGXøXP |UQHøL DVOÖQGD EWQ GQ\D\D X\JXOD\DELOLUVLQL] <DSÖODQ ûH\ ûXGXU .kU RUDQODUÖ WHNQRORMLN DODQODUGD DUDûWÖUPD\D JHOLûWLUPH\H WDVDUÖPODPD\D GD\DQDQ QRNWDODUGD oRN GDKD \NVHNROGXøXQGDQPHWURSROONHOHUEXDODQODUÖEXoDOÖûPDODUÖNHQGLOHULQHD\ÖUÖ\RUODU <DQL ELOLPVHO WHNQLN WHNQRORMLN DUDûWÖUPD JHOLûWLUPH IDDOL\HWOHUL PHWURSRO ONHOHUGH NDOÖ\RU %L]H QH Gû\RU SD\ RODUDN" %L]H oHYUH NLUOHWHQ JHUL WHNQRORMLOL GûN NDWPD GHøHUOL HQGVWULOHU NDOÖ\RU ( KDQL EXQODU GQ\DGD HûLWOLN JQGHPH JHWLUHFHNOHUGL" .UHVHOOHûPHQLQ E\N LGHRORMLVL EX\GX" dQN Lû GQ\DVÖQÖQ WHPHO GHøHUL NkU ROD\ÖGÖU %XQX LVWHUVHQL] oRN ID]OD X]DWPD\DOÖP 1H ROPXûWXU" g]HOOLNOH VRQ \ÖO LoLQGH RODQ ûXGXU 'Q\DQÖQ JHUL NDOPÖû ONHOHUL LOH JHOLûPLû ONHOHUL DUDVÖQGDNL JHOLU XoXUXPX ELU WDUDIWDQ GHULQOHûPLûWLU GLøHU WDUDIWDQ GD ONHOHULQ NHQGL LoLQGHNL DOWVW JUXSODU DUDVÖQGDNL JHOLU XoXUXPX GHULQOHûPLûWLU .DSLWDOL]P YH EWQ R \NVHN GHøHU \DUJÖODUÖQÖQ VRQXFXQGD JHOGLøLPL] QRNWD EXGXU 6D\ÖQ *UNDQ·ÖQ oL]GLøL WDEOR\D HNOH\HFHN ID]OD ELU ûH\ \RN dRN GDKD JHQLûOHWLOHELOLU LVWHQLUVH DPD 7UNL\H·QLQ QH GXUXPGDROGXøXQXJ|U\RUVXQX] úLPGL JHOHOLP VL\DVHW GQ\DVÖQD 6D\ÖQ ùQDP·ÖQ VL\DVHW GQ\DVÖQD LOLûNLQ R WDQÖPÖ\OD EDûOD\DOÖP WHNUDU 'L\RU NL ´hUHWLPLQ UHIDKÖQ SD\ODûÖOPDVÖQGD V|] VDKLEL RODQ ELU GQ\Dµ <DQL Lû GQ\DVÖQÖQ \DUDWWÖøÖ R GHøHUOHULQ SD\ODûÖOPDVÖ 7DPDP GRøUX %X WRSOXOXøXQWHPHOGHøHULQHGLU"ùNWLGDUROD\ÖGÖU1DVÖOLNWLGDURODFDNVÖQ"<LQHVLVWHPGHQ EDKVHGL\RUXP 3DUODPHQWHU GHPRNUDWLN G]HQGHQ EDKVHGL\RUXP 1HGLU EX VLVWHP LoLQGH LNWLGDUD XODûPDQÖQ \|QWHPL" 6HoLPGLU 1H \DSDFDNVÖQÖ]" 6HoLPOHUH JLULS VHoPHQLQL]H ELU SURJUDP VXQDFDNVÖQÖ] 9DDW NHOLPHVLQL NXOODQPDN LVWHPL\RUXP \DQOÖû GHøHUOHQGLULOHELOL\RU ´=DWHQ EXQODU \DODQ V|\O\RUµ GL\H %HQ KLoELU SROLWLNDFÖQÖQ R DQODPGD \DODQ V|\OHGLøL NDQÖVÖQGD GHøLOLP $VOÖQGD NHQGL J|UHYLQL \HULQH JHWLUL\RU 6HoLOPHN LoLQ QH JHUHNL\RUVD RQX \DSÖ\RU %XUDGD WDUWÖûÖOPDVÖ JHUHNHQ DKODNL QRNWD ûXUDVÖ úLPGL EHQ VL]H JHOLS GL\RUXP NL ´6L] EDQD R\ YHUHFHNVLQL] EHQ GH VL]LQ LoLQ 2'7h $UDûWÖUPD*HOLûWLUPH )RQX·QD ûX NDGDU ND\QDN EXODFDøÖP FUHWOHULQL]GH GH L\LOHûWLUPH \DSDFDøÖPµ 6L] GH GL\RUVXQX] NL ´$D QH NDGDU J]HOµ %LU WRSOXPVDO V|]OHûPH ³\D]ÖOPDNVÖ]ÖQ³ \DSÖOÖ\RU *LGL\RUXP PHFOLVH XQXWX\RUXP VL]L %X NDGDU EDVLW dQN R VÖUDGD Lû GQ\DVÖQÖQ |QFHOLNOHUL JQGHPH JHOL\RU %DûND NDQXQODU JQGHPH JHOPH\H EDûOÖ\RU gUQHøLQ úHNHU .DQXQX 7WQ .DQXQX 0LOOHWOHUDUDVÖ 7DKNLP .DQXQX JLEL 6L]LQOH RODQ WRSOXPVDO V|]OHûPH\L EHQ WHN WDUDIOÖ XQXWX\RUXP %HQFH VL\DVHW GQ\DVÖQÖQ WHPHO ROPDVÖ JHUHNHQ GHøHUL EXUDGD \DWPDNWDGÖU 7RSOXPVDO V|]OHûPH\H X\PD QRNWDVÖQGD ELU WHUHGGGP]Q ROPDPDVÖ JHUHNLU 2\VD |\OH GHøLO gUQHNOHULGDKDGDoRøDOWDELOLUL] %HQ EX NUL]GHQ EHUL YH ,0)·QLQ HPUHWWLøL R RQ EHû \DVDGDQ EHUL KHS V|\O\RUXP SDUODPHQWHU DUNDGDûODUÖPD YH EDûND \HUOHUGH GH LIDGH HGL\RUXP VL] ûHNHUSDQFDUÖ UHWLFLVLQH VHoLPOHUGHQ |QFH JLWWLøLQL]GH GHVH\GLQL] NL ´$UNDGDû EHQ ûHNHU NDQXQXQX |\OH ELU QRNWD\D JHWLUHFHøLP NL VHQL GH PDKYHGHFHøLP 7UNL\H·GHNL ûHNHU ROD\ÖQÖ GD PDKYHGHFHøLPµ %X EHQFH VRQ GHUHFH DoÖN J]HO ELU GDYUDQÖû ROXUGX dQN GDKD VRQUD \DSDFDøÖQÖ]Ö V|\OHPLû ROXUGXQX] $PD RQX V|\OHPL\RUVXQX] GL\RUVXQX] NL ´+Lo PHUDN HWPH\LQ EHQ ûHNHUSDQFDUÖQÖQ IL\DWODUÖQÖ D\DUOD\DFDøÖP VL]L HQIODV\RQD H]GLUPH\HFHøLPµ %XQX \DSPDGÖQÖ] SHNL NDEXO R ]DPDQ NUL] \RNWX &XPKXUEDûNDQÖ LOH %DûEDNDQ DUDVÖQGD NLWDS IÖUODWPD ROD\Ö KHQ] JHUoHNOHûPHPLûWL ,0) GH KHQ] \RNWX HPUHWPHPLûWL 3HNL úHNHU .DQXQX JHOGL 2 ]DPDQ JLGHFHNVLQL] %HQLP DQOD\ÖûÖP ûX úHNHUSDQFDUÖ UHWLFLVLQLQ NDUûÖVÖQD JHoLS ûXQX V|\OH\HFHNVLQL] ´%HQ VL]H DNVLQL V|\OHGLP DPD EXQX \DSDPÖ\RUXP úX QHGHQOH \DSDPÖ\RUXP YH EX ûHNHU 7HU|U6L\DVHWùû'Q\DVÖYH(WLN3DQHOL NDQXQXQX GHøLûWLULS VL]L PDKYHGHFHøLPµ %XQD GD VD\JÖ GX\DUÖP EX GD GRøUX ELU GDYUDQÖûWÖU <DSÖOPD\DQ QHGLU" <DSÖOPD\DQ EX WRSOXPVDO V|]OHûPH\H X\PDPDVÖQD UDøPHQ NDUûÖ WDUDID EX NRQXGD KHUKDQJL ELU |]U ELOGLUPHPHN YH\D ELOJLOHQGLUPH \DSPDPDNWÖU 3DUODPHQWHU VLVWHP LoLQGH KHU ELU VL\DVHWoL VL\DVHW \DSPD EHOJHVLQL \DQL PLOOHWYHNLOL ROPDNLNWLGDUDX]DQPDNLoLQJHUHNHQEHOJH\LVHoPHQLQGHQDOÖ\RUYHEXQXQLoLQGHELU WRSOXPVDO V|]OHûPH\H LP]D DWÖ\RUVD R ]DPDQ WHPHO RODQ QRNWD R WRSOXPVDO V|]OHûPH\H X\PDNWÖU <DSDPD\DELOLUVLQL] NRûXOODU |\OH JHUHNLU NL YHUGLøLQL] V|]OHUL WXWDPD\DELOLUVLQL] JHUoHNOHûWLUHPH\HELOLUVLQL] $PD oDED KDUFDPDN ]RUXQGDVÖQÖ] \DSDPDGÖøÖQÖ]]DPDQGDJLGLSVHoPHQLQL]HV|\OHPHN]RUXQGDVÖQÖ] %XUDGDNL DUNDGDûODUÖ WHQ]LK HGL\RUXP ROD\Ö NLûLOHUH LQGLUPHN NHVLQOLNOH \DQOÖûWÖU 2OD\ ELU VLVWHP VRUXQXGXU 1HGHQ ROPDGÖøÖQD JHOLQFH %DNÖQÖ] VL\DVHW GQ\DVÖ DUWÖN NUHVHO GQ\DQÖQ |\OH ELU QRNWDVÖQD JHOGL NL DUWÖN XOXVODUDUDVÖ VHUPD\H G]HQL XOXV GHYOHWLGROD\ÖVÖ\ODXOXVGHYOHWLQELURUJDQÖELUNXUXPXRODQSDUODPHQWR\XYHEXDODQGD |]JUOø \DVDNOÖ\RU 8OXVODUDUDVÖ VHUPD\HQLQ WHPHO NXUDOÖ NXUDOVÖ]ODûWÖUPDGÖU <DQL NHQGL NkU PDNVLPL]DV\RQX |QQGHNL KHU WUO HQJHOL \DVDO YH\D DKODNL ³YH\D KHU QH\VH³ ELU ELoLPGH NDOGÖUPDNWÖU 'ROD\ÖVÖ\OD SDUODPHQWR\X DVOÖQGD LûOHYVL]OHûWLUHQ EX NUHVHO GQ\DGÖU 6DGHFH SDUODPHQWR\X LûOHYVL]OHûWLUHQ GHøLO D\QÖ ]DPDQGD VL\DVHWoL\L KDONÖQ J|]QGHQ GûUPH\H oDOÖûDQ GD WHPHOGH QH VROFXODU QH LûoLOHU QH NDPX oDOÖûDQODUÖGÖU\LQHVHUPD\HGLU$PDWDELNLSDUODPHQWRQXQLWLEDUND\EHWPHVLQGHJHQHO RODUDN LIDGH HWPHN JHUHNLUVH VD\ÖQ WHPVLOFLOHULPL]LQ GH ELU KD\OL oDED J|VWHUGLNOHULQL PDDOHVHI NDEXO HWPHPL] JHUHNL\RU 9H EXQXQ |QQH JHoPHQLQ \ROX EHQFH UûYHW DOPDPDN NDPX ND\QDNODUÖQÖ \DNÖQODUÖ LoLQ NXOODQPDPDN JLEL NDQXQL \DVDNODUÖQ X\JXODQPDVÖ GHøLOGLU %XQGDQ GDKD GRøDO ELU WDOHS ]DWHQ RODPD] <DSÖOPDVÖ JHUHNHQ NHQGL VHoPHQLQH RODQ ERUFXQX KL]PHW RODUDN |GH\HELOPHQLQ \ROODUÖQÖ EXOPDNWÖU ³ KDQJLVÖQÖIÖWHPVLOHGL\RUVDEXQDGDLWLUD]ÖPÖ]\RN ùûoL\H YH YDWDQGDûD JLGLS GH ´6HQLQ KDNNÖQÖ NRUX\DFDøÖPµ GL\HQ VHUPD\H\H KL]PHW HGHUVH EXUDGD DKODN VRUXQX YDUGÖU %HQ VRUJXODUÖP EXUDGD DKODN QHUHGHGLU GL\H $PD ûD\HW JLGLS LûoL\H ´+D\ÖU EHQ VHQLQ KDNNÖQÖ NRUX\DFDøÖP KL]PHW HGHFHøLPµ GL\RUVD EXQX DONÖûODUÖP %HQ R\XPX YHULULP YHUPHP R D\UÖ NRQX <DQL DKODN NXUDOODUÖQÖ EHONL WHPHOGHRQRNWD\DJHWLUPHPL]JHUHNL\RU 6RQXo RODUDN û|\OH LIDGH HGH\LP *HUoHNWHQ GH oDUHVL]OLN LQVDQODUÖ LVWHU LVWHPH] WHU|UH GRøUX VHYN HWPHNWHGLU 6D\ÖQ $\JQ oRN J]HO DQODWWÖ %DQD VRUDUVDQÖ] WHU|U GHYOHW WHU|UQH NDUûÖ GD RODELOLU <DQL GHYOHW WHU|U GHGLøLPL] ³7UNL\H·\L GH DQÖPVD\ÖQÖ]³ ELUoRN ûH\L DQÖPVD\DELOLUVLQL] 7HU|U EHVOH\HQ R ]HPLQL \HûHUWHQ DVOÖQGD oDUHVL]OLNWLU +DQJLQL] ³EHQ GH GDKLO ROPDN ]HUH³ KDQJLPL] JQQ ELULQGH KHUKDQJL ELU KDNVÖ]OÖN QHGHQL\OH |UQHøLQ QH ELOH\LP EDNNDOÖQ NDIDVÖQD ELU ûLûH LQGLUPH\LGûQPHGLN"9H\DûXûRI|UHELU\XPUXNLQGLUH\LPGHVXUDWÖQÖGDøÖWD\ÖPGL\H DNOÖPÖ]GDQ JHoPHGL PL" 6RQ GHUHFH QRUPDOGLU 1HGLU ROD\" +DN DUDPD ROD\ÖGÖU +DN DUDPD ROD\Ö QHUHGH GøPOHQL\RU" .DUûÖQÖ]GD ELU VHUPD\HQLQ LNWLGDUÖ ROPDVÖ QRNWDVÖQGD 'DKD |QFH GH V|\OHGLøLP JLEL VRUXQX LNWLGDU YH VLVWHP VRUXQXQD LQGLUJHPL\RUXP 'HPRNUDVLQLQ WDQÖPÖ VRQ GHUHFH QHW ELU oÖNÖû QRNWDVÖ YHUL\RU 8\JXODQÖ\RU PX EX %DWÖ ONHOHULQGH" ·WH 9L\DQD %LOGLUJHVL·QGH DOÖQDQ LQVDQODUÖQ NHQGL\DûDPODUÖQDNDWÖOPD|]JUOøQNDEXOHWPHNYVJLELDGODQGÖUÖODELOHFHNEWQ EXQODUÖQKHSVLX\JXODQPDPDNODELUOLNWHoÖNÖûQRNWDVÖRUDVÖGÖU g]HWOH ûXQX V|\OH\H\LP 6HUPD\H G]HQL NkU DPDoOÖ LQVDQÖ WDPDPHQ GÖûOD\DQ ELU VLVWHP ROGXøX YH VL\DVHW GH WDQÖPÖ LWLEDUL\OH VHUPD\H G]HQLQLQ JHUHNOHULQL \HULQH 8OXVDO8\JXODPDOÖ(WLN.RQJUHVL JHWLUPHNLoLQ\DSÖOGÖøÖVUHFHLVWHULVWHPH]WHU|ULoLQ\HûLOELU]HPLQYHULPOLWRSUDNODU KD]ÖUODQPÖûROX\RU $NÖQ(UJGHQ 6D\ÖQ .D\D *YHQo·H WHûHNNU HGL\RUX] 6RQ RODUDN VD\ÖQ 3URI 'U &HQJL] *OHo LNLOL ELU NLPOLNOH NRQXûDFDN %LU SVLNL\DWULVWDNDGHPLV\HQ YH ELU VL\DVHWoLPLOOHWYHNLOL RODUDN%X\XUXQX]HIHQGLP &HQJL]*OHo 6D\ÖQ %DûNDQ WHûHNNU HGHULP 7D]H VL\DVHWoL GL\H DoÖNODPDN JHUHNLU VDQÖUÖP %XUDGD NÖGHPOL GRVWODUÖPÖ] DELOHULPL] YDUNHQ EL]LP VL\DVHWHQ ODI HWPHPL] ROPD] 'HUOHU NL $QDGROX·GD ELU ODI YDUGÖU ´XVWDQÖQ |QQGH SDUHQGH DWÖOPD]µ GL\H %XUDGD WHFUEHOL VL\DVHWoLOHU ELU WDUDIWD IHOVHIHFLOHU |EU WDUDIWD KHOH KHOH ELU NLWOH |UJWQQ PHVOHN |UJWQQ EDûNDQÖ RODUDN YH EHOOL NL VL\DVHWH oRN KD]ÖU GXUDQ ELU EDûND NRQXûPDFÖYDUNHQELUGHHVNLYHNÖGHPOLVL\DVHWoLNHQGLQLHPHNOL\HD\ÖUPÖûELUDELPL] EXUDGD\NHQQHV|\OH\HELOLULPGRøUXVX" 2UKDQ%LUJLW %HQNHQGLPLHPHNOL\HD\ÖUPDGÖP &HQJL]*OHo 3HNL ELULOHUL D\ÖUPÖû EHOOL NL *DOLED VL\DVHWWH YHID DUDPDN KHUKDOGH \DQOÖû ELU ûH\ 6L\DVHWLQGÖûÖQGDGXUDQ\DGDGÖûÖQDLWLOPLûOHUGHQVL\DVHWHLOLûNLQELUH\VHOGX\JX\DûDQWÖ YH J|]OHPOHULQL GLQOHPH\L oRN DU]X HGHUGLP DPD |\OH ROPX\RU PDDOHVHI EX WRSODQWÖODUGD 1H\VH V|]H QDVÖO EDûOD\D\ÖP GL\H GûQGP EX oDøUÖ\Ö DOGÖøÖP ]DPDQ (NVLN ROPDVÖQ $NÖQ EL]L E|\OH ELU ûH\H GDYHW HWWLøL ]DPDQ EHQ ]DQQHGL\RUGXP NL VL\DVHWYHHWLN\DGDVL\DVHWWHHWLøLWDUWÖûDFDøÖ]6RQUDGDQGDKDGLNNDWOLRNX\XQFDEXGD EHQLP LKPDOLP WHU|U VL\DVHW Lû GQ\DVÖ YH HWLN \DQL G|UW NDYUDP DUDVÖQGD ELU HWNLOHûLP V|] NRQXVX\PXû <DQL EXQODU DUDVÖQGD ELU LOLûNL YDUPÖû EHVEHOOL EL]LP ILOR]RIODUÖPÖ] E|\OH GûQGøQH J|UH %X GXUXPGD EX LOLûNL QH ELU NHUH RQX NHûIHWPHOL\LP EX LOLûNL\H GDLU oRN |QHPOL GHøHUOL D\GÖQODWÖFÖ V|]OHU V|\OHPHOL\LP GLQOH\LFLOHUL X\DUPDOÖ\ÖP GL\H GûQGP WDELL 6RQUD IDUNÖQD YDUGÖP NL EHQ EX LûL \DSDPD\DFDøÖP EX EHQL DûDU hVWHOLN DFDED E|\OH ELU LOLûNL GH YDU PÖ" .D\D%H\ VDQNL YDUPÖûJLELVXQGXGRøUXVXKD\UDQROGXP %|\OH ELU LOLûNL\L EDøODPDN KHOH KHOH ELU GH WHU|UH EDøODPDN oRN IDNW|UO NDUPDûÖN ELUVUHo6L\DVHWLQNHQGLVLDNÖODOPD]HYUHQYHGHU\DùûGQ\DVÖQDV|]P]\RNRoRN DoÖNYHQHW+LoGHøLOVHNkUHGHFHøLPGL\RUYHNHQGLQLDSDoÖNWDQÖPOÖ\RU(WLNLVH]DWHQ VR\XW NDYUDPODU EWQ DKODN PÖGÖU DKODN VW GHøHUOHU IHOVHIHVL PLGLU" (WLNoLOHU VUHNOL WDUWÖûÖ\RU 'ROD\ÖVÖ\OD EHQ EX LOLûNL\L \DNDOD\DFDN JoWH YH \HWHQHNWH GHøLOLP 6DGHFH PWHYD]Ö RODUDN WD]H ELU VL\DVHWoL VÖUDGDQ ELU ELOLP DGDPÖ RODUDN ´1HOHU \DSDELOLUVLQ"µ ´$FDED VL\DVHWOH HWLN DUDVÖQGDNL LOLûNLOHUH GDLU ELU ûH\OHU V|\OH\HELOLU PLVLQ"µ GL\H VRUGXP NHQGLPH %|\OH G|UW EDûÖ PDPXU ELU V|\OHPL EHFHUHPL\RUXP 2 ND\JÖGDQ X]DNODûWÖP ELU DOÖûNDQOÖN YH WDU]ÖPÖQ LIDGHVL RODUDN V|\O\RUXP 6HYJLOL $KPHW ùQDP EL]H QDVÖOVD ELU \RO KDULWDVÖ \ROODPÖû WDQH VRUX YDU EXQODUÖQ ]HULQGHNDID\RUGXP7PVRUXODUWHU|UOHEDûOD\ÖSWHU|UOHELWPLû 3ROLWLND\D JHo JLUPHQLQ DYDQWDMODUÖ YDU %LU GH DNDGHPLV\HQ LVHQL] $NDGHPLV\HQOHUGHQ EDûDUÖOÖ SROLWLNDFÖ SHN oÖNPDPÖûWÖU %LU G|QHP SDUODPÖû DQFDN SDUODNOÖøÖQÖ VUGUHELOHQH SHN UDVWODQPÖ\RU %X JHQHO ELU GXUXP +HUKDOGH EXQXQ DUNDVÖQGD ELU QHGHQ ROPDOÖ RQX ELU EDûND NRQXûPD\D EÖUDNDOÖP $YDQWDMÖ ûX 7HU|U6L\DVHWùû'Q\DVÖYH(WLN3DQHOL 3ROLWLNDQÖQLoLQGHoHNLUGHNWHQ\HWLûLUVHQL]YHSROLWLND\ÖELU\DûDPWDU]ÖDGHWDELUPHVOHN JLEL EHQLPVHUVHQL] LoLQGH \DûDGÖøÖQÖ] NXUXPD GÖûDUÖGDQ HOHûWLUHO RODUDN EDNPDQÖ] SHN PPNQ ROPD\DELOLU %L]LP JLEL oDøUÖ\OD JHOHQ ELUD] GÖûDUÖGDQ \D GD EWQH HøUHWL GXUDQ ´|PUPQ VRQXQD NDGDU EHQ EXUDGD\ÖPµ GL\H ELU LGGLDVÖ EXOXQPD\DQ LQVDQODUÖQELUD]DNDGHPLNWHUEL\HGHYDUVDSROLWLNDQÖQJL]OLNXOYDUODUÖQÖNHûIHWPHûDQVÖ RODELOL\RU(OHûWLUHODoÖGDQNHQGLXøUDûDODQÖQDEDNDELOPHûDQVÖRODELOL\RU+HOHKHOHELU GHDQDOLVWIDODQLVHQL]GDKDL\LEDNDELOPHQL]PPNQ%|\OHROXQFDLQVDQODUSROLWLND\D YHSROLWLNDFÖODUDQDVÖOEDNÖ\RUODU" *DOLED LNL WU EDNÖû PPNQ %LULQFLVL EL]LP JLELOHU \DQL DNWLI SROLWLNDQÖQ LoLQGH RODQODUÖ ELU NHûLI ELU ´LQQRYDWLRQµ ELU LFDW JLEL ELU SURMH JLEL J|UHQOHU ùNLQFLVL SROLWLND\DLOJLGX\PD\DQODULoLQJHQHONLWOHLoHULVLQGH\DGDHQWHOHNWHOoHYUHOHUGHGHEX J|Uû KDNLP RODELOLU 3ROLWLND ROVD ROVD ELU NDGHUGLU <DQL SROLWLND ELU EHOLUOHQPHGLU 0HVHOD 0DUNVLVW DoÖGDQ EDNWÖøÖPÖ]GD WHPHO EHOLUOH\LFL LONH RODQ HNRQRPLN \DSÖGÖU ùNLQFLORODUDNVWG]H\GHGHoRNNDEDFDV|\O\RUXPSROLWLND\HUDOÖU3ROLWLNDGDNLKHU GH\Lû GRøUXGDQ GRøUX\D HNRQRPL WDUDIÖQGDQ EHOLUOHQLU 'ROD\ÖVÖ\OD SROLWLND EHOLUOHQPLûOLN LOLûNLVL LoLQGH DQODûÖODELOLU 3ROLWLNDQÖQ LoLQGH NDODUDN VL] SROLWLNDGD HWNLOL RODPD]VÖQÖ] R KDOGH SROLWLND\Ö EHOLUOH\HQ SDUDPHWUHOHUL GLQDPLNOHUL PDQLSXOH HGHUHN SROLWLNDGD GD ELU ûH\OHU GHøLûWLUHFHNVLQL] %XUDGD ELU NDGHUFLOLN EHOLUOHQPLûOLN V|] NRQXVX 'ROD\ÖVÖ\OD HNRQRPLN \DûDPDG]H\H GRøUXGDQ GRøUX\D PGDKDOH ûDQVÖP SHN\RN3HNoRNoDøGDû0DUNVLVW´+D\ÖUEXE|\OHWHN\|QOPHNDQLNELUGHWHUPLQL]P GHøLO SHNDOD VW G]H\ \DQL LGHRORML YH SROLWLND GD DOW \DSÖ\Ö EHOLUOHUµ GHVH GH VRQ NHUWHGH EHOLUOH\LFL RODQ HNRQRPLGLU %X DQOD\ÖûÖ ´HNRQRPL]Pµ GL\HUHN oRN LOHUL J|WUUVHQL]oDøGDû0DUNVLVWOHULQGHoRNNÖ]GÖøÖELUNDYUDPDYDUDELOLUVLQL]$PDJHQHO NLWOH DoÖVÖQGDQ EDNÖOGÖøÖ ]DPDQ DûDøÖ \XNDUÖ KDNLP RODQ J|Uû EXGXU %X JHQHO EHOLUOHQPLû DODQGD XIDN ELU ILJUDQ \D GD DNW|U ROPDN LVWHPL\RUVDQÖ] SROLWLND\Ö DNWLI LQVDQ\DûDPÖQDELUSURMHVXQDELOHQ\DûDPÖû|\OH\DGDE|\OHHWNLOH\HQELUHWNLQOLNDODQÖ RODUDN KDWWD |]HUN ELU HWNLQOLN DODQ RODUDN J|UHELOLUVLQL] NL EX GD LQVDQ QH ]DPDQGDQ EHUL WRSOXFD \DûDPD\D EDûODGÖ\VD YDUGÖU %X PRGHUQ LQVDQÖQ \D GD EHOOL X\JDUOÖNODUÖQ JHOLûWLUGLøL ELU DODQ GLVLSOLQ GHøLO LQVDQOÖøÖQ WD EDûÖQGDQ EHUL YDU RODQ ELU DODQGÖU dQNELUWRSOXPXQJHQHOVRUXQODUÖSROLWLNVRUXQODUGÖU3ROLWLNVRUXQODUGDKHU]DPDQ R WRSOXPX LOJLOHQGLUHQ JHQHO VRUXQODUGÖU 2 \]GHQ SROLWLND LQVDQOÖøÖQ JHQHOOLNOH ELOHELOGLøLPL] WDULKLQGHQ EHUL KHS YDU RODJHOPLûWLU 'DKD |UJWO GDKD VLVWHPDWL]H GDKDVRILVWLNHYH\DGHøLODPDHQLQGHVRQXQGDYDU 3ROLWLNDQÖQ LoLQGHNL HWLN VRUXQODUD GD JDOLED DQFDN SROLWLND\D WXWXOPD\DQ WP \DûDPÖQÖ SROLWLND\OD |]GHûOHûWLUPH\HQ WP NLûLOLøLQL SROLWLN GHøHUOHUOH ELUHELU |]GHû J|UPH\HQ ELUL HOHûWLUL \DSDELOLU ´3ROLWLNDGD HWLN VRUXQODUÖQ \HUL QHUHVLGLU"µ GL\H VRUXODELOLU2QHGHQOHEHQEXNHûLIPHVHOHVLQL|QHPVL\RUXP+HUQHNDGDUEL]JHoPLû JHOHQHNOHULPL] YH DWDODUÖPÖ] WDUDIÖQGDQ EL]H GHYUHGLOHQ NOWU PLUDVÖQD |QHPOL |OoGH EDøÖPOÖLVHNGHRQGDQFLGGL|OoGHHWNLOHQL\RUYHEHVOHQL\RUX]YH'RøX%H\·LQ(UJLO LIDGHHWWLøLSULPHUVRV\DOL]DV\RQVUHoOHUL\DQLDLOHLoLQGHNLHøLWLPDOÖûYHULûWHQWXWXQGD |UJQ HøLWLPH NDGDU VRV\DOL]DV\RQX WRSOXPVDOODûPD VUHFLQL $PD EX VUHo NHQGL EDûÖQD YH NHQGLQGHQ EDûOD\DQ ELU VUHo GHøLO GDKD |QFHNL NXûDNODUÖQ EL]H WDûÖGÖøÖ NOWUHO VUHNOLOLøL RODQ ELU PLUDV WDUDIÖQGDQ EHOLUOHQL\RU 'ROD\ÖVÖ\OD EL] JHUoHNWHQ SROLWLNDQÖQELUNDGHUROGXøXQDLQDQPDNGXUXPXQGD\Ö]%LUEHOLUOHQPLûOLNYDU$PDEX PXWODNELUEHOLUOHQPLûOLNGHøLOLoHULVLQGH|]HUNELUDODQGDYDU 2 GD QHGLU" 7RSOXPD \HQL SURMHOHU VXQDELOPHN *DOLED SROLWLNDFÖQÖQ KDVÖ WRSOXPD \HQL SURMHOHU VXQDELOHQ LQVDQGÖU %X SURMHOHUL VXQDUNHQ LQDQGÖUÖFÖ PÖ" 3ROLWLNDQÖQ 8OXVDO8\JXODPDOÖ(WLN.RQJUHVL NDOLWHVLQL WHVW HGHUNHQ LQDQGÖUÖFÖOÖøD EDNDELOLUL] *]HO DKODNOÖ L\L DKODNOÖ L\L GHøHUOHUOH GRQDQPÖû ROXS ROPDGÖøÖQD EDNDELOLUL] 2QODU ROVD ROVD SROLWLNDFÖQÖQ ELUH\VHO DODQÖ LOH LOJLOLELUH\VHOGXUXûXLOHLOJLOLELUWDNÖPDKODNLVRUXODUGÖU$PDVL\DVHWELU\DSÖYHNXUXP RODUDNDKODNYHHWLNOHQHNDGDU|UWûU"1HNDGDUoDNÖûÖU" %HQLPNDIDPÖNXUFDOD\DQVRUXQODU 3ROLWLNDQÖQQHROGXøXQHOLøL 3ROLWLNDYHHWLNYH\DDKODNDUDVÖQGDNLLOLûNLOHU 3ROLWLNDFÖQÖQDKODNÖ 6L\DVHWWHDKODN 6L\DVHWDKODNÖJLELDOWE|OPOHUHD\UÖODELOLU $KODN SUREOHPOHULQL VR\XW G]H\GH WDUWÖûÖUVDQÖ] GD HWLN ROX\RU 'L\HOLP NL ELUHELU LQVDQ LOLûNLVL LoLQGH EDNWÖøÖPÖ] ]DPDQ VRPXW LQVDQ GXUXPODUÖQGD DKODNÖ WDUWÖûPDN JLEL ELU DNÖP YDU *HQHO QRUPODU YH LONHOHU YH GHøHUOHUOH LOJLOL DODQODU ]HULQGH WDUWÖûÖUNHQ IHOVHIHGH HWLNWH \HU DODELOLUL] $PD DKODN V|] NRQXVX ROGXøXQGD PHVHOD EHQ 6HYJLOL $KPHW·H YHUGLøLP V|] WXWPDGÖøÖPGD DKODNVÖ] ELU DGDP RODELOLULP \D GD RQX NDQGÖUGÖøÖPGD \D GD GRODQGÖUGÖøÖPGD NÖVDFDVÖ GHøHU \NO GDYUDQPDGÖøÖPGD DUNDGDûOÖøÖQ WDQÖPÖ LoLQGH EXOXQDQ PRUDO QRUPODUD WLWL] YH |]HQOL ELU ELoLPGH X\PDGÖøÖPGD $KPHW EDQD ´DKODNVÖ] DUNDGDûÖPµ \DIWDVÖQÖ \DSÖûWÖUDELOLU %X G]H\GH WDPDP EXQX DQOD\DELOLULP DPD SROLWLNDFÖ GHGLøLPL] LQVDQ SROLWLND LFUD HGHUNHQ SROLWLNDQÖQLoLQGHYDUROXUNHQ\DGDELUHWNLQOLN\UWUNHQVUGUUNHQELUNHUHEHOOL ELU NLûL\H NDUûÖ VRUXPOX GHøLO .HQGLOHULQGHQ RQODUÖ WHPVLO HWPH \|QQGH RQD\ DOGÖøÖPÖ] VHoPHQ NLWOH\H NDUûÖ GX\GXøXPX] VRUXPOXOXN LOH $KPHW·H NDUûÖ GX\XODQ VRUXPOXOXN DUDVÖQGD IDUN YDU 3ROLWLN DKODN \D GD SROLWLNDFÖQÖQ DKODN VRUXQXQX WDUWÖûÖUNHQ ELUH\OHU DUDVÖQGD JHoHUOL RODQ DKODN NDYUDPODUÖQÖ WUDQVIHU HGHPH\L] NROD\ NROD\ %X LNLVL EX NDGDU NROD\ |UWûPH] <DQL EHQ JLGHFHøLP LO ROPD\Ö \ÖOODUGÖU EHNOH\HQLOoH\L'LYULøL\DGD6XûHKULGL\HOLPKHOHELUGHJHQHOEDûNDQVDPSDUWLPLQR\ DOPDûDQVÖQÖDUWWÖUPDNLoLQLO\DSPDV|]YHULSVRQUDGDRV|]\HULQHJHWLUPH\HFHøLP 2QGDQ VRQUD GD EXQD JFPQ \HWPHGLøLQL LOHUL VUS NRDOLV\RQ ROPD\Ö ELU PD]HUHW RODUDN LOHUL VUHFHøLP %XQX \HULQH JHWLUPHGLøLP ]DPDQ EDQD EDûDUÖVÖ] PÖ GHQLOHELOLU \RNVD DKODNVÖ] PÖ EXQX D\ÖUPDN OD]ÖP $PD JHQHO JQGHOLN DODQGD EL] EXQX KHPHQ DKODNVÖ] NDWHJRULVLQH NR\X\RUX] 3ROLWLNDFÖQÖQ J|UHYL XPXW \DUDWPDNWÖU 7HPHOVL] ERû XPXW RQX GD \DSDELOLU 8PXW WDFLUL GH RODELOLU YH EXQX \DSDUNHQ EXQX \DSÖ\RU GL\H DKODNVÖ]OÖNOD VXoOD\DPD]VÖQÖ] 2 ELU EDûND G]OHPGLU 2QX \DUJÖOD\DFDNVDQÖ] EDûND NDYUDPODUOD\DUJÖODPDNYHEX\DUJÖODPD\ÖEDûNDG]OHPGH\UWPHNOD]ÖP úLPGL oQF RODUDN SROLWLN SVLNRORML\H GDLU ELU ûH\OHU V|\OH\HFHøLP 8VWD SROLWLNDFÖODUÖQKD\DWÖQDEDNWÖøÖQÖ]]DPDQ|]HOOLNOH7UNL\H·GHVL\DVHWoLOHUOHLOJLOLVDøODP JYHQOL EL\RJUDILN oDOÖûPDODU \RN JLELGLU 2ODQODU GDKD oRN JD]HWHFLOHULQ \DSWÖøÖ NURQRORMLN YH R SROLWLNDFÖODUÖQ SDUODN ROGXøX G|QHPOHUH LOLûNLQ DQHNGRW YH J|]OHPOHUGLU %DWÖ·\D EDNWÖøÖQÖ]GD ELUoRN WRSOXPGD FLGGL ELU GHøLûLPLQ |QFV ROPXû E|\OH ELU JF RODQGHYOHW DGDPODUÖQÖQ oRN FLGGLEL\RJUDILOHUL YDUGÖU úX DQGD QH \D]ÖN NL \ÖOGÖU 7UNL\H·QLQ NDGHULQL HWNLOH\HQ LQVDQODU KDNNÖQGD G]JQ EL\RJUDILN oDOÖûPDODU \RNWX %XQODU LoHULVLQGH UDVWODGÖøÖP HVNL SROLWLNDFÖODUÖQ |øG ûXGXU JHQo SROLWLNDFÖ DGD\ODUÖQD ´$PDQ LNWLGDU NLUOHWLUµ %X oRN |QHPOL ELU WHVSLW $FDED KHU GXUXPGD LNWLGDU NLUOHWLU PL" ùNWLGDUD WXWXOPDGDQ PXNWHGLU RODELOPHN NLUOHQPHGHQ NDODELOPHNPPNQP"%XQXQ|UQHNOHULQHUDVWODPD\ÖoRNDU]XHGL\RUXPDPDHSH\FH ]RURODFDNgUQHøLQ7URoNL·QLQoRN\XPXûDNKX\OXELUWDUDIÖYDU%LUN|\O\HELULVLQLQ H]L\HW HWWLøLQL J|UVH DøOD\DQ D\DøÖ ND\DQ EH\JLUL J|UQFH \UHøL SDUoDODQDQ ELU 7HU|U6L\DVHWùû'Q\DVÖYH(WLN3DQHOL DGDPPÖû $PD ELU WDUDIWDQ GD GHYULP DGÖQD ELQOHUFH N|\O\ EXUMXYD\Ö NDWOHWPLû ELU DGDP %X QDVÖO RODELOL\RU" %LUH\VHO \DûDPÖQGD DODELOGLøLQH GX\DUOÖOÖNODU WDûÖ\RUVXQX] DPD JHQHO YH ELU SRSODV\RQX LOJLOHQGLUHQ NRQXODUGD GD NDVNDWÖ RODELOL\RUVXQX] 1DVÖO PPNQRODELOL\RU" 3ROLWLN SVLNRORML\H \LQH ELU DWÖIWD EXOXQD\ÖP .LP SROLWLNDFÖ ROXU" 1HGHQ SROLWLNDFÖ ROXU" 1DVÖO SROLWLNDFÖ ROXU" %X VRUXODUÖQ FHYDSODUÖ GD DKODN DODQÖ GÖûDUÖGD EÖUDNÖODUDN FHYDSODQDPD\DFDNWÖU $NÖQ(UJGHQ 6D\ÖQ *OHo·H YH WP NRQXûPDFÖODUÖPÖ]D WHûHNNU HGHUL] ùON WXUX WDPDPODGÖN YH ûLPGL VDORQGDQ VRUXODUÖ DODELOLUL] 6RUXODUÖQ FHYDSODQPDVÖ LoLQ WP NRQXûPDFÖODUD ELU WXUGDKDV|]KDNNÖYHUHFHøLP(YHWV|]DOPDNLVWH\HQOHUEX\XUXQ 'LQOH\LFL6RUXODUÖ 6DORQGDQ%LU'LQOH\LFL $KPHW +RFDPÖ] ´$FÖ oHNHQ LQVDQODU NHQGLOHULQL |]HOOLNOH WHU|U NXOODQDUDN YDU HGHUOHUµ GHGL 3HNL EDûND QDVÖO NHQGLVLQL GX\XUDELOLU YH E|\OH ELU RUWDPGD PHG\DQÖQ GXUXûXQHRODELOLU" 6DORQGDQ%LU%DûND'LQOH\LFL %LU VRUX YH EHONL ELU GH NDWNÖ RODELOLU 6D\ÖQ ùQDP·ÖQ JHOGLøL QRNWD EHONL GH NLûLQLQ NHQGLVLQLVRUJXODPDVÖdQNWHU|UKHU\HUGHWHU|UGU/DGHQ´%LUùVODPL\HWYDUGÖUELU GH+ÖULVWL\DQOÖNµGL\RUYH´<D$PHULND·GDQ\DQDVÖQÖ]\DGDGHøLOVLQL]µGHUNHQ%XVKGD RQXQ \DSWÖøÖQÖ \DSÖ\RU 6D\ÖQ ùQDP oRN KDNOÖ $QFDN ´%HQ NLûL RODUDN QH \DSDUGÖP"µ VRUXVXQD WHRULN RODUDN VW QRUPODUOD FHYDS YHULOHELOLU $QFDN ELU \DNÖQÖQÖ]D EXQODU ROVD\GÖ \DQL ´%L] GH LûLQ LoLQGH ROGXøXPX]GD QH \DSDUGÖN"µ VRUXVXQD FHYDS DQFDN R ROD\LoLQGHYHULOHELOLU'ROD\ÖVÖ\ODWHRULNRODUDNNRQXûPDNRODQDNVÖ]JHOL\RU ùNLQFLVL 6D\ÖQ 0LOOHWYHNLOL ´0HFOLVWHNL RWXUXPODUÖ J|UGNoH LoLP LoLPH VÖøPÖ\RU XWDQoGX\XODFDNELUPHFOLVµGHGL.HQGLOHULLoOHULQGHELUPLOOHWYHNLOLRODUDNQHGX\X\RU QH\DûÖ\RUODU" 6DEDKDW%D\UDN3DPXNNDOHhQLYHUVLWHVLùNWLVDGLYHùGDUL%LOLPOHU)DNOWHVL gøUHWLPh\HVL <DQOÖû DQODûÖOPDNWDQ NRUNDUDN FPOH\H EDûODGÖøÖPÖ EHOLUWPHN LVWL\RUXP úLPGL EL] DKODNÖ YH\D HWLøL GHGLøLQL] JLEL LNL DQODPGD NXOODQÖ\RUX] %LU WDQHVL Lo GHQHWLPH |] GHQHWLPH GD\DOÖ YH HWLN DQODPGDNL NXOODQÖPÖ ELU GLøHUL LVH GÖû GHQHWLPH GD\DOÖ PRUDO DQODPGDNLNXOODQÖPÖ úLPGL EL]LP WRSOXPXPX]GD QRUPDWLI \DQÖQ PRUDO DQODPGDNL HWLøLQ oRN GDKD |Q SODQGD ROGXøXQX J|U\RUX] %HQ VL]OHUGHQ oRN |]U GLOH\HUHN PHVHOD ]DPDQ NXOODQÖPÖQD EDNÖ\RUXP KLoELU NRQXûPDFÖ NHQGL VDDWLQL NRQWURO HGHUHN ]DPDQÖ WDNLS HWPHGLKHSEDûNDQGDQLND]LVWHGLOHU1RUPDWLIHWLNNRQXVXQGDNL\DWNÖQOÖøÖPÖ]PÖGL\H VRUX VRUPDN LVWL\RUXP <DQL WRSOXPVDO RODUDN EL] GÖû GHQHWLPH EDûNDQÖPÖ]D PHVHOD EDøOÖ NDOGÖN Lo GHQHWLPL NXOODQPDGÖN %X DKODN NRQXVXQGD JQGHPH JHOGLøLQGH oRN GDKD ]RU GXUXPODUGD oRN GDKD ]RU NDUDUODUGD oRN GDKD EXODQÖN WDEORODUGD NDUûÖPÖ]D JHOGLøLQGH EL] KHS GÖû GHQHWLPH LKWL\Do GX\X\RUX] 0HVHOD VL\DVHWoLOHULPL] JLWPL\RU ´9DWDQGDû JHOVLQ ]RUOD LQGLUVLQµ GL\RU 0LNURIRQX DODQ EÖUDNPÖ\RU ]RUOD VXVWXUXOVXQ LVWL\RU<DQLQH]DPDQLoGHQHWLPLNXOODQDFDøÖ]GL\HEHQPHUDNHGL\RUXP 8OXVDO8\JXODPDOÖ(WLN.RQJUHVL %LU GLøHU NRQX &HQJL] %H\ NRQXûPDVÖ LoHULVLQGH EDKVHWWLOHU ELUH\VHO YH NLWOHVHO GXUXPODU <DQL ELUH\VHO RODUDN EX NDGDU J]HO GX\JXODUÖ RODQ LQVDQODU QDVÖO ROX\RU GD NLWOHOHULQ EDûÖQD JHOGLNOHULQGH ELQOHUFH N|\O\ NDWOHGHELOL\RUODU" %HQ RQXQ GD \LQH LoVHO ROGXøXQD LQDQÖ\RUXP <DQL RUDGDNL NLWOH SVLNRORMLVLQL WDEL NL EHQ NHQGLPFH WDUWÖûPDN LVWHPL\RUXP DPD NLWOH SVLNRORMLVLQLQ JHWLUGLøL R NLWOH\H DLW ROPDQÖQ YH NLWOH LoLQGH GDYUDQÖûÖQ JHWLUGLøL GûQPHGHQ KDUHNHW HWPHQLQ oRN DIIHGHUVLQL] VU SVLNRORMLVLQLQ PDQWÖøÖQÖQ ROGXøXQD LQDQÖ\RUXP $PD RVUOHU LoHULVLQGH GH EHQ DUWÖN oREDQ J|UPHN LVWHPL\RUXP %LQOHUFH LQVDQ ´%L] HVNLGHQ KHS NDKUDPDQ EHNOHGLN EXJQH NDGDU GD KkOk EDNÖQÖ] $WDWUN· DQÖ\RUX] EL] PPNQVH RQXQ \HQLGHQ FDQODQPDVÖQÖ GLOL\RUX]µ GHGL 3HNL EX NDGDU QHVLO EX NDGDU LQVDQ QH ]DPDQ NHQGL VWQHGûHQL\DSDFDNYHNHQGLQLNDKUDPDQDGGHGHFHN"<DQLELULOHULQLKDUFDPDGDQQH ]DPDQNHQGLVWP]HGûHQVRUXPOXOXøXNDEXOHGHFHøL]"%L]NDKUDPDQODULVWL\RUX] oQN NDKUDPDQODU ELOL\RUVXQX] NHQGLOHULQL IHGD HGHUHN WRSOXPD ELU ûH\ YHUL\RUODU %L] NHQGL NHQGLPL]GHQ YD]JHoHPL\RUX] NHQGLQGHQ YD]JHoHFHN ELULOHULQL LVWL\RUX] 9H EX EHQLP FDQÖPÖ \DNÖ\RU 2 QHGHQOH EHQ DUWÖN HQ VW NUVGHQ HQ VW VHVOHUGHQ KHUNHVLQ NHQGLVLQL NDKUDPDQ ROPDVÖQD LQDQGÖUDFDøÖ ELU ]DPDQGD \DûDGÖøÖPÖ]Ö YH KHUNHVLQ VRUXPOXOXN ELOLQFLQGH NHQGL Lo VHVLQH VHVOHQPHVL JHUHNWLøLQH LQDQÖ\RUXP 8]XQROGX|]UGLOL\RUXP 6DUDdHOLN0HUVLQhQLYHUVLWHVL)HOVHIH%|OPgøUHWLPh\HVL gQFH GLøHU NRQXûPDFÖODUGDQ |]U GLOL\RUXP *HUoHNWHQ KHU ELULQLQ NRQXûPDVÖ\OD LOJLOL ELU VRUX oÖNÖ\RU DVOÖQGD ]LKQLPL]GH ROXûX\RU $PD WDEL NL KHU ELU NRQXûPDFÖ\D VRUX\|QHOWPHN]DWHQSUDWLNGHøLO%XJQELUD]DNWHOROPDVÖQHGHQL\OHWHU|UL]PGDKD oRNLOJLPL]LoHNL\RU2QXQLoLQWHU|UL]PGDKDGRøUXVXWHU|UVRUJXODQPDOÖEXYHVLOH\OH GL\RUXP 2 \]GHQ VRUXPXQ ELU \|Q 6D\ÖQ $KPHW ùQDP %H\ LOH EHONL .D\D %H\·H RODELOLU %LU EDûND \|Q GH 'RøX %H\·H JLGL\RU gQFHOLNOH RQX EHOLUWH\LP *HUHN $KPHWùQDP%H\JHUHN'RøX%H\NRQXûPDODUÖQGDWLFDUHWROD\ODUÖQÖQNkUDGD\DQGÖøÖQÖ V|\OHGLOHU <D GD \|QHWLPGH GH EHOOL ELU \|QHWLP oDUNÖQGDQ GROD\Ö ELU oHûLW EDVNÖ ROGXøXQX V|\OHGLOHU 9H EXQXQ NDUûÖVÖQGD GD WHU|U GRøDOPÖû JLEL ELU VRQXo oÖNWÖ g]HOOLNOH $KPHW ùQDP %H\ WÖNDQPÖû KDNVÖ]OÖNODU \DSDQ ELU oDUNÖQ G]HQLQ LûOH\LûL QHGHQL\OH WHU|UH EDûYXUXOGXøXQX YH EX QHGHQOH GH HWLøLQ GDKD oRN WHU|UH EDûYXUDQ GHøLOGHEXWÖNDQPÖûOÖøÖJ|VWHUHQG]HQWHPVLOFLOHULWDUDIÖQGDQGûQOPHVLJHUHNWLøLQL V|\OHGL %XQD NDWÖOÖ\RUXP )DNDW EXUDGD WHU|U WDQÖPÖQGD PÖ ELU ûH\ ELU EXODQÖNOÖN YDU RQGDQ ûSKHOL\LP 6DQÖUÖP |\OH %HQ WHU|UGHQ ûXQX DQOÖ\RUXP ûDKVHQ EHOOL ELU DPDFD XODûPDNLoLQEDVNÖNXUPD\ROXQXVHoLSLQVDQ\DûDPÖQD\|QHOLNWHKGLWROXûWXUPDNLQVDQ |OGUPHN YH ELU GHKûHW RUWDPÖ \DUDWDUDN VRUXQX LOJLOL NLûLOHUH GX\XUPDN úLPGL E|\OH ELU GXUXPXQ |]QGH ELU \DQOÖûOÖN YDU GL\RUXP <DQL WHU|U LQVDQ \DûDPÖQD \|QHOLN ROXQFD |]HOOLNOH PDVXP LQVDQODUÖQ \DûDPÖQD \|QHOLN ROXQFD HWLNOH X]DNWDQ \DNÖQGDQ LOJLVL ROPX\RU <DQL WHU|U ELU EDNÖPD NHQGL NHQGLQL \ÖNÖ\RU KDNOÖ oÖNDUÖODFDN ELU \|Q YDU JLELPH JHOPL\RU %LU EDNÖPD KHU DODQÖQ GD HWLøL RODELOLU GûQFHVLQGHQ KDUHNHWOH WHU|ULVW GH ELU HWLN PL \DUDWÖ\RU" 'RøX %H\ YXUJXODGÖODU EXJQ JHOLQHQ QRNWDGD QLKLOL]P DQODûÖODPD\DQ ELU ûH\ oQN KHU LQVDQ \DûDPDN LVWHU <DQL R \]GHQ NHQGL NHQGLQL KHGHI DODQ NHQGL \DûDPÖQD VRQ YHUHQ ELU WHU|ULVW PDQWÖøÖ oRN ûDûÖUWÖFÖ JHOL\RU $FDED DVOÖQGD LQVDQ \DûDPÖQD \|QHOLN E|\OH ELU X\JXODPD \DSWÖNODUÖ LoLQ PDVXP LQVDQODUÖ |OGUGNOHUL LoLQ ELU oHûLW |OPH PH\GDQ RNXPD |OPQ oRN |QHPOL ROPDGÖøÖ LûWH EL] GH |O\RUX] JLEL ELU HWLN PL YXUJXOX\RUODU" .D\D %H\ \D GD $KPHW 7HU|U6L\DVHWùû'Q\DVÖYH(WLN3DQHOL ùQDP·D GD VRUXP \RNVD VL]LQ WHU|U DQOD\ÖûÖQÖ] IDUNOÖ PÖ ELU KDN DUDPD JLEL PL J|U\RUVXQX]" 6LEHO2NWDU&RPPHUFLDO8QLRQ 7HûHNNUHGL\RUXP%HQoRNNÖVDFDLNLVRUXVRUPDNLVWL\RUXP%LULQFLVL6D\ÖQ.D\D *YHQo·H úLUNHWOHULQ DQD DPDoODUÖ NkU GHGLQL] %HQ Lû HWLøL LOH NkU NDYUDPÖ WDPDPHQ ELUELULQL GÖûOD\DQ NDYUDPODU PÖ RQX VRUPDN LVWL\RUXP ùNLQFL VRUXP 6D\ÖQ 8OXo *UNDQ·DDoOÖNVHYL\HVLQGHQEDKVHWWLQL]LNLGRODUGHGLQL]$VJDULFUHW\DNODûÖNûX DQGD JQON RODUDN %|\OH ELU RUWDPGD VL\DVHWoLOHULPL]LQ HWLN DoÖGDQ Lû HWLøLQGHNL X\JXODPDODUGD DVJDUL FUHWL GH GLNNDWH DODUDN QH GûQGøQ PHUDN HGL\RUXP 7HûHNNUOHU +DIL]Hg]WUN$NGHQL]hQLYHUVLWHVL7ÖS)DNOWHVLgøUHWLPh\HVL 6RUXP 6D\ÖQ ùQDP·D .RGODUÖ ROPD\DQ ELU DKODNÖ VDYXQDELOHFHøLQL]L oÖNDUÖ\RUXP NRQXûPDQÖ]GDQ +HU QH NDGDU NRGODUD LWLUD]ÖP \RN GHVHQL] GH NRGODUÖQ N|W\H NXOODQÖPODUD GD DoÖN ROGXøXQX GD V|\OHGLQL] 9H LQVDQ GRøDVÖQÖ LQVDQÖQ |]Q VRUJXODPDPÖ] JHUHNL\RU GHGLQL] dRN WDULKVHO ELU VRUX EX ´ùQVDQ LQVDQÖQ NXUGXGXUµGDQ´ùQVDQPDVXPGXUµDNDGDUVSHNWUXPXoRNJHQLûRODQYHoRNWDUWÖûÖOPÖû NDUDU GD YHULOHPHPLû ELU VRUX EX 9H QHUHGH\VH EX LQVDQ GRøDVÖ EDNÖPÖQGDQ DKODNHQ EHOLUVL]GLU GHGLUWHELOHFHN ELU QRNWD %HQ EXQXQ oRN GD WHKOLNHOL ROGXøXQX GûQ\RUXP 6RQXoWD 6D\ÖQ 8OXøED\·ÖQ HWLN NRGODUGDQ oRN YLFGDQ V|\OHPL\OH QHUHGH\VH \DQ \DQD GXUX\RU %LU VLVWHP RODUDN DKODN \D GD EXQXQ NXUDPVDO DoÖGDQ HOH DOÖQPDVÖRODQHWLNYLFGDQODNLOLWOHQHELOLUPLGL\HGûQ\RUXP 0HKPHW7XUDQ0DGHQ7HWNLNYH$UDPD*HQHO0GUOø ho NRQXûPDFÖ\D o NÖVD VRUX VRUDFDøÖP 6D\ÖQ 2UKDQ %LUJLW VDQNL VL\DVHWWHQ oHNLOGLNWHQ VRQUD VL\DVHWLQ \R]ODûWÖøÖQÖ DQODWÖU JLEL ELU ûH\ oÖNWÖ EHQ |\OH DQODGÖP %X *QHû 0RWHO ROD\ÖQÖ WHNUDU KDWÖUODWPD\D JHUHN \RN KHUKDOGH 6D\ÖQ 8OXo *UNDQ LNWLGDUGD\NHQ PXKDOHIHW JLEL ûLND\HW HWPHN QDVÖO ROX\RU" 6D\ÖQ .D\D *YHQo UHWLP DUDoODUÖ HøHU KDONÖQ GHøLO GHLûDGDPODUÖ \DQL SDWURQODUGD\VD EWQ Lû DGDPODUÖ DKODNVÖ] PÖGHPHNLVWL\RUVXQX]" *|NKDQ%XOXW$QNDUDhQLYHUVLWHVLùOHWLûLP)DNOWHVL*D]HWHFLOLN%|OP gøUHQFLVL %DûWD 6D\ÖQ 8OXo *UNDQ·D ELU VRUX VRUPDN LVWL\RUXP 5HVPL YH JD\UL UHVPL DKODNWDQ EDKVHWWLQL] YH LNLVLQLQ DUDVÖQGDNL oHOLûNLOHULQ YDUOÖøÖQD GLNNDW oHNWLQL] 9H |QP]H NR\PDPÖ] JHUHNHQ ELU KHGHIWHQ ·QF \ÖO NXWODPDODUÖ KHGHILQGHQ V|] HWWLQL] 6DGHFH ELU VRUX GLUHNW YH OWIHQ \DQOÖû DQODPD\ÖQ EX SRSOLVW VRNDN VL\DVHWL VRUXVX IDODQ GHøLO GRøUXGDQ HWLN VRUXVXGXU 6D\ÖQ (FHYLW VL]LQ GH EDøOÖ ROGXøXQX] SDUWLQLQ JHQHO EDûNDQÖ ELU WDULNDWWDQ EDKVHGHUNHQ L\L WDULNDW YDUGÖU N|W WDULNDWWDQ D\ÖUW HWPHN JHUHNLU WU ELU WDQÖPGD EXOXQPXûWX %X DQODPGD VL]LQ &XPKXUL\HWLQ ND]DQÖPODUÖ KHGHILQL]OH EX V|]OHULQ QH NDGDU EDøGDûWÖøÖQÖ VRUPDN LVWL\RUXP %LU GH 6D\ÖQ 'RøX +RFDP·D ELU VRUXP YDU 7HU|UOH PFDGHOH Jo VDYDûÖQD G|QG GHGL KRFDP 7HU|UQ WDQÖPODUÖQÖQ NHVLQ ROGXøXQX \D EL]GHQVLQL] \D RQODUGDQVÖQÖ] JLEL ELU WDQÖP \DSÖOGÖøÖQÖ V|\OHGLQL] 'HPLQ GH EDKVHGLOGL %XVK·XQ $PHULNDQ %DûNDQÖ %XVK·XQ ´<D EL]GHQVLQL] \D RQODUGDQVÖQÖ] %X \HQL X\JDUOÖN G]HQLQGH NHQGL \|QQ] WD\LQ HWPHOLVLQL]µ JLEL ELU V|] YDUGÖ %X DQODPGD GD WHU|UQ OHJDOOHûWLøL PHûUXODûWÖøÖ YH XOXVODUDUDVÖ G]H\GH GH WDUDI EXOPD LVWHøLQLQ EXOXQGXøX DoÖN 8OXVDO8\JXODPDOÖ(WLN.RQJUHVL J|UOPHNWHGLU%XQRNWDGDQVRQUDEXVDYDûWDQVRQUD$PHULND·QÖQRODVÖJDOLEL\HWLQGH WHU|U\HQLGHQWDQÖPODQDFDNPÖGÖUYHQDVÖOWDQÖPODQDFDNWÖU" 6DORQGDQ%LU'LQOH\LFL 'RøX %H\·LQ V|\OHGLNOHULQGHQ oÖNDUGÖøÖP ELU VRUX EX DPD KHUNHV \DQÖWOD\DELOLU DVOÖQGD 7HU|UVDYDû NDYUDPODUÖQÖQ LNLOLøLQL EHQ ELUD] WDUWÖûPDN LVWHULP úXQODU YDU NÖVDVD NÖVDV PDQWÖøÖ QLKLOLVW LUUDV\RQHO \DQ JHOHFHN SURMHVL \RN VRUXPOX GHøLO VRUXQOX\X RUWDGDQ NDOGÖUDQ YH NDUûÖOÖNOÖ NDEXOH GD\DQPD\DQ ELU ûH\ úLPGL $IJDQLVWDQ RSHUDV\RQXQD EDNWÖøÖQÖ]GD EXQODUÖQ KHSVL YDU DVOÖQGD <DQL X]DWPDN LVWHPHGLøLP LoLQ V|\OHPL\RUXPWHDWUDO\DQODUÖPHG\DWLNWDUDIÖD]]DUDUODoRNND\ÖSPDQWÖøÖYHVDLUHJLEL ûH\OHU YDU úLPGL EDQD LNLVL DUDVÖQGDNL IDUN ûX JLEL JHOL\RU úLGGHWL NLPLQ X\JXODGÖøÖ <DQLXOXVODUDUDVÖKXNXNWDGHYOHWOHUHHJHPHQROPDYHVDYDûDoPD\HWNLVLYHULOL\RUIDNDW \DSDQ NXUXP \D GD DNW|U ELU GHYOHW GHøLOVH EXQXQ DGÖ WHU|U ROX\RU +DOEXNL RUDGD JYHQOLNWH ROPD\DQ ûH\ \LQH \DûDPDN YH GHøLûHQ ELU ûH\ROPX\RU 9H EHQ]HU ûH\OHU GH EX VRQ RSHUDV\RQGD GD J|UO\RU \DQL YHUGLøLPL] WDQÖPODUÖQ oRN EHQ]HU WDUDIODUÖ YDU %X DQODPGD DVOÖQGD VDYDûÖQ HWLN ROXS ROPDGÖøÖQÖ KLo WDUWÖûPDGÖN YH EXUDGDQ ûH\ JLEL oÖNÖ\RU \DQL WHU|U HWLN GHøLO WDPDP DPD VDYDû HWLN PL" <DQL GHYOHW YHUGLøL ]DPDQ EX NDUDUÖ YH HJHPHQ ELU Jo ROGXøX LoLQ XOXVODUDUDVÖ KXNXND X\GXøX LoLQ ³NL GHYOHWOHU \DSÖ\RUEXQX³R]DPDQHWLNELUNDUDUPÖROX\RU" *L]HP$UÖNDQ2'7h)HOVHIH%|OPgøUHQFLVL gQFHOLNOH LON VRUXPX 'RøX (UJLO·H VRUPDN LVWL\RUXP %LUD] |QFH (\OO ROD\ODUÖQGDQ EDKVHWWLN %X EDøODPGD HøLWLPGHQ PDKUXP NDOPÖû YH KLoELU ûHNLOGH NDONÖQPDPÖûELUONHQLQ\LUPLEHû\ÖOGÖUEDUÖû\]J|UPH\HQKDONÖQÖQDFDEDQDVÖOHWLN RODUDN GRøUX EXOGXøXPX] ELU ûHNLOGH WHSNL J|VWHUHELOHFHøLQL VRUX\RUXP 'DKD VRQUD +LNPHW 8OXøED\·ÖQ JHoHQ .DVÖPGD 2'7h·GH \DSPÖû ROGXøX NRQXûPDGDQ IH\L] DODUDN DFDED ODUGDQ LWLEDUHQ NHW YXUXOPXû RODQ 7UN HøLWLP VLVWHPLQLQ IHOVHIH\L ELUD] GDKD HUNHQ \DûODUD LQGLUHUHN FLGGL ELU IHOVHIH HøLWLPL YHULS YHUPH\HFHøLQL VRUX\RUXP 6RQ VRUXP GD 8OXo *UNDQ·D RODFDN ùoLQGH EXOXQGXøX PHFOLVLQ DOGÖøÖ ED]Ö NDUDUODUÖ QDVÖO RQD\ODPDGÖøÖQÖ VHoWLøL ED]Ö FXPKXUEDûNDQODUÖQÖ QDVÖO GHøHUOHQGLUGLøLQL ELUD] |QFH GLQOHGLN $FDED NHQGL HWLN DQOD\ÖûÖ LoLQGH EX PHFOLVLQ ELU SDUoDVÖ ROPD\ÖS LVWLID PHNDQL]PDVÖQÖ NHQGL KD\DWÖQD JHoLUPH\L KLo GûQG P EXQX VRUPDNLVWL\RUXPWHûHNNUOHU 7HU|U6L\DVHWùû'Q\DVÖYH(WLN3DQHOLùNLQFL7XU.RQXûPDODU $NÖQ(UJGHQ 'HøHUOL .RQXNODU SDQHOLPL]LQ LNLQFL WXU NRQXûPDODUÖQD JHoL\RUX] %X WXUGD NRQXûPDFÖODU VRUXODU oHUoHYHVLQGH ROXûDQ QRNWDODUÖ GD J|] |QQGH EXOXQGXUDUDN ELULQFL WXU NRQXûPDODUÖQGD YXUJXOD\DPDGÖNODUÖ NRQXODU ]HULQGH GXUXUODUVD L\L ROXU .RQXûPDFÖODU NRQXûPD VÖUDVÖQD J|UH 8OXo *UNDQ 2UKDQ %LUJLW +LNPHW 8OXøED\ 'RøX (UJLO .D\D *YHQo YH &HQJL] *OHo ùON NRQXûPDFÖ 6D\ÖQ 8OXo *UNDQ %X\XUXQX]6D\ÖQ*UNDQ 8OXo*UNDQ *HQHOGH 7UNL\H %\N 0LOOHW 0HFOLVLQGHQ |]HOGH PHQVXS ROGXøXP VL\DVL SDUWLGHQ QLoLQ LVWLID HGH\LP" ùVWLID HøHU GRøUX DQGD DOÖQDQ ELU NDUDUVD KLo NXûNXVX] HUGHPGLU $PD LVWLIDQÖQ ED]HQ GH ELU NDoÖû ELU YD]JHoLû ELU ER\XQ HøLû ROPD |]HOOLøL YDUGÖU ùVWLID QH ]DPDQ HUGHPGLU" 6L] HøHU GQ\DGD |UQHNOHULQL J|U\RUX] ELU 7HU|U6L\DVHWùû'Q\DVÖYH(WLN3DQHOL \ROVX]OXøD ELU XVXOV]OøH EXODûPÖûVDQÖ] PXKDWDSVDQÖ] KHVDEÖQÖ YHUPHN LoLQ VRUXPOXOXNODUÖQÖ]GDQ NXUWXOPDN LoLQ LVWLID HGHUVLQL] 9H\D KHVDEÖQÖ]Ö YHUHPL\RUVXQX]GXUD\UÖOÖUVÖQÖ]%XQODULVWLIDQÖQLûOHWLOPHVLJHUHNHQGXUXPODU<DKXWGD .D\D *YHQo·LQ EDKVHWWLøL JLEL EHQLP DQOD\ÖûÖPD J|UH VHoPHQLQL]OH \DSWÖøÖQÖ] VRV\DO PXNDYHOH\H WHUV Gû\RUVXQX]GXU ER\XQ HøGLULOL\RUVXQX]GXU \ÖOODUÖQÖ]Ö YHUGLøLQL] PFDGHOHQL]LQ LQDQoODUÖ GÖûÖQGD LûOHU \DSÖ\RUVXQX]GXU LVWLID HGHUVLQL] EHQ EXQX WDûÖPÖ\RUXP 6RUX ELUH\VHO RODUDN JHOGLøL LoLQ ELUH\VHO FHYDS YHUL\RUXP ùVWLID\Ö HUGHP RODUDN NXOODQDFDN E|\OH ELU VÖNÖQWÖ\OD NDUûÖ NDUûÖ\D GHøLOLP 3DUWLPOH JHUHNLUVH WHUV GûPHN SDKDVÖQD GRøUX ELOGLøLP ûHNLOGH VHoPHQLPOH o G|QHPGLU \DSWÖøÖP PXWDEDNDW GRøUXOWXVXQGD GDYUDQDELOL\RUXP D\NÖUÖ R\ YHUHELOL\RUXP 2 ]DPDQ EX PFDGHOH\L R PHFOLVWHEXGHøHUOHUGRøUXOWXVXQGDNHQGLLQDQFÖPGRøUXOWXVXQGDGHøLûWLUPHNLoLQYDU ROPDP JHUHNLU ùVWLID HGHUVHP NDoDUÖP YD]JHoHULP ER\XQ HøHULP %XQD ID]OD ELU PLV\RQ \NO\RUVXQX] GL\HELOLUVLQL] DPD E|\OH ELU HUGHP QRNWDVÖQD JHOPHGHQ JHoLFL NÖVDVUHOLELUDONÖûLoLQLVWLIDHWPHN³KDNLNDWHQKDQÖPHIHQGLQLQGHGLøLJLELNDKUDPDQ DGGHGLOHELOLU LVWLID HGHQOHU³ PFDGHOHGHQ GH YD]JHoPH\L JHUHNWLULU %LU VL\DVHWoLQLQ HOHûWLUGLøLQ \DSÖGD QL\H \HU DOÖ\RUVXQ GL\H HOHûWLULOPHPHVL HOHûWLUGLøL \DSÖ\D ER\XQ HøLS HøPHGLøL NRQXVXQGD \DUJÖODQPDVÖ JHUHNWLøLQH LQDQÖ\RUXP (øHU ]DWHQ D] VD\ÖGD PFDGHOH HGHQ VL]LQ KD\DO HWWLøLQL] LGHDOL]H HWWLøLQL] GRøUXOWXGD PFDGHOH HGHQ LQVDQODUÖ GD QL\H LVWLID HWPL\RUVXQX] GL\H EX PFDGHOHOHUL N|UHOWPHPHN OD]ÖP %X EDøODPGDGDûXQXV|\OHPHNLVWHULPHOHûWLULoRNKRûELUûH\DPDHOHûWLUL\LNXWVDPDPDN OD]ÖP HOHûWLUL\L WDSÖQDFDN ELU GHøHUH G|QûWUPHPHN OD]ÖP ù\L YH J]HO RODQ ELU ûH\ YDUVDRQXGDOWIHQIDUNHGLS|GOOHQGLUPH\LELUNHQGLPL]LNoOWPHDOoDOWPDYHVLOHVL RODUDNJ|UPH\HOLP ùNWLGDUGD\NHQ PXKDOHIHW JLEL GDYUDQPDN GL\HQ ELU DUNDGDûÖPÖ]ÖQ VRUXVXQD DVOÖQGD ELULQFLVRUX\X\DQÖWODUNHQNÖVPHQFHYDSYHUGLP%HQLPVRUXQXPROPDVÖJHUHNHQHøHU EHQ VHoPHQLQ NDUûÖVÖQGD NHQGL SDUWLPLQ VHoLP EH\DQQDPHVLQH X\JXQ GDYUDQÖ\RUVDP RUDGDVRUJXODQPDVÖJHUHNHQLNWLGDUGD\NHQPXKDOHIHWJLELGDYUDQDQODUGHøLOWDPDNVLQH LNWLGDUGDNLPLQQH\DSWÖøÖGÖU<DQLEXHOHûWLUL\LGHRDQODPGDoRNKDNOÖJ|UP\RUXP <RNVXOOXN VÖQÖUÖ ùNL GRODU \RNVXOOXN VÖQÖUÖ DoOÖN VÖQÖUÖ ELU GRODU $ûDøÖ \XNDUÖ DVJDUL FUHW EXJQN GHøHUL\OH GRODU KHU JQ GHøLûWLøL LoLQ LNL EXoXN GRODU FLYDUÖQGD ELU QRNWD\D JHOL\RU DPD EDNÖQ EX G|UW NLûLOLN ELU DLOH ED]HQ DVJDUL FUHWOH JHoLQL\RU %X NDEXO HGLOHELOLU ELU ROD\ GHøLO DPD 7UNL\H |\OH ELU NRQXPGD NL EDKVHWWLøLP WRSOXPVDO VHIHUEHUOLN\DøPD\ÖGXUGXUDFDNVL\DVHWLQ|QFOø\OHEDûOD\DFDNWRSOXPVDOVHIHUEHUOLN JHUoHNOHûPH]VHNLPVHQLQHOLQGHGHELU$ODDGGLQ·LQVLKLUOLODPEDVÖ\RNùoLQGHQoNDW G|UWNDWDJLWPLûDVJDULFUHWOHUUHWHELOPHLPNDQÖ\RN7UNL\HDVJDULFUHWVRUXQXQXQ |WHVLQGHDVÖORODUDNE\PHVLQLKÖ]ODQGÖUDFDN(NRQRPLNSURJUDPÖQÖVDGHFHYHVDGHFH GÖû YH Lo ERUoODUÖQÖ JYHQOL ELU ûHNLOGH |GH\HFHN ELU \DSÖ NXUPDN ]HULQH \RøXQODûWÖUPDN \HULQH EXJQN GQ\D NRûXOODUÖQGD NDONÖQPD \DUÖûÖQGD JHUL NDOÖûÖQÖ DûDFDN KLoELU \ÖO \]GH GRNX]XQ DOWÖQD E\PH KÖ]ÖQÖ GûUPH\HFHN NDONÖQPD VHIHUEHUOLøLQL EDûODWPDN ]RUXQGD <RNVD DVJDUL FUHWL ûX DQ oH NDWODUVÖQÖ] 7UN OLUDVÖ RODUDN NDWODUVÖQÖ] GRODUÖ GD oH NDWODPÖû ROXUVXQX] <DQL R |Oo\ WXWWXUDPD]VÖQÖ] 7UNL\H·QLQ EX VRUXQX EHUDEHULQGH WHPL] WRSOXPGDQ NDONÖQPD VHIHUEHUOLøLQH G|QûWUHFHNELUE\NSURMH\OHJ|WUPHVLOD]ÖP 6RQ RODUDN GD ·H G|QN GHøHUOHUGH LûWH EX NDONÖQPD\Ö EX WHPL] WRSOXPX KHGHIOH\HFHN RUDGD LQVDQÖ |]JU ELUL WDULI HGHFHN ELU SODQ KD\DO NR\PDN OD]ÖP +D\DO GL\RUXPEXQDoQNEWQGLULOLûOHUKD\DOOHEDûOÖ\RU2UDGD|]JUELUH\LELUFHPDDWLQ 8OXVDO8\JXODPDOÖ(WLN.RQJUHVL NXOXQD LQGLUJH\HQ KLoELU WDULNDWÖQ FXPKXUL\HW GHøHUOHUL\OH ELU EDøODQWÖVÖ RODPD] ROPDPDOÖGÖUWHûHNNUHGL\RUXP 2UKDQ%LUJLW %LU |øUHQFL DUNDGDûÖP VDQÖ\RUXP GHGL NL VL\DVHWWHQ oHNLOGLNWHQ VRQUD PÖ VL\DVHWLQ \R]ODûWÖøÖQÖ V|\O\RUVXQX] KD\ÖU %|\OH ELU ûH\ V|\OHPHGLP 6L\DVHWWH KHU ]DPDQ L\LOHU YDUGÖU N|WOHU YDUGÖU 7ÖSNÖ WRSOXPXQ EWQ NHVLWOHULQGH ROGXøX JLEL úLPGL EXUDGD ID]OD VL\DVHWoL YDU GL\H YH RQODUÖ JQDK NHoLVL \DSPDQÖ]D GD HVNL ELU VL\DVHWoL RODUDN J|QOPHOYHUPL\RU+HUNHVOWIHQDNûDP\DWDøDJLWWLøLQGH\DVWÖøDEDûÖQÖNR\GXøXQGD |øUHQFL RODUDN |øUHWLP \HVL RODUDN \|QHWLFL RODUDN ûX RODUDN EX RODUDN NHQGL Lo PXKDVHEHVLQL \DSVÖQ EXJQ QH \DSWÖP GL\H GHPLQ ]DQQHGL\RUXP VD\ÖQ 8OXøED\·ÖQ V|\OHGLøL ûHNLOGH 2 G|QHPGH HøHU PHFOLV L\L ROVD\GÖ 7UNL\H (\OO LYPHVLQH JLUPH]GLGXUXSGXUXUNHQJLUPHGL$PDRG|QHPLQPHFOLV\DSÖVÖQÖGHøHUOLDUNDGDûÖPÖQ PLOOL NWSKDQHGHQ PHFOLV NLWDSOÖøÖQGDNL JD]HWHOHUGHQ OWIHQ ELU J|]GHQ JHoLUPHVLQL LVWL\RUXP 7UNL\H 0LOOHW 0HFOLVLQGH &XPKXUL\HW +DON 3DUWLVL HQ ID]OD R\X DODUDN oÖNPÖûWÖVHoLPGHQ2QXQDUNDVÖQGDQ$GDOHW3DUWLVLJHOL\RUGXGDKDVRQUD0LOOL6HODPHW 3DUWLVL 0LOOL\HWoL +DUHNHW 3DUWLVL YH &XPKXUL\HWoL *YHQ 3DUWLVL YDUGÖ 6ÖUDODPDODUGD DUND VÖUDODUGDNLOHUGH \DQOÖûOÖN \DSDELOLULP %LULQFL SDUWL G|UW \] HOOL NLûLOLN PLOOHWYHNLOL LoHULVLQGHQKNPHWLNXUDFDNLNL\]\LUPLDOWÖVDQGDO\H\HVDKLSGHøLOGL7UNL\HRQGDQ |QFH ELU %LULQFL 0LOOL\HWoL &HSKH |UQHøLQL JHoLUGL <DQL $GDOHW 3DUWLVL\OH 7UNHû·LQ 0LOOL\HWoL +DUHNHW 3DUWLVL YH DOWÖQÖ oL]HUHN V|\OHGLP 1HFPHWWLQ (UEDNDQ·ÖQ 0LOOL 6HODPHW3DUWLVLEHUDEHUKNPHWROGXODU%XKNPHWROXûXPXQGD|øUHWPHQOHUGHLûWH EDûND NDGURODUGD QH JLEL GHøLûLNOLNOHU ROGX 3ROLV%LU·OHU 3RO'HU·OHU QDVÖO NXUXOGX ELU WDNÖP GHUQHNOHU PKHQGLVOHU LûWH EWQ GRNWRUODU ûXQODU EXQODU PLOOL\HWoL RODQODU ROPD\DQODU GL\H QDVÖO D\UÖûÖOGÖ R G|QHPL \DûDPD\DQODU ELOPL\RUODU WRSOXPXPX]XQ EHOOHøLoRNoDEXNXQXWNDQOÖN\DSÖ\RUDPDJD]HWHOHURUWDGD6D\ÖQ3URIHV|U(UJLOSROLWLN EL\RJUDILOHUGHQ EDKVHWWL ELU GH SROLWLN |]JHoPLûOHULQ EDûND \|QWHPOHUL YDU dRN PLOOHWYHNLOL YH WRSOXPXQ oRN NDWPDQÖ WDUDIVÖ] \DQVÖ] &XPKXUL\HW +DON 3DUWLVLQLQ *HQHO %DûNDQÖ·QD KNPHW ROPDQÖQ \|QWHPOHUL LoHULVLQGH EDûND SDUWLOHUGHQ D\UÖOPDN LVWH\HQOHUHNDSÖDoPD\Ö|QHUGL%XQODUD*QHû2WHO·GHEHQRG|QHPGHSDUWL\|QHWLFLVL GHøLOGLP EXQODUOD *QHû 2WHO·GH EXOXûWXUDQ DUNDGDûODUÖPGDQ PHVHOD HQ EDûWD $OL 7RSX] YDUGÖ GDKD VRQUD (FHYLW·LQ NDUûÖVÖQD JHoWL YH DPD R ]DPDQ oRN |]YHUL\OH EX KDUHNHWL \DSWÖøÖQÖ KHUNHVH DQODWÖ\RUGX %XQODUD KHUKDQJL ELU EHGHO |GHQPHGL %XQXQ DOWÖQÖoL]L\RUXP$PDEHQSDUWL\|QHWLFLVL\NHQED]ÖGRøXOXEDøÖPVÖ]PLOOHWYHNLOOHULQGHQ JYHQ R\X DOPDN LoLQ ELU WDNÖP RWRPRELO JLEL LVWHNOHULQL NRWD\D WkEL L]OHGLNOHULQL oRN DoÖN \UHNOLOLNOH LWLUDI HGL\RUXP <DQL EL]H IDODQFD DGDPD V|\OHUVHQL] R GD EL]H ELU RWRPRELOLoLQNDP\RQLoLQNRWDYHUGLULUVH|]HOVHNW|UGHQEL]GHJHOLU$GDOHW3DUWLVL·QH R\YHUPH\L]GL\RUGXN2EXUJDoLoHULVLQGHoÖUSÖQÖ\RUGXN$PDR*QHû2WHOROD\ÖQGD NLPVH\H ELU EHGHO |GHQPHGL ùoOHULQGHQ LNL WDQHVL GDKD VRQUD EXJQ LoLQ oRN PDVXP VD\ÖODELOHFHN EHGHOOHUOH LUWLûD\D JLUPLûOHUGLU %LU WDQHVL G|QHPLQ 6RV\DO *YHQOLN %DNDQÖ |EUV G|QHPLQ 7HNHO %DNDQÖ ùUWLûDQÖQ E\ø Noø \RNWXU UûYHWLQ $KODNVÖ]OÖøÖQGDE\øNoø\RNWXU$PDRROD\GDELUWUDQVIHUSDUDVÖ|GHQPHPLûWLU KHUKDQJL ELU ûHNLOGH ]DWHQ EXQD GD NLPVHQLQ JF \HWPL\RUGX %XQXQ EHOJHOHUL NDQÖWODUÖ G|QHPLQ JD]HWHOHULGLU 2 G|QHP VÖUDVÖQGD GD EWQ JD]HWHOHU YH R G|QHPNL VLYLO WRSOXP |UJWOHUL DONÖû WXWPXûWXU 2 KNPHW \U\HELOVH\GL GHøHUOL DUNDGDûODUÖP LNLQFL PLOOL\HWoL FHSKH NXUXODPD]GÖ %DKoHOLHYOHU NDWOLDPÖ ROPD]GÖ |UQHøLQ YH EDûND WRSOX NDWOLDPODU ROPD]GÖ úLPGL EXQODUÖQ KHSVL WDULKWH NDOGÖ 2QODUGDQ GHUV DODFDøÖ] 7HU|U6L\DVHWùû'Q\DVÖYH(WLN3DQHOL N|WOHULQGHQ GHUV DODFDøÖ] L\LOHULQL |UQHN DOPD\D oDOÖûDFDøÖ] |QP]GHNL KHGHI VL]OHULQ KHGHILQL]GLU JHQoOHULQ KHGHILGLU +LoELULVLQL EHøHQPH\LQ KLoELULPL]L EHøHQPH\LQ 8OXo·XQ V|\OHGLøL 7UNL\H·VLQL VL] \DUDWDFDNVÖQÖ] +HSLQL]L VD\JÖ\OD VHODPOÖ\RUXP +LNPHW8OXøED\ 'HøHUOL GLQOH\HQOHULPL]LQ VRUGXNODUÖ ED]Ö VRUXODUÖ \DQÖWODPDQÖQ \DQÖQGD ELU LNL NRQXGD GD GHøHUOHQGLUPH VXQDFDøÖP %LU |QFHOLNOH ]DQQHGL\RUXP 6D\ÖQ *OHo·LQ EH\DQÖ \DQOÖû GHøHUOHQGLULOGL oQN VXDO EL]OHUH GH \|QHOWLOGLøL LoLQ GHøLQPHN GXUXPXQGD\ÖP %HQLP DOJÖODGÖøÖP V|]FNOHUOH 6D\ÖQ *OHo XWDQo GX\XODFDN 0HFOLV GHPHGL0HFOLVLQLoLQGHXWDQoGX\XODELOHFHNGDYUDQÖûWDEXOXQDQODURODELOLUGHGLdQN &HQJL] +RFDQÖQ E|\OH ELU PDQWÖN KDWDVÖQD GûPHVL PPNQ GHøLO 7UNL\H %\N 0LOOHW 0HFOLVL ELU NXUXP .XUXPODUÖQ QH VXo LûOHGLøL QH \DUJÖODQGÖøÖ J|UOU .XUXPODUÖQ EQ\HVLQGHNL LQVDQODU \DQOÖû \DSDELOLU RQODU HOHûWLULOLU RQODU \DUJÖODQÖU YH YHULOHQ NDUDUODUD NDWODQÖU %X QHGHQOH 7UNL\H·GH JHQHOGH NHQGL NRQXûPDODUÖPÖ]GD ROGXøX NDGDU PHG\D RUWDPÖQGD GD \DSDJHOGLøLPL] WLSLN ELU KDWD EX %L] NXUXPODUÖ \ÖSUDWÖ\RUX] 2QGDQ VRQUD GD R NXUXPODU \ÖSUDQÖQFD GD R NXUXPODUÖQ \HULQH QH\L NR\DFDøÖPÖ]Ö ELOHPH] QRNWD\D JHOL\RUX] 2 QHGHQOH HOHûWLULOHUL \DSDUNHQ HQ DøÖUÖQD GDKL NXUXPODUÖ \ÖSUDWPDNVÖ]ÖQ KDWD \DSDQODUÖ HOHûWLUHUHN YH \DUJÖOD\DUDN \DSPDPÖ]GD VÖQÖUVÖ] ID\GDODU YDU dQN GRøUX LQVDQODUÖ NL ELUD] HYYHO \DSÖODQ GHøHUOHQGLUPH GH EXQXQODLUWLEDWOÖDNVLWDNGLUGHRNXUXPODUÖQLoLQHVRNDELOPHNWHEDûDUÖOÖRODPD\Ö]úLPGL R GHøHUOHQGLUPHQLQ DUNDVÖQGDQ VRUX ûX1HGHQ LoLQGHVLQL]" 'HøHUOL DUNDGDûODU EHQ HOOL \HGL \DûÖQGD VL\DVHWH JLUGLP 2WX] \ÖO NDPX KL]PHWLQGH oDOÖûÖS HPHNOL ROXS EHû \ÖO QLYHUVLWHGHGHUVYHULSKX]XULoLQGH\DûDUNHQEXKX]XUXEÖUDNÖSVL\DVHWLQLoLQHJLUGLP 1HGHQLJD\HWEDVLW(OLPLWDûÖQDOWÖQDNR\PDGDQHOHûWLUPHONVQHVDKLSRODPD\DFDøÖP LQDQFÖ\OD JLUGLP YH VL\DVHWLQ HOHûWLULOHQ YH WDNGLU HGLOHQ ER\XWX\OD ELU PFDGHOHQLQ LoLQGH\LP $VOÖQGD VRUPDPÖ] JHUHNHQ VRUX EHQ QL\H VL\DVHWLQ LoLQGH GHøLOLP YH X]DN GXUX\RUXPgQFHOLNOHVRUXOPDVÖJHUHNHQVRUXEX9HVL\DVHWLOOD7UNL\H%\N0LOOHW 0HFOLVLQH JLUPHN GHøLOGLU 6L\DVL SDUWLOHULQ HQ DOW G]H\GHNL IDDOL\HWOHULQGHQ EDûODPDN VXUHWL\OH ILNLUOHULQL]OH GDYUDQÖûODUÖQÖ]OD VL\DVHWL \|QOHQGLUHELOPHNWLU %DWÖGD EHøHQGLøLPL] ER\XWX\OD GHPRNUDVLGH HQ QLWHOLNOL LQVDQODU VL\DVL SDUWLOHULQ HQ DOW NDGHPHVLQGHQ EDûOD\ÖS EDûEDNDQOÖøD NDGDU JHOHELOPLû LQVDQODUGÖU +HS NDKUDPDQODU EHNOHGLN ùûWH EX R GDYUDQÖû 6L\DVHW NLUOL NLUOL GL\RUVDQÖ] NLUOL LQVDQODUGDQ WHPL] LûL QDVÖO EHNOL\RUVXQX]" 7HPL] ELULVL JLUHFHN NL WHPL]OLN IDDOL\HWL EDûODVÖQ <HQL ELU HYL GH NLUDODGÖøÖQÖ]YDNLWSLVRODELOLUYH|QFHHYLWHPL]OH\HUHNLûHEDûODUVÖQÖ]YHWHPL]OHUNHQGH ]HULQL]H SLVOLNOHU IDODQ EXODûWÖUÖODELOLU 2 EDNÖPGDQ VL\DVHWL ONH\H KL]PHW RODUDN J|U\RUVDN X]DN GXUPD KDNNÖQD YH ONVQH VDKLS GHøLOL] %X EDøODPGD GD VL]OHUOH ELU DQHNGRWX SD\ODûPDN LVWHULP DQODPOÖ EXOGXøXP LoLQ +DVDQ $OL <FHO ELU EURNUDWNHQ $WDWUN·Q \XUW LoL JH]LOHULQH NDWÖOPÖûWÖU .DWÖOGÖøÖ JH]LGH ELU DNûDP $WDWUN \DSWÖøÖ VRKEHWVÖUDVÖQGDEURNUDWODUDûXVRUX\XVRUDU´7UNL\HJHUoHNWHQQH]DPDQNXUWXOPXû RODFDNWÖU"µ dHûLWOL EURNUDWODU oHûLWOL FHYDSODUÖ YHULU 2QODUÖ EXUDGD WHNUDUODPD\D JHUHN \RN +DVDQ $OL·\H VÖUD JHOGLøLQGH V|\OHGLøL ûXGXU ´7UNL\H NXUWDUÖFÖ DUDPDNWDQ NXUWXOGXøXQGDNXUWXOPXûRODFDNWÖUµ 'HøHUOL DUNDGDûODU 7UNL\H·QLQ NXUWDUÖFÖ DUDPDNWDQ NXUWXODELOPHVL KHSLPL]LQ EXOXQGXøXPX] NRQXPGD HQ L\LVLQL YHUHELOPHPL]OH PPNQ%XQX GD NHQGLPL]H PLV\RQ VHoPHPL] JHUHN 9H EXQD LVWLQDGHQ ELU |UQHN YHUH\LP .RQIo\V·Q $QDORJ LVLPOLNLWDEÖQGDoRNLOJLQoWLUJHUHNVWOHUGHQJHOHQJHUHNVHWRSOXPXQLoLQGHQJHOHQELU 8OXVDO8\JXODPDOÖ(WLN.RQJUHVL EDED\|QHWLFLDQOD\ÖûÖYDUGÖU.RQIo\VV|\O\RU%HQEXWDELULNHQGLPV|\OHPL\RUXP .LWDEÖQGD ùQJLOL]FHVLQGH YDU EDED \|QHWLFL %DED \|QHWLFL\L .RQIo\V \ÖO HYYHO DUDPÖû EL] KkOk DUDPD\D GHYDP HGL\RUX] ùûWH EX GD ELUH\LQ VRUXPOXOXøX ELUH\LQ NHQGLQL VRUJXOD\ÖS PFDGHOHGH EHQ GH YDUÖP GL\HELOPHVL OD]ÖP 2 ]DPDQ DQFDN NDWNÖODUÖPÖ]ROX\RU)HOVHIHHøLWLPLNRQXVXQXVRUDQGHøHUOL|øUHQFLDUNDGDûÖPÖ]<]GH \]NDWÖOÖ\RUXP2ODELOGLøLQFHHUNHQIHOVHIH³VDGHFHIHOVHIHGHøLO³VRV\RORMLPDQWÖN YH SVLNRORML GHUVOHULQL ELUH\VHO YH WRSOXPVDO SVLNRORML RODUDN YHUPHN JHUHNLU %HONL LON|øUHWLPLQ VRQ \ÖOODUÖQGDQ EDûODPDN VXUHWL\OH RODELOGLøL NDGDU GD X]XQ \ÖOODU YHUPHN JHUHN dQN LQVDQÖQ NDUDNWHULQL YH ]LKLQ ER\XWXQX ûHNLOOHQGLULU EX NRQXODU %X QHGHQOH \]GH \] NDWÖOGÖøÖP ELU J|]OHP %HQ VDGHFH IHOVHIH\L ]RUXQOX GHUV KDOLQH JHWLUHELOPHûDQVÖQÖHOGHHWWLP 'LøHU ELU NRQX HøHU WRSOXPGD ELUH\ RODUDN YH\D JUXSODU RODUDN VL\DVHWWHQ ND\ÖUPDFÖOÖN LVWL\RUVDN YH D\UÖPFÖOÖN \DSÖOPDVÖQÖ LVWL\RUVDN WD\LQGH WHUILGH YE ELUWDNÖP LûOHULQ YHULOPHVL JLEL RQGDQ VRQUD GD VL\DVHW D\UÖPFÖOÖN \DSÖ\RU GL\HUHN HOHûWLUPH KDNNÖPÖ] \RN %HQ VL\DVHWLQ LoLQGH\NHQ EDQD JHOHQ EX WLS LVWHNOHUL JHUL oHYLUGLøLP LoLQ ³JHUHN VHoPHQ WDUDIÖQGDQ JHUHNVH GLøHU DUNDGDûODUÖP WDUDIÖQGDQ³ VHYLOHQ ELU NLûL GHøLOLP 6L]H ELU DQHNGRW GDKD DQODWD\ÖP 0LOOL (øLWLP %DNDQÖ RODUDN QRUP NDGUR\X JHWLULS \|QHWLFLOHULQ VÖQDYOD VHoLOHFHøLQL V|\OHGLøLP ]DPDQ HQ oRN HOHûWLULOGLøLP NHVLP D\GÖQ RODQ \D GD D\GÖQ RODUDN WDQÖPODQDQ NHVLPGL 6HEHEL GH ûX (IHQGLP VÖQDY NR\GXQX]DPDVÖQDYDJHULFLOHUoDOÖûÖ\RU%L]EXGXUXPGD\LQH\|QHWLFLRODPÖ\RUX]%HQ GH EX LQVDQODUÖQ RGDPGDQ oÖNPDVÖQÖ LVWHGLP JLW RQODUGDQ ID]OD oDOÖû GHGLP 2 HOHûWLUGLNOHULQ NHQGL PFDGHOHVL LoLQ oDOÖûÖ\RU 6HQ RQGDQ JoO ROPDN GXUXPXQGDVÖQ 'ROD\ÖVÖ\OD oLIWH VWDQGDUGÖ NHQGL LoLPL]GH \DûÖ\RUVDN EX GD WRSOXPXQ VRUXQODUÖQÖQ EDûÖQGDJHOL\RU%HQLPELULQVDQRODUDNYHDOWÖ\ÖOGÖUVL\DVHWLQLoLQGHRODQELUNLûLRODUDN J|UûP ûX g]HO \DûDPÖPÖ]GD GD NHQGL ]LKLQVHO \DUJÖODUÖPÖ]GD GD D\UÖPFÖOÖN YH oLIWH VWDQGDUW VRQ GHUHFH \D\JÖQ gQFH NHQGLPL]L ÖVODK HGHFHøL] 'LøHU ELU ûH\ GH SROLWLNDFÖ ³ELUD]|QFH*OHoKRFDPGDJD\HWJ]HOYXUJXODGÖ³YDDWHGHFHN%LUWDNÖPKL]PHWOHU UHWPHNLoLQRUD\DJHOL\RU$QFDNQOELUGûQU6WHYHQ+DUYH\3HUORII·XQELUV|] YDU ´3ROLWLNDFÖQÖQ FHQQHWLµ ´9HUJL NDQXQODUÖQÖ oÖNDUWPDGDQ KDUFDPD \HWNLVLQL ELU SROLWLNDFÖ\DYHUL\RUVDQÖ]RQDFHQQHWLEDKûHGL\RUVXQX]µ1H\DSDU"%RUoODQÖUHQIODV\RQ YHUJLVLQL DOÖU LVWHGLøL \HUGH GH KDUFDU úLPGL HYYHOD WRSOXPGD WRSOXP ELOLQFL GHPRNUDVL ELOLQFL ´%HQ YHUJLPL YHUL\RUXP YH R SDUDQÖQ GD QDVÖO KDUFDQGÖøÖQÖQ KHVDEÖQÖ VRUX\RUXPµ DQOD\ÖûÖQÖQ \HUOHûPHVL JHUHN %X ELOLQFH VDKLS ROPDGDQ SROLWLNDFÖ\ÖHOHûWLUPHNOHVDGHFHNROD\FÖOÖN\DSÖ\RUX] 6RQ KXVXV RODUDN GHøHUOL DUNDGDûODU LQVDQD YHUGLøLPL] GHøHU EDûODQJÖoWDNL V|]OHULPGH GH LIDGH HWWLøLP JLEL DLOH LoLQGH EDûOÖ\RU 7UNL\H·QLQ QIXVX \ÖOGD DUWPÖû GXUXPGD .HQWOHULQ QIXVX PLO\RQ DUWPÖû GXUXPGD 6XXGL $UDELVWDQ·ÖQ QIXVX\ÖOGDDUWPÖûGXUXPGDSHWUROJHOLULDUWWÖ8VDPH%LQ/DGLQoRFXNOX ELU DLOHQLQ oRFXøX (OOL G|UW oRFXNOX ELU DLOHGHQ oRFXN HøLWLPLQGH QH EHNOH\HELOLUVLQL]"hONHPL]GHGHoRFXNOXDLOHOHUD]GHøLO'ROD\ÖVÖ\ODLQVDQDGHøHU YHUPH LûL GDKD oRFXN VDKLEL ROPDPÖ]GD EDûOÖ\RU 8QXWPD\ÖQ NL KHSLPL] GQ\D\D ELU oRFXNJHWLUGLøLPL]YDNLWELUERUoVHQHGLQLQDOWÖQDLP]DDWPÖûROX\RUX]2GDûX´6DQD EHQLP\DûDGÖøÖPGDQoRNGDKDL\LYHJ]HOELUGQ\D\DûDWPDNLoLQEHQHOLPGHQJHOHQL \DSDFDøÖPD V|] YHUL\RUXPµ %|\OH ELU VHQHW LP]DOD\DPÖ\RUVDQÖ] oRFXN GQ\D\D JHWLUPHPHOLVLQL] *HWLUHQOHUL LVH X\DUÖS HøLWPHPL] JHUHNL\RU %HQLP V|\OH\HFHNOHULP EXNDGDU%DQDEXQODUÖV|\OHPHIÖUVDWÖYHUGLøLQL]LoLQWHûHNNUHGL\RUXP 7HU|U6L\DVHWùû'Q\DVÖYH(WLN3DQHOL 'RøX(UJLO (IHQGLP VRUXODUD WHN WHN FHYDS YHUPHGHQ |QFH ELU LNL JHQHO ûH\ V|\OHPHN LVWL\RUXP (øLWLPLQ |QHPLQGHQ EDKVHGLOGL 7DEL NL oRN |QHPOL %X KHP UHVPL HøLWLP KHP GH WRSOXPGDQ HGLQGLøLPL] HøLWLP NL EXQD VRV\DOL]DV\RQ \D GD WRSOXPVDOODûPD GL\RUX] +HP UHVPL IRUPHO HøLWLP KHP GH WRSOXPGD HGLQPLû ROGXøXPX] GHøHUOHU YH GDYUDQÖû NRGODUÖ ³EXQODUÖQ KHSVLQH LVWHUVHQL] HøLWLP GHUVHN³ IHYNDODGH |QHPOL %XQXQ QDVÖO ûHNLOOHQGLøL GH NULWLN VRUXQX JQGHPH JHWLUL\RU úLPGL EL] ELUH\ PL \HWLûWLUL\RUX] \RNVD ELU NROHNWLYLWHQLQ SDUoDVÖ RODQ EDøÖPOÖ ELU NLûLOLN PL RUWD\D oÖNDUÖ\RUX]" ùûWH (øLWLP %DNDQOÖøÖ GD \DSPÖû RODQ GHøHUOL ELU DUNDGDûÖPÖ] YDU EXUDGD +HSLPL] ELOL\RUX] NL ³KHP NHQGL \HWLûPH WDU]ÖPÖ]GDQ KHP oRFXNODUÖPÖ]ÖQ RNXOGD QDVÖO HøLWLOGLøLQGHQ³ NROHNWLI ELU YDUOÖøÖQ SDUoDVÖ RODUDN \HWLûL\RU %LU ELUH\ RODUDN \HWLûPL\RU <DQL |]JU NDUDU YHUHELOHQ YH EX NDUDUÖQ VRUXPOXOXøXQX VWOHQHELOHQ YH WDûÖ\DELOHQ NHQGL KD\DWÖQÖ YH WRSOX KD\DWÖ \|QOHQGLUPH\L ELU KDN RODUDN J|UHQ ³ELU D\UÖFDOÖN GHøLO³ EXQX \DSDELOHQ \DQL WDULKL \DSDQ WDULKLQ |]QHVL RODQ LQVDQ WLSL %XQD \XUWWDû GL\RUX] úLPGL E|\OH ELU LQVDQ WLSL PL \HWLûWLUL\RUX] \DQL JHUHN RNXOGDNL HøLWLPLPL]GHJHUHNGLQHøLWLPLPL]GHJHUHNGHEWQWRSOXPVDOVUHoOHUGH\RNVDEDøOÖ EDøÖPOÖ NROHNWLYLWHQLQ ELU SDUoDVÖ RODQ NLPOLøLQL RQGDQ DODQ ELU YDUOÖN PÖ" úLPGL HøHU LNLQFLVLQL \DSÖ\RUVDN ³NL |\OH ROGXøXQD NXYYHWOH LQDQÖ\RUXP³ EX YDUOÖN R NLPOLN JUXEXQXQ V|\OHGLNOHULQLQ NR\PXû ROGXøX NRGODUÖQ GÖûÖQD oÖNDPD\DFDNWÖU dÖNDPDGÖøÖ LoLQ EDûDUÖVÖ] RODFDNWÖU %DûDUÖVÖ] ROGXøX LoLQ GH \DûDGÖøÖ PDøGXUL\HW \HQLNOLN GX\JXVXQXELUKÖQoELU|INHRODUDN\DQVÖWDFDNWÖU9HKHSNXUWDUÖFÖDUD\DFDNWÖU%LULQFLVL \DQL\XUWWDûNXUWXOXûXIRUPOHHWPH\HoDOÖûÖUNHQ|WHNLVLKHSELUNXUWDUÖFÖDUD\DFDNWÖU 6HYJLOL DUNDGDûODU EXQODUÖ V|\OHGLNWHQ VRQUD ELU WRSOXPXQ WDULK LoLQGHNL VHUYHQLQGH LNL GLQDPL]P QRNWDVÖ YDUGÖU %LU NDWDU GûQQ .DWDUÖQ ELU |QQGH ORNRPRWLI YDUGÖU ELU GH DUNDVÖQGD gQQGHNL ORNRPRWLI HøHU VHoNLQOHUL\VH ELU WRSOXPXQ RQXQ ELU GLQDPL]PDVÖ \RNVD EX NDWDUÖ J|WUHFHN ELU GLQDPL]PDVÖ NDOPDPÖûVDR]DPDQDUNDGDNLLWHU7RSOXPXQNHQGLVLLWHU0DDOHVHI7UNL\HLoLQ³KLo 7UNL\H ODIÖQÖ Dø]ÖPD DOPDN LVWHPHGLP GX\JXVDO EDøODUÖPÖ] YH NHVLQ LQDQoODUÖPÖ] ROGXøXLoLQIDUNOÖELUWDUWÖûPDoÖNDFDNGL\H³DPD7UNL\HLoLQWHN|QHPOL\LV|\OH\H\LP 7UNL\HHOLWL·ODUGDQVRQUDGLQDPL]PDVÖQÖND\EHWPLûWLU3HNLEXQXQHWHODILHGHUGL" 7RSOXPXQ LWPHVL JLWPHN LVWHGLøL GRøUXOWXGD NHQGL HOLWLQL YH EWQ NXUXPODUÖ LWPHVL JHUHNLUGL 2 GD \RN 1LoLQ" dQN EL] ELUH\ \HWLûWLUHPHGLN %L] \XUWWDû \HWLûWLUHPHGLN %DNÖQKHUVDEDKVORJDQODUDRNXODoÖOÖSNDSDQÖUNHQoRFXNODUÖPÖ]ÖQKHSLPL]LQV|\OHGLøL ´9DUOÖøÖP 7UN YDUOÖøÖQD DUPDøDQ ROVXQµ %X ELU \RNOXN LûDUHWLGLU <RN ROPD\D ELU oDøUÖGÖUEX1L\HYDUOÖøÖQ\FHOVLQYH7UNYDUOÖøÖQÖ\FHOWVLQGL\HSR]LWLIELUHQHUMLELU JLULûLP DU]XVX oDøUÖVÖ \RN EXQGD %XQODUÖ oRN GûQP\RUX] YH WDEL RQD J|UH GH NXUXPODUÖPÖ]ÖYHGHøHU\DUJÖODUÖPÖ]ÖROXûWXUPX\RUX] $PD ûXQX XQXWPDPDN OD]ÖP KHU PXKDID]DNkU ELU |QFHNL GHYULPH WDSDU 'DKD |QFH ROPXû RODQ GHYULPL VWDWNR RODUDN EHQLPVHU YH RQX PXKDID]D HWPH\H oDOÖûÖU úLPGL EL] QH \DSPDOÖ\Ö] NL ROXûDQ GHYULPFLVL J|UOPH\HQ SURIHV\RQHO GHYULPFLVL ROPD\DQ EX \HQL GHYULPL ³GQ\D oRN KÖ]OÖ YH GHYULPVHO ELU ELoLPGH HYLULOL\RU³ EX GHYULPLQ ELU SDUoDVÖ \DSDOÖP EX GHYULPLQ |QFV RODQ JUXSODU \HUHO YH XOXVDO QLWHOLNOHUL ELU NDUûÖW RODUDN WDQÖPDVÖQODU <HUHO YH XOXVDO QLWHOLNOHU YH JUXSODU GD EX GQ\DGD NHQGLOHULQL ROXûPDNWD RODQ E\N GHYULPLQ NDUûÖWOÖøÖ GHYULPL GH NHQGLOHULQL H]HFHN ELU VLOLQGLU RODUDN J|UPHVLQ %X DQFDN ELUH\ RODUDN LQVDQÖ \HWLûWLULUVHN \DQL GHøLûLPL DOJÖOD\DQ YH RQD X\XP VDøOD\DELOHFHN ELU WLS \DUDWDELOLUVHN RODELOLU %L] EXQX KLo GûQPHGLN +Lo SODQODPDGÖN %HONL V|]Q HWWLN ]DPDQ ]DPDQ ùûWH VD\ÖQ 0LOOL 8OXVDO8\JXODPDOÖ(WLN.RQJUHVL (øLWLP %DNDQÖ GD EXUDGD .HQGLVLQLQ GH EX NRQXGD oDEDODUÖ ROGX ùûWH EX \ÖOOÖN HøLWLP GH EX DPDoOD JHUoHNOHûWLULOPH\H oDOÖûÖOGÖ DPD EDûDUDPDGÖN dQN GHYOHW PHUNH]OL ELU GHøLûLP YH WRSOXPD QL]DP LQWL]DP YHUPH DQOD\ÖûÖQGDQ KLo YD]JHoPHGLN 7RSOXPDELULWLFLJoWDULKLQELU\DSÖFÖVÖRODUDNGHøLOVDGHFHYHVDGHFHGHYOHWLYHRQXQ HJHPHQ JF QH\VH GDKD oRN EURNUDWLN RODQ R JF |QF RODUDN J|UGN 2 Jo |QFOøQ oRNWDQ \LWLUGL 2QXQ WHPHO UHIOHNVL PHYFXGX NRUXPDN YH EL] KkOk RQGDQ EHNOHGLøLPL] EX GHYULPL \DSPD\Ö YH GQ\DOÖ ROPD\Ö EHNOL\RUX] %XQX V|\OHGLNWHQ VRQUD R VRPXW VRUXODUD JHOHOLP %XVK·XQ V|]QGH GH D\QÖ PDQWÖN \RN PX\GX" 7HU|ULVWOHUOH LOJLOL \D EL]GHQVLQL] \D GD RQGDQVÖQÖ] GL\H (YHW YDUGÖ 2 \]GHQ GH SHN oRøXPX] WDUDIÖQGDQ \DGÖUJDQGÖ 7HU|U \HQLGHQ WDQÖPODQDFDN PÖ" 7DQÖPODQDFDN YH WDQÖPODQPDVÖ OD]ÖP $PD WHU|U EXQGDQ VRQUD JHUHNoHOHUL\OH WDQÖPODQPD\DFDN dQN JHUHNoHOHU oRN GRøUX RODELOLU oRN KDNOÖ RODELOLU KDWWD E\N LQVDQL GHøHUOHUL GLOH JHWLUL\RU RODELOLU dQN WHU|U KDUHNHWOHULQLQ DUNDVÖQGD E\N |OoGH KDNVÖ]OÖøD NDUûÖ oÖNÖû GD YDUGÖU2 KDOGH R JHUHNoHOHU QH NDGDU KDNOÖ YH QH NDGDU NDEXO HGLOHELOLU ROXUVD ROVXQ WHU|UL]P DUDFÖOÖøÖ\OD ELU J|Uû ELU JUXEXQ WHUFLKOHULQL GLøHULQH RQXQ YDUOÖøÖQÖ FDQÖQÖ KLoH VD\DUDN RQX Hû\DODûWÖUDUDN RQXQ ]HULQH VL\DVHW \DSDUDN GD\DWPDVÖQD L]LQ YHULOPH\HFHNWLU%XJQROPD]EXDPD\DUÖQRODFDN<HQLWHU|UL]PWDQÖPÖVDGHFHH\OHP RODFDN H\OHP EDøODPÖQGD RODFDN ROPDN ]RUXQGD úX DQGD \UWOHQ \|QWHP \DQL WHU|UL]POH PFDGHOH \|QWHPL $PHULND·QÖQ EDûÖQÖ oHNWLøL \|QWHP GRøUX ELU \|QWHP PL" <DQL LODQ HGLOGLøL JLEL WHU|UL]POH PFDGHOH\L EDûDUÖ\D XODûWÖUDFDN ELU \|QWHP PL" +D\ÖU dQN ûLGGHWLQ ]HULQH ûLGGHWOH JLWPHN DQFDN ûLGGHWL \D\JÖQODûWÖUÖU 9H D\QÖ ]DPDQGD GD NDUûÖOÖøÖQÖ GRøXUXU %X PPNQ GHøLO EDûND ûH\OHULQ GH ROPDVÖ OD]ÖP 1HGLU R EDûND ûH\OHU" (Q |QFH QHGHQOHULQL DQODPDN úX GQ\DGD RUWD\D oÖNPÖû RODQ E\N NDUûÖWOÖøÖQ QHGHQOHULQL o|]PHN %\N DGDOHWVL]OLøLQ YH KDNVÖ]OÖøÖQ LQVDQODUÖ PDøGXU HGHQ YH EX PDøGXUL\HW GX\JXVXQX E\N ELU |INH\H YH NDUûÖ oÖNPD\D G|QûWUHQ EX HûLWVL]OLNOHULQ %XJQ JHOLûPH GL\RUVDN R JHOLûLPLQ LQVDQ PHUNH]OL ROPDVÖUHIDKGL\RUVDNHûLWOLNoLROPDVÖ%XGHøHUOHULÖVNDOD\DQEWQEXLQVDQLJ|]NHQ GHøHUOHULQ KLoELUL NDEXO J|UPH\HFHN YH LNL \]OON RODUDN QLWHOHQGLULOHFHN =DWHQ |\OH QLWHOHQGLULOL\RU 2 \]GHQ ROXûDQ EX GHYULPH \DQL GQ\DGDNL EX E\N YH KÖ]OÖ N|NO GHøLûLPH ³GHøLûWLUHQ GHøLûLPH³ EWQ DNW|UOHULQ \RNVXOIDNLU GRøXOXEDWÖOÖ NDWÖOPDVÖQÖVDøODPDNOD]ÖP<HQLDKODNLGHøHUOHU|\OHROXûDFDN9HRDKODNLGHøHUOHUGH ELUKXNXNRODFDNROPDNGXUXPXQGD+XNXNGDQH$PHULND·QÖQQHùQJLOWHUH·QLQQHGH EDWÖQÖQ DQFDN PQKDVÖUDQ VDKLS oÖNWÖøÖ RQXQ GHøHUOHULQH RWXUDQ ELU KXNXN RODFDN <HQLELUHYUHQVHOGHøHUOHUVLVWHPLRODFDNYHROPDVÖGDJHUHNOL6|\OH\HFHøLPEXNDGDU .D\D*YHQo %D]Ö VRUXODUD KHPHQ NÖVDFD \DQÖW YHUPHN LVWL\RUXP %LULNL QRNWD\D GDKD VRQUD GHøLQHFHøLP 7HU|U ELU KDN DUDPD PFDGHOHVL PLGLU" %LU KDN DUD\ÖûÖ RODUDN PÖ J|U\RUVXQX]"úLPGLKDNDUDPD\ROODUÖQÖQWÖNDQPDVÖQÖQWHU|UEHVOH\HQoRN|QHPOLELU HWNHQ ROGXøXQX LIDGH HWWLP YH EXQXQ GRøUX ROGXøXQX GûQ\RUXP %HQ \LQH VR\XW ELU NDYUDPD JLWPHNWHQVH 9L\DQD %LOGLULVL ·WHNL GHPRNUDVLQLQ WDQÖPÖ\OD LOJLOL ROGXøX LoLQ 'L\RU NL KDONÖQ NHQGL VL\DVDO HNRQRPLN WRSOXPVDO NOWUHO VLVWHPOHULQL EHOLUOHPHN LoLQ LUDGHVLQLQ |]JUFH LIDGHVLQH NHQGL \DûDPODUÖQÖQ WP \|QOHULQLQ WDP NDWÖOÖPÖQD GD\DQPDVÖ WHPHOLQGH LQVDQD VD\JÖ YH KXNXNXQ VWQOøGU <DQL VLVWHP RODUDN GHPRNUDVL\H EHQLP UDVWOD\DELOGLøLP EX XOXVODUDUDVÖ EHOJHOHUGH HQ \DNÖQ RODQODUGDQELUWDQHVLEXWDULKRODUDN 7HU|U6L\DVHWùû'Q\DVÖYH(WLN3DQHOL úLPGL EXUDGD oRN WHPHO RODQ NDYUDPODU YDU ùUDGHQLQ |]JUFH LIDGHVL \RNVD KDN DUDPD \ROODUÖQÖ DoÖN WXWWXøXPX] ]DPDQ KLo WHU|U ROPD\DFDN PÖ VRUXVXQD EHQLP FHYDS YHUPHP PPNQ GHøLO 6DGHFH KDN DUDPD \ROODUÖQÖQ NDSDQPDVÖQÖQ WHU|U EHVOH\HQ WHU|UHX\JXQELU]HPLQ\DUDWDQGXUXPROGXøXQXLIDGHHGL\RUXP ùû HWLøL\OH NkU ELUELULQL WDPDPHQ GÖûOD\DQ NDYUDPODU PÖGÖU" úLPGL DVOÖQGD EXUDGD VRUXQ Lû HWLøL JLEL ELU HWLNWHQ EDKVHWPHN \D GD JHQHO GHøHUOHUGHQ EDKVHWPHN oRN ]RU dQN WHPHO GHøHU Lû GQ\DVÖQÖQ YDUOÖN QHGHQL ROPD]VD ROPD]Ö NkU <DQL XOXVODUDUDVÖ ELU LNL EHOJH GHGLN %X EHOJHOHULQ QH NDGDU GHøHUOL ROGXøX NRQXVXQGD ELOJL VDKLEL GHøLOLP 2 \]GHQ EXQD KLo GHøLQPH\HFHøLP $PD RUDODUGD GD ûXQX V|\O\RU 6L] KDOND KL]PHW HWPHN ]RUXQGDVÖQÖ] DPD VDNÖQ ROD NL D\DNWD NDOPD\Ö \HWHUOL ELU DPDo RODUDN GHøHUOHQGLUPH\LQ <DQL NkUÖQÖ]Ö PDNVLPL]H HWPHN ]RUXQGDVÖQÖ] %DûND WUO ]DWHQ KL]PHW YHUHPH]VLQL] ûHNOLQGHGLU úLPGL EX VLVWHP LoLQGH EHQ GH ûXQX V|\O\RUXPg]HOOLNOHNUHVHOGQ\DGDVHUPD\HQLQDUWÖNIL]LNLVHUPD\HROPDNWDQoÖNWÖøÖ ELU G|QHPGH RUWDODPD WULO\RQ GRODUÖQ ]HULQGHNL ELU SDUDQÖQ VUHNOL RODUDN GQ\DGD GRODûWÖøÖ RUWDODPD NDOÖû VUHOHULQLQ ELU KDIWD ROGXøX R ELU KDIWD NDOGÖøÖ ONHQLQ UHIDKÖQDUHWLPLQHKLoELUûH\LQHNDWNÖGDEXOXQPDGDQVDGHFHSDUDVDODQODPGDNkUHGLS ELUWDNÖP UDQWODU DOÖS JLWWLøL EXUDGD KHUKDQJL ELU NDWNÖVÖQÖQ ROGXøXQX V|\OHPHN PPNQGHøLODPDWHNUDULIDGHHWPHNJHUHNLUVHLûHWLøL\OHNkUELUELULQLWDPDPHQGÖûODU PÖ" 'ÖûOD\DQ NDYUDPODU PÖGÖU" +D\ÖU ûLPGL |UQHøLQ NDSLWDOLVW VLVWHPLQ NHQGL GHøHU \DUJÖODUÖ LoLQGH GûQGøP] ]DPDQ VRV\DO GHYOHW X\JXODPDVÖQÖQ ROGXøX QRNWDODUGD NkUHGHQNXUXOXûODUÖQD\QÖ]DPDQGDED]ÖKL]PHWOHUUHWHELOGLøLQL|UQHøLQLûVDKDODUÖQÖQ DoÖOPDVÖ NRQXVXQGD WNHWLPLQ DUWÖUÖOPDVÖ UHIDK G]H\LQLQ \NVHOWLOPHVL NRQXVXQGD GD EHOOL NDWNÖODUÖQÖQ GD ROGXøXQX V|\OHPHN OD]ÖP %XUDGD WHPHO RODQ WHNUDU LIDGH HWPHN LVWHGLøLPûXLûGQ\DVÖQÖQHWLNGHøHUOHULQLQKHSVLQHEDNWÖøÖPÖ]]DPDQYDUOÖNQHGHQL\OH EWQ GHøHUOHULQLQ RUWDVÖQGD NkU GHQLOHQ R ROD\Ö J|U\RUX] =DWHQ VÖNÖQWÖ EXUDGDQ ND\QDNODQÖ\RU hUHWLP DUDoODUÖ KDOND DLW GHøLOVH EWQ Lû DGDPODUÖ DKODNVÖ] PÖGÖU" <DQL E|\OH ELU LIDGHROPDVÖQGL\H|]HOOLNOHYXUJXODPDNLVWHGLP7HNUDULIDGHHGL\RUXP0DUNVLVWGHøHU WHRULVLQL DUWÖ GHøHU NDYUDPODUÖ\OD WDUWÖûWÖøÖPÖ] ]DPDQ ROD\ÖQ NDUûÖVÖQD ELU GH NDSLWDOLVW LGHRORML\L VDYXQDQODU oÖNÖ\RU 2QODU GD GL\RUODU NL HIHQGLP VL]LQ V|\OHGLøLQL] GHøHUOHU V|\OHGLøLQL] JLEL RODELOLU DPD EL] RQX R JLULûLP ULVNOHULQLQ NDUûÖOÖøÖQGD DOÖ\RUX] %X GD EL]LP HQ GRøDO KDNNÖPÖ]GÖU %X WDUWÖûPD\D JLUPHPHN LoLQ ³|]HOOLNOH WDUWÖûPD\Ö GHULQOHûWLUPHPHN LoLQ DPD EXQX GD ]LNUHWPHGHQ JHoHPH\HFHøLP LoLQ³ VDGHFH ]LNUHWWLP<RNVDNHVLQOLNOHEDûWDGDEHOLUWWLøLPJLELEDûYXUGXøXPX]GHøHUOHUELU]DPDQ NHVLWLQH ELU WRSOXOXøD UHWLP VLVWHPL LoLQGH DOGÖøÖPÖ] \HUH J|UH oRN GHøLûNHQ NDYUDPODUGÖUYHE|\OHELULIDGHNHVLQOLNOHNXOODQPÖ\RUXP úLPGL JHOHOLP %HONL \DQOÖû DQODûÖOGÖøÖQÖ GûQGøP ELU ROD\ YDU oQN |]HOOLNOH &HQJL] *OHo DUNDGDûÖPÖQ 'LYULøL LOH LOJLOL YHUGLøL ELU |UQHN YDU <DQLYHULOHQ LûLQ L\L \DSÖOPDVÖYDDGLQLYHUGLPEX\HULQHJHWLULOPH]VHEXQXDKODNVÖ]OÖNNDYUDPÖ\ODDoÖNODPDN GRøUX GHøLO <]GH \] NDWÖOÖ\RUXP =DWHQ |\OH ELU ûH\ GH V|\OHPHGLP 6|\OHGLøLP ûXGXU 7RSOXPVDO V|]OHûPHQLQ JHUHøLQL \HULQH JHWLUPH\H oDEDODPDN ]RUXQGDVÖQ %XUDGDNL GHøHU EX ROPDN ]RUXQGD %DûDUÖUVÖQÖ] EDûDUDPD]VÖQÖ] +DWWD |\OH NRQXODU JQGHPH JHOHELOLU NL |QFHOLNOHUL GHøLûHELOLU $PD EXQX ELU ûHNLOGH WHNUDU JLGLS R WRSOXPVDO V|]OHûPH\L \DSWÖøÖPÖ] NL EX WRSOXPVDO V|]OHûPHOHU ]ÖPQL ROD\ODUGÖU ELU V|]OHûPH ILODQ GD \RNWXU \DQOÖû DQODûÖODELOLU +DWWD ELU VHoPHQ NLWOHVL 6L]LQ HVDV LWLEDUL\OHEHONLELUXOXVDVHVOHQPHQL]JHUHNL\RU8OXVGHUNHQRUGDWDELVÖQÖIODUDUDVÖQGDNL LOLûNLOHUL GH J|] |QQGH EXOXQGXUDUDN \DQL LûoLOHUL NRUX\DFDøÖP GHUNHQ VHUPD\H\H 8OXVDO8\JXODPDOÖ(WLN.RQJUHVL KL]PHW HGL\RUVDQÖ] \D GD VHUPD\H\H KL]PHW HGHFHøLP GL\H LûoLOHUL NRUX\RUVDQÖ] EHQFH LNL WDUDIOÖ RODUDN GD VÖQÖIVDO VÖNÖQWÖ YDU GHPHNWLU 'ROD\ÖVÖ\OD EDûDUÖEDûDUÖVÖ]OÖN GHøLO EXUDGD WHPHO NULWHU RODQ R WRSOXPVDO V|]OHûPH\L \HULQH JHWLUPHN LoLQ oDEDODPDN %DûDUGÖøÖQÖ] WDNGLUGH EDûDUÖOÖGÖU EDûDUDPDGÖøÖQÖ] WDNGLUGH EXQXQ JHUHNoHOHULQL QHGHQOHULQL DoÖN DoÖN DQODWPDN EXQX WRSOXPOD SD\ODûPDN DQODPÖQD JHOLU úLPGL EX V|\OHGLøLP ROD\ DVOÖQGD VDGHFH VL\DVHW GQ\DVÖ LoLQ JHoHUOL ELU ROD\ GHøLOGLU %X EHQLP LoLQ GH JHoHUOLGLU %HQ 7UN 0KHQGLVOHU 2GDODUÖ %LUOLøLQLQ EDûNDQÖ\ÖP %HQ GH VHoLPOHUH NDWÖOÖ\RUXP %HQ GH VHoLPOHUH NDWÖOGÖøÖP ]DPDQ ELU SURJUDPOD oÖNÖ\RUXP $\QÖ ûH\ EHQLP LoLQ GH JHoHUOLGLU %L]OHU ]DWHQ VL\DVHWLQ LoLQGH\L] %L]LP VL\DVHWH VR\XQPDNJLELELUGûQFHPL]QL\HWLPL]GH\RNDPD]DWHQVL\DVHWLQLoLQGH\L]úXDQGD 7UNL\H JLEL ONHOHULQ LoLQGH EXOXQGXøX HQ E\N VÖNÖQWÖODUGDQ ELU WDQHVL VL\DVHWLQ WRSOXPVDOODûWÖUÖODPDPDVÖQGDQND\QDNODQPDNWDGÖU \D GD WRSOXPXQ VL\DVDOODûWÖUÖODPDPD VÖQGDQ %XQXQ QHGHQL GH 7UNL\H·GH VL\DVHWH RODQ JYHQVL]OLNWLU 2 JYHQVL]OLøLQ QHGHQL GH ELU WUO ELU \HUH YDUDPD\ÖûÖPÖ]GÖU .RQXPX] HWLN WHU|U WDUWÖûPDVÖ ROGXøX LoLQ VL\DVHWH GX\XODQ JYHQVL]OLN GH VL\DVHW GQ\DVÖQÖQ YHULOHQ V|]OHUL ELU WUO \HULQH JHWLUHPHPHVL YH KHUKDQJL ELU ûH\ \DSPDPDVÖ WRSOXPX ELOLQoOHQGLUHUHN ´EHQ EXQX \DSDPÖ\RUXP H\ YDWDQGDû ûX ûX JHUHNoHOHUOH \DSDPÖ\RUXPµ GL\HPHPHVLQGHQ YH LQVDQODUÖ XPXWVX]OXøD NDSDWÖS VL\DVHWWHQ VRøXWPDVÖQD JLGL\RU 6L\DVHWWHQ VRøXPD VHYJLOL DUNDGDûODU EX NRQXGD oRN QHW ELU J|UûP ROGXøXQX GûQ\RUXP 6L\DVHWLQ WRSOXPGD ELU ûHNLOGH GHøHU ND\EHWPHVL EL]LP HPHNoLOHULQ oDOÖûDQODUÖQ LVWHGLøL \D GD RQODUÖQ oÖNDUODUÖQD X\JXQ RODQ ELU ûH\ GHøLOGLU %X ROVD ROVD XOXVODUDUDVÖ VHUPD\HQLQ oÖNDUODUÖQD KL]PHW HGHU dQN XOXV GHYOHWL RODUDN HOLQL]GH EDûND ELU NXUXPXQX] \RN %X NXUXPD VDKLS oÖNPDQÖ] JHUHNWLøL LoLQ EXQODUÖ |]HOOLNOH YXUJXOX\RUXP %D]HQ V|]OHULPL]GH ELUD] DûÖUÖ\D JLGL\RU ED]HQ \DUDOD\ÖFÖ RODELOL\RUX] DPD XQXWPD\DOÖP NL EDûND oDUHPL] \RN <DQL VL\DVHWL WRSOXPVDOODûWÖUDFDNVDQÖ] WRSOXPX GD VL\DVDOODûWÖUDFDNVÖQÖ]EDûNDoDUHQLQoÖNDU\ROXQXQ\|QWHPLQROPDGÖøÖQÖGûQ\RUXP 6RQ RODUDN GHøLQHPHGLøLP ELU NRQX\D GD GHøLQLS WDPDPOÖ\RUXP g]HOOLNOH 6D\ÖQ ùQDP·ÖQ EDûODQJÖoWD EHOLUWWLøL ³WHKOLNHOL ROGXøXQX EHOLUWWLøL³ ELU QRNWD\D EHQ GH GHøLQPHN LVWL\RUXP úLPGL KHU ELU QRNWDGD DKODN NXUDOODUÖ\OD YH GDYUDQÖû NXUDOODUÖ\OD LOJLOL ELU GL]L NXUDO oDOÖûPDVÖ \DSÖOÖ\RU %X Lû GQ\DVÖQGD GD YDU VL\DVHW GQ\DVÖQGD GD %L]LP NHQGL DODQÖPÖ]GD GD \DSWÖøÖPÖ] LQFHOHPHOHUGH J|]OHPOHGLøLPL] ELU ROD\Ö VL]OHUOH VDGHFH SD\ODûPDN LVWL\RUXP %X JLULûLPOHU DVOÖQGD LOJLOL NHVLPLQ WRSOXPD ´VL] PHUDN HWPH\LQ EHQLP GH NHQGLPH J|UH DKODN NXUDOODUÖP YDU EHQ GH DKODNOÖ ROPD\D oDOÖûÖ\RUXP \D GD EHQ GH DKODN NXUDOODUÖQD X\PD\D oDOÖûÖ\RUXPµ JLEL ELU PHVDM YHUPH ND\JÖVÖQÖ GD ELUOLNWH WDûÖ\RU úLPGL PXWODND EX oDOÖûPDODUÖQ LoLQGH EX oDOÖûPDODUÖ EDûODWDQODUÖQ L\L QL\HWOHULQGHQ \DSÖODQ oDOÖûPDQÖQ GRøUXOXøXQGDQ KLoELU ND\JÖ GX\PX\RUXP $PD EXQXQ DUNDVÖQGD LOJLOL NHVLPLQ WRSOXPD ´H\ WRSOXP EHQL VHQ oRN N|W RODUDN WDQÖ\RUVXQ DPD EHQLP NHQGL DKODN NXUDOODUÖP YDU %DN EHQ EX DKODN NXUDOODUÖQD X\PD\D oDOÖûÖ\RUXP 'ROD\ÖVÖ\OD EDQD JYHQµ PHVDMÖQÖ YHUPHN JLEL ELU D\UÖFD QL\HWLQLQ GH ROGXøXQX LIDGH HWPHN LVWL\RUXP %LU LNLQFLVL 1UQEHUJ·GH oÖNDQ NLûLVHO VRUXPOXOXN LONHVL WDPDP oRN GRøUX ELU LONHGLU DPD HWLNOH LOJLOL WDUWÖûPDODUGD NLûLVHO VRUXPOXOXNODU |Q SODQD oÖNDUÖOÖS GD VLVWHPH LOLûNLQ VRUXPOXOXNODU DUND SODQGD NDOÖUVD \DQOÖû ELU QRNWD\D JHOLQLU 2QXQ LoLQ GH DVOÖQGD \LQH 6D\ÖQ ùQDP·ÖQ VRQ GHUHFH QHW ELU ûHNLOGH JQGHPH JHWLUGLøL YH EDøODGÖøÖ WHPHO RODQ QRNWD HWLN WDUWÖûPDODUÖQ ELU \DûDP ELoLPLQH \|QHOLN RODUDN J|WUOPHVL YH EXUDGDQ NXUDOODU JLEL ELUWDNÖP ROD\ODUÖQ JQGHPH JHWLULOHUHN ´WDPDP DUNDGDûODU EX NXUDOODU YDU KDGL H\YDOODKµ GHPHPHN ûHNOLQGH JHUoHNOHûWLULOPHVL OD]ÖP $NVL WDNGLUGH LNL WHKOLNH\L \DQL VLVWHPL WDUWÖûPD\Ö 7HU|U6L\DVHWùû'Q\DVÖYH(WLN3DQHOL VRUJXODPD\Ö XQXWDELOLU ELU LNLQFLVL LOJLOL NHVLPOHULQ WRSOXPD YHUPLû ROGXøX \DQOÖû PHVDMODUD\RODoDELOLUL]GL\HGûQ\RUXP7HûHNNUHGHULP &HQJL]*OHo %HONL VUoOLVDQ HWPLû RODELOLULP DPD SDUODPHQWR\X XWDQo YHULFL ELU \HU RODUDN J|UP\RUXP g\OH NXUXPVDO YDUOÖøÖQD VD\JÖVÖ]OÖN \DSPDN JLEL ELU GHUGLP QL\HWLP GH \RN$PDSDUODPHQWRGDXWDQoYHULFLûH\OHUROX\RU%DûNDNXUXPODUGDROGXøXJLEL+HOH QLYHUVLWHOHUGH GDKD GD ID]OD ROX\RU <DQL 7UNL\H·QLQ GHPRNUDWLNOHûPHVLQGH SDUODPHQWRoRN|QHPOLoRNDVOLELUNXUXPYD]JHoLOPH]ELUNXUXP%XVRUXPOXOXNKDO YH LûOHPH QH ]DPDQ X\JXQ GDYUDQÖ\RU"'DYUDQDELOL\RUPX" %XQX WDUWÖûDELOLULP *D\HW WDELGDYUDQDPÖ\RU2QHGHQOHEHQGH6D\ÖQ8OXo*UNDQ%H\LQJHUHNoHOHULoRNIDUNOÖ ELU oRøXQD NDWÖOÖ\RUXP ùVWLID HGHULP HWPHP %XOXQGXøXP NRQXPGDQ XWDQo GX\PX\RUXP DPD EHQ ûX DQGDNL PHYFXW KNPHWWHQ ³ûX \D GD EX ûHNLOGH \HVL ROVD\GÖP³ VL]H \HPLQ HGL\RUXP LVWLID HGHUGLP úLPGL SDUODPHQWR\OD KNPHW DUDVÖQGDNL LOLûNLOHUL DoÖN V|\OH\H\LP RUWDODPD KDONWDQ SHN oRN LQVDQ NDUÖûWÖUÖ\RU 8PDUÖP HQWHOHNWHOOHU NDUÖûWÖUPÖ\RUGXU 3DUODPHQWR\OD \DQL PHûKXU NXYYHWOHU D\UÖOÖøÖ\OD \DUJÖQÖQ \DVDPDQÖQ \UWPHQLQ D\UÖOÖøÖ GL\H ELU ûH\ LGHDO RODUDN DU]X HGLOHELOLU ELU ûH\ DPD \UUONWHNL LûOH\LûH EDNWÖøÖQÖ] ]DPDQ GXUXP |\OH GHøLO 3DUODPHQWRODUÖ YH\D \ÖOGDQ EHUL VRQUDVÖQGDNL SDUODPHQWRODUÖ 7UNL\H·GH KNPHW \|QOHQGLUL\RU +NPHW LQDQÖOÖU JYHQLOLU YH JHUoHNWHQ ROXPOX ûH\OHU \DSÖ\RUVD EX PXWODND SDUODPHQWR\D GD \DQVÖ\RU dQN KNPHWLQ LFUDDWÖQD KXNXNL oHUoHYH\L oL]HQ ELU NXUXP QLWHOLøLQH EUQG PDDOHVHI 'ROD\ÖVÖ\OD KNPHWOH SDUODPHQWR\X |]GHû YDUOÖNODU JLEL J|UPHN \DQOÖûÖ YDU ELU NHUH %XQXQ FHUHPHVLQL oHNPL\RU GHøLOLP <DQL KNPHWLQ ELU VU KDNLNDWHQ NDWÖODPD\DFDøÖP YH oRN LV\DQ LWLUD] HGHELOHFHøLP SHN oRN ûH\LQLQ DUNDVÖQGD KHU ]DPDQ SDUODPHQWR GXUPX\RU DPD GXUGXøX GXUXPODU GD YDU +NPHWH UDøPHQ SDUODPHQWR NXUXP RODUDN RQXUXQX NRUX\DELOPHOLPL".HVLQOLNOHGRøUX2QRNWDODUGD]DPDQ]DPDQ]DDILoLQGHROGXøXELU JHUoHN 2 ]DPDQODU SDUODPHQWRGDQ XWDQÖ\RUXP $PD NXUXP RODUDN YDUOÖøÖQGDQ GHøLO 9H R XWDQo GX\JXVXQX LoLPGH WDûÖPDNWDQ GD JXUXU GX\X\RUXP <DQL R XWDQFÖ GD WDûÖPD\DQ KRFDPÖQ R YLFGDQ GHGLøL ILOR]RIODUÖQ HWLN \D GD DKODNL GX\DUOÖOÖN GHGLøL KHU QHKDOWVDRQXWDûÖPD\D|]HQJ|VWHUL\RUXP %DûND QH \DSÖ\RUXP" *DOLED 2UKDQ %LUJLW·LQ EHQ \ÖOODU |QFH ELU \D]ÖVÖQÖ RNXPXûWXP 6DQÖ\RUXP \HQL VHoLOGLøL ]DPDQ %OHQW (FHYLW ³DUWÖN KDQJL \ÖOODU KDWÖUODPÖ\RUXP DPD KHUKDOGH ·OHULQ EDûÖ ROPDOÖ NHûNH R DQODWVD\GÖ ELU \D]ÖVÖQGD RNXGXP KHP GH oRN HWNLOHQPLûWLP³ VHoLOLU VHoLOPH] JDOLED JUXS EDûNDQ YHNLOOLøL |QHUL\RU 9H 2UKDQ %H\ GH GûQ\RU WDûÖQÖ\RU YH GL\RU NL (IHQGLP EHQ EX J|UHYL NDEXO HGHPHP 1HGHQ" <HWHUL NDGDU SROLWLND ELOJLP \RN %HQLP KD]ÖUODQPDP OD]ÖP <DQL VHoLOHELOLUVLQL] DPD HUJLQ ELU SROLWLNDFÖ PÖVÖQÖ] YH GH E|\OH ELU VRUXPOXOXN \NOHQPH\HKD]ÖUPÖVÖQÖ]EXQXDQFDNELULoGHQHWLPOHV|\OH\HELOLUVLQL]'RøUXVXE|\OH ELU J|UHY WHNOLI HGLOPHGLøL LoLQ EHQ QH FHYDS YHULUGLP QH GXUXPD JLUHUGLP ELOPL\RUXP RQXQ FHYDEÖQÖ YHUHPHP DPD HQ D]ÖQGDQ EX o \ÖO |QFHNL &HQJL]·OH ûX DQGDNL&HQJL]·LQD\QÖDGDPROPDGÖøÖQÖELOL\RUXP%XQDGDELUEHGHO|GH\HUHNDoÖNoDVÖ YDUPDNWD ROGXøXPD LQDQÖ\RUXP <DQL ELU YHEDO GH WDûÖ\RUXP $PD KRFDPÖQ V|\OHGLøL JLEL \DQL KHUNHVLQ GHPLQ V|\OHGLøLP NRQX \DQL SROLWLND JHQHO VRUXQODUÖQ DODQÖ 9H JHQHO VRUXQODU SROLWLN VRUXQODU KHUNHVLQ VRUXQX %X DoÖGDQ GD EHQ ûXQX EXQX J|VWHUHFHN ELU VU JHUHNoH EXODELOLULP 5DV\RQDOL]H HGHELOLULP 3HN oRN LQVDQ KDQJL PHVOHNWHH\OHPGHEXOXQXUVDEXOXQVXQNHQGL\OHWXWDUOÖNDODELOPHNLoLQ\DSÖSHWWLNOHULQL 8OXVDO8\JXODPDOÖ(WLN.RQJUHVL GH PHûUXODûWÖUÖU +DNOÖ oÖNDUDELOHFHN oRN FLQJ|] JHUHNoHOHU \DUDWDELOLU %HQ GH PXKWHPHOHQ \DUDWÖ\RU RODELOLULP ]DPDQ ]DPDQ $PD GXU EDNDOÖP NHQGLQL QDVÖO NDQGÖUÖ\RUVXQ EH DGDP GL\H GH NHQGLPL VÖQDYD oHNPH\H oDOÖûÖ\RUXP JFPQ \HWWLøL NDGDU $PD oRN ûH\ ND]DQGÖøÖPÖ GD oRN ûH\ J|WUGøQ GH ELOL\RUXP %XQXQ VRQXQGDNDUDUÖEHQYHUHFHøLP'HYDPHGLSHWPHPHROXUROPD] 'HPLQ V|]Q EDûÖQGD V|\OHGLP DNDGHPLV\HQOHU QL\H SROLWLNDGD oRN EDûDUÖOÖ RODPÖ\RU GL\H ùNL WDQH ûH\ V|\OH\H\LP %LULQFLVL NHQGL DGÖPD HQ D]ÖQGDQ ûXQX V|\OH\HELOLULP %HQ EX \DûÖPD NDGDU QHUH\H KDQJL GXUXPD JHOHELOGL\VHP NLûLVHO LUDGHPOH YH oDEDPOD JHOGLøLPH YH EXQX GD KDN HWWLøLPH LQDQÖUÖP EXQXQ GD RQXUXQX WDûÖUÖP GL\H GûQUNHQ SROLWLND\D JLUL\RUVXQX] J|QOO ELU ELoLPGH NHQGL LUDGHQL]OH ELUVWLUDGH\H³EXELUSDUWLQLQJHQHO\|QHWLPNXUXOX\DGDSDUWLEDûNDQÖRODELOLU³ELU VW LUDGH\H WHVOLP ROPDN ]RUXQGD NDOÖ\RUVXQX] 2ODPD]VDQÖ] KD\ÖU EHQ RWRQRP ELU YDUOÖøÖP GHPH KDNNÖQD VDKLS GHøLOVLQL] KHU ]DPDQ <HU \HU GH EXQX GHPHN ]RUXQGDVÖQÖ]ùûWHRGD'RøX·QXQGHPLQELUH\VHOOHûPHPHVHOHVL\OHVRQGHUHFHLOJLOLELU NRQX2QHGHQOHGHSDUWLOLGHUOHULQVXOWDVÖQDL]LQYHUHQ6L\DVL3DUWL<DVDVÖ·QDYH6HoLP <DVDVÖ·QD GX\DUVÖ] NDODQ ûX SDUODPHQWRGDNL KLoELU SDUODPHQWHULQ DoÖNoDVÖ ELU RQXU YH VD\JÖQOÖN WDûÖGÖøÖQD LQDQPÖ\RUXP dQN EX PHYFXW VLVWHPL GHYDP HWWLUHELOHFHN VLVWHPHODND\WNDODQPHYFXW ELUSDUODPHQWHUEDQDJ|UHoRNFLGGLELUWDULKLVRUXPOXOXN WDûÖ\RU GHPHNWLU 2 NDYJD\Ö YHUPL\RU *FP \HWHU \D GD \HWPH] 'LYULøL \DSDPDGÖN EHONLDPDEHONLRQDJFP\HWHURQXGHQHPH\HGHøHUgPUP\HWHUGHELUVUHGDKD NDODELOLUVHPHQD]ÖQGDQûXoDEDELOHEXQXKDNOÖJ|VWHULUJLELJHOL\RUEDQD1H\VHEL]LP GHLûWHNHQGLPL]LKDNOÖoÖNDUPDPÖ]LoLQELUJHUHNoHROGX7HûHNNUHGL\RUXP $NÖQ(UJGHQ 'HøHUOL .DWÖOÖPFÖODU EL]L EX JHo VDDWH NDGDU VDEÖUOD L]OH\HQ GLQOH\LFLOHU 8OXVDO 8\JXODPDOÖ (WLN .RQJUHVL·QLQ JQ 3DQHOLQL EXUDGD NDSDWÖ\RUXP 6D\ÖQ *OHo·LQ LON NRQXûPDVÖQGDNL PHUDNÖ ELU QHE]H ROVXQ JLGHULOPLûWLU XPDUÖP 6D\ÖQ *OHo 3DQHOLQ EDûOÖøÖQGDNLG|UWNDYUDPDUDVÖQGDQDVÖOELULOLûNLRODELOHFHøLQLoRNPHUDNHWPLûWL%HQLP VUHNOLYXUJXODGÖøÖPJLELVL\DVHWHWLøLELUWRSOXPXQNDPXVDODODQÖQGDROXûPDVÖJHUHNHQ HWLNJUDPHULQLQELUSDUoDVÖGÖU%XJUDPHULQVL\DVHWHWLøLDoÖVÖQGDQEDNÖOGÖøÖQGDHQ\DNÖQ LNL NDYUDPÖ GD ´WHU|Uµ YH ´Lû GQ\DVÖµGÖU ´6XVXUOXNµ DUWÖN EX LOLQWL\L EHOLUJLQOHûWLUHQ FDQOÖ ELU PHWDIRUGXU ´8øXU 0XPFXµ GD |\OH NH]D GLøHUOHUL GH ´dHWLQ (PHo 0XDPPHU$NVR\%DKUL\HhoRNµ *OREDOG]H\GHEXPHWDIRUODUD´(\OOµVRQ|UQHNWLU%XFDQOÖPHWDIRUODUEXJQ WDUWÖûWÖøÖPÖ] \DUÖQ WDUWÖûDFDøÖPÖ] KHS WDUWÖûPD\D GHYDP HWWLøLPL] VUH ER\XQFD EL]H VL\DVHWHWLøLPHG\DHWLøLLûHWLøLJUDPHUOHULQLROXûWXUDFDNLSXoODUÖQÖYHUHFHNWLU<DUÖQEX NRQXODUÖ G|UW VHODPOÖ\RUXP D\UÖ VDORQGD WDUWÖûPD\D GHYDP HGHFHøL] +HSLQL]L VD\JÖODUÖPOD %ù/'ù5ù/(5 )RWRøUDIÖQ´$U]X1HVQHVLµ2ODUDN.DGÖQ%HGHQL+DEHU)RWRøUDIÖQÖQ 0DQWÖøÖh]HULQH%LU7DUWÖûPD $UDû*|U(PHO%DûWUN$NoD *LULû )RWRøUDI JHOLûHQ WHNQRORMLQLQ GH HWNLVL\OH PPNQ RODQ HQ oRN VD\ÖGD ûH\L J|UQWOHPHN DU]XVXQGDGÖU %LOLQHQ ûX EHQ]HWPH IRWRøUDI YH IRWRøUDIoÖQÖQ DPDFÖQÖ |]HWOHU ´)RWRøUDIoÖ PRGHUQ ]DPDQODUÖQ J|UQW DYFÖVÖGÖUµ )RWRøUDI PDNLQHVLQLQ J|UQW DYÖQGD HQ LOJLQo NRQXODUÖ KHS WRSOXPVDO KL\HUDUûLQLQ DOW NHVLPOHUL ROXûWXUPXûWXU6|PUJHKDONODUÖ\RNVXOODUGRøDYHWDELLNLNDGÖQODU%DûNDELULIDGH\OH ]HQJLQEH\D]YHHUNHNIRWRøUDIoÖQÖQPGDKDOHDODQODUÖ %X oDOÖûPDGD IRWRøUDIÖQ ´J|UQPH\HQL J|UQU NÖOPDJ|VWHUPHµ ³PHG\D LoLQ GûQOUVH L]OH\LFLOHULQ LOJLVLQL oHNHFHN J|UQWOHUL EXOPD³ oDEDVÖ LoLQGH NDGÖQ EHGHQLQH GDKD ELU ûHKYHWOH VDOGÖUÖS RQX VR\PD\DoÖSODNODûWÖUPD\D EDûND ELU GH\LûOH HUNHN J|] LoLQ HULûLOHELOLU VH\UHGLOHELOLU ELU QHVQH\H G|QûWUPH\H oDOÖûWÖøÖ VDYXQXOPDNWDGÖU .DGÖQ EHGHQLQLQ PHWDODûPDVÖ GDKD |QFH SHN oRN NH] WDUWÖûÖOPÖû ELU NRQXGXU %HQLP EXUDGD WDUWÖûPDN YH DOWÖQÖ oL]PHN LVWHGLøLP QRNWD LQVDQODUD KHU JQ PLO\RQODUFD J|UQW DNWDUDQ NLWOH PHG\DVÖ\OD ELUOLNWH ³SHN oRN ûH\LQ ROGXøX JLEL³ J|UQWOHULQ GH KÖ]OD WNHWLOPHVL ROJXVXGXU 0HG\DQÖQ WNHWLP QHVQHOHUL DUDVÖQGD NDGÖQ EHGHQL D\QÖ ]DPDQGD ELU DU]X QHVQHVL RODUDN |QHPOL ELU \HUH VDKLSWLU $QFDN WNHWLP oÖOJÖQOÖøÖQÖQ QHGHQ ROGXøX PHG\DGDNL SHUYDVÖ]OÖN LoLQGH DUWÖN ]HULQGH GûQOPHVL JHUHNHQ NRQX WRSOXPGD ´VD\JÖQµ PHVOHNOHUH VDKLS ELOJL YH HPHNOHUL\OH EHOOLELUNDUL\HUHGLQPLûYHPHG\DGDGDEX\|QOHUL\OHJQGHPHJHOHQNDGÖQODUÖQGDNLPL ]DPDQ SDUD NDUûÖOÖøÖ NLPL ]DPDQ GD JL]OLFH ³WDP GD IRWRøUDIÖQ VDOGÖUJDQOÖøÖQÖ oDøUÖûWÖUÖUELoLPGH³oÖSODNRODUDNJ|UQWOHQPH\HoDOÖûÖOPDVÖROPDOÖGÖU dDOÖûPDGD GRøUXGDQ ELU HWLN WDUWÖûPDVÖQD JLGLOPHPLû DQFDN WDULKVHO VUHo LoLQGH IRWRøUDIÖQ ³oHûLWOL DoÖODUGDQ³ NHQGLVLQH WHPHO REMH RODUDN VHoWLøL NDGÖQD \DSWÖøÖ VDOGÖUÖGDQ KDUHNHWOH \LQH NDGÖQODUD LOLûNLQ KDEHU IRWRøUDIODUÖQÖQ PDQWÖøÖ VRUJXODQPD\D oDOÖûÖOPÖûWÖU %X VRUJXODPD GD JHQHO RODUDN IRWRøUDIÖQ GRøDVÖ YH PDQWÖøÖ ]HULQGHQ \DSÖODFDNWÖU %HQLEX oDOÖûPD\Ö \DSPD\D LWHQ 1LVDQ WDULKLQGH 6DEDK JD]HWHVLQGH \D\ÖPODQDQ ´+DQJL VSLNHUL oÖSODN J|UPHN LVWHUVLQL]"µ EDûOÖNOÖ KDEHUGLU +DEHUGH 3OD\ER\ GHUJLVLQLQ RNXUODUÖQD ´GQ\DQÖQ HQ VD\JÖQ WHOHYL]\RQODUÖQGD ILQDQV KDEHUOHUL VXQDQ NDGÖQ PXKDELUOHUGHQ KDQJLVLQL oÖSODN J|UPHNµ LVWHGLNOHULQL VRUDQ ELU DQNHW KD]ÖUODGÖøÖ ELOGLULOPHNWHGLU %X KDEHUGHQ \ROD oÖNÖODUDN 1LVDQ D\ÖQD DLW 6DEDK +UUL\HW YH =DPDQ JD]HWHOHUL WDUDQPÖû WRSOXPGD VD\JÖQ ELU \HUH VDKLS NDUL\HU VDKLEL NDGÖQÖ oÖSODNODûWÖUPD\D \|QHOLN EHQ]HU KDEHUOHU WHVSLW HGLOHUHN ELU GHøHUOHQGLUPH \DSPD \ROXQDJLGLOPLûWLU dDOÖûPDGD VDSWDQDQ EXOJXODU LNL DoÖGDQ o|]POHQPHNWHGLU %LULQFLVL RU\DQWDOLVW V|\OHPoHUoHYHVLQGHNDGÖQÖ´KHPELUELOJLKHPGHELUDU]XQHVQHVLµûHNOLQGHHOHDODUDN RU\DQWDOLVW V|\OHPGHNL ´'RøXµQXQ \HULQH ELU ´|WHNLµ RODUDN NDGÖQÖ NR\PDN PPNQGU .DGÖQÖQ WHPVLOL GH HUNHN V|\OHP DoÖVÖQGDQ ´IDQWH]LOHU DU]XODU NRUNXODU YH U\DODUOD |UOPûWUµ %X oHUoHYH LoLQGH NDGÖQ EHGHQLQLQ HUNHN |]QH LoLQ ³ (JHhQLYHUVLWHVLùOHWLûLP)DNOWHVL*D]HWHFLOLN%|OP 8OXVDO8\JXODPDOÖ(WLN.RQJUHVL PHG\DQÖQ HUNHN HJHPHQ EDNÖûÖ WHPVLO HWWLøL GH GûQOHUHN³ QDVÖO YH QHGHQ DU]X QHVQHVLQH G|QûWø VRUJXODQDFDNWÖU ùNLQFL \DNODûÖP LVH EL]]DW IRWRøUDID YH RQXQOD EDøODQWÖOÖ RODUDN KDEHU IRWRøUDIÖQD YH KDEHUH LOLûNLQ ELU o|]POHPH \DSPDNWÖU *|UQWOHULQ YH KDEHULQ J|UOPHPLûGX\XOPDPÖû VUHNOL RODQÖ DNWÖøÖ EXOPD JQP]GH oDEDVÖ YH PHG\DQÖQ EXQXQ GDKD GRøXUGXøX |QFH VRQXoODU WDUWÖûÖODFDNWÖU 0HG\D)RWRøUDIYH7NHWLP )RWRøUDI oDøÖQÖQ NDSÖVÖQÖ DoDQ -RVHSK 1LFHSKRUH 1LHSFH /RXLV 'DXJHUUH YH :LOOLDP +HU\ )R[ 7DOERW ELOPHGHQ LOHWLûLP YH PHG\D oDøÖQÖ GD EDûODWPÖûODUGÖU dL]JHQ 0HG\D oDøÖ J|UQWOHULQ oRN GDKD KÖ]OD DNWÖøÖ EX KÖ]D SDUDOHO RODUDN J|UQWOHULQ GH KÖ]OD WNHWLOGLøL L]OH\LFLOHULQ YH NDPHUDPDQODUÖQ KHU DQ \HQL ELU J|UQW SHûLQGH NRûWXNODUÖ ELU oDøGÖU 0HG\D oDøÖ WNHWLP WRSOXPX\OD ELUOLNWH DQÖOÖU +HUûH\LQELUWNHWLPQHVQHVLQHG|QûWøEXWRSOXPGDPHG\DQHVQHOHULQJ|UQWOHU GDKDJHQHODQODPGDLPDMODUûHNOLQGHWNHWLOPHVLQHQHGHQROPXûWXU *|UPHNLûLOHULQHVQHOHULWDQÖPDYHNRQXPODQGÖUPDGDV|]GHQGDKDHWNLOLGLU$QFDN EX HWNLVL YH |QHPLQH UDøPHQ GQ\DQÖQ J|UQWOHUOH WDQÖPODQPDVÖ VRUXQOX ELU ûH\GLU dQNJ|UQWOHUYDUOÖNODUÖQ\DOQÖ]FDEHOOLELUDQGDEHOOLELUGXUXPXQX\DQVÖWDELOLUOHU %DûND ELU LIDGH\OH ´J|UVHO KDIÖ]D\D DOÖQDQ ELOJL DVOÖQGD QHVQHQLQ ELU |]HW IRUPXGXUµ &H\ODQ *|UQWOHU R ûH\LQ NHQGLVL GHøLOGLU DQFDN IRWRøUDI E|\OH ELU \DQÖOVDPD\DUDWÖU (JHPHQ HUNHN V|\OHPL NDGÖQÖ EHGHQL ]HULQGHQ NRQXPODQGÖUÖS WDUWÖûDUDN RQX \DOQÖ]FDELUEHGHQHGROD\ÖVÖ\ODELUFLVPHLQGLUJHUNHQRQXWDQÖQÖUJ|UQUNÖOPDoDEDVÖ LoLQGH RODQ IRWRøUDI GD NDGÖQ EHGHQLQL J|UQWOHUH LQGLUJHU %XUDGD NDGÖQ LNL NH] LQGLUJHQLU ELULQFL RODUDN EHGHQH LNLQFL RODUDN GD J|UQW\H &H\ODQ·ÖQ YXUJXODGÖøÖ JLEL ´J|UQHQûH\J|UHQNLûLDGÖQDNHQGLoL]JLOHULQGHQIHGDNDUOÖNµ\DSPD\D]RUODQÖU*|UHQ ³YH J|VWHUHQ³ NLûL J|UQW\ LVWHGLøL JLEL ELoLPOHQGLUHELOLU %X ELoLPOHQGLUPH V|] NRQXVX ROPDVD ELOH ³|]HOOLNOH GH PHG\D oDøÖQGD³ J|UQW RODUDN YDU ROPDGD VÖUI JHOLS JHoHQ ELQOHUFH J|UQWGHQ ELUL ROPD DQODPÖQGD ELOH D]DOPD LQGLUJHQPH V|] NRQXVXGXU )RWRøUDIODU LQVDQODUD J|UQWOHGLNOHUL QHVQHOHULQ NHQGLOHULQL VXQPD] DPD RQODUÖ ´XODûÖODELOHFHNµ QHVQHOHU RODUDN J|]OHULQLQ |QQH HOOHULQLQ DOWÖQD JHWLULU %LU JD]HWH\L GûQGøQ]GH RNXU JD]HWHGH \HU DODQ \DUÖJL\LPOL ELU PDQNHQH EHONL GH KLoELU ]DPDQ JHUoHNWHQ VDKLS RODPD\DFDNWÖU DQFDN RQXQ J|UQW\H LQGLUJHQPLû ûHNOLQH LVWHGLøL ]DPDQ WHNUDU WHNUDU EDNDELOHFHøL ELU J|UQWVQH VDKLSWLU 'HQH\VHO SVLNRORML LQVDQODUD XODûÖODELOHFHN NDGDU \DNÖQ J|UQGø KDOGH ELU WUO XODûÖODPD\DQ QHVQHOHULQ WRSOXPVDO LûWDKÖ WDOHEL JLGHUHN DUWÖUGÖøÖQÖ V|\OHU ùûWH EX QRNWDGD VDWÖQ DOPD YH VDKLS ROPD\DLOLûNLQGR\XUXOPD]ELUûHKYHWNDSLWDOLVWWNHWLPLQN|UNOH\LFLQHGHQLKDOLQHJHOLU &H\ODQ *|UQWOHU KÖ]OD WNHWLOLU KHS WNHWLOHFHN \HQL ELU J|UQW DUD\ÖûÖ YDUGÖU 6RQWDJ IRWRøUDI PDNLQHOHULQLQ \DOQÖ]FD J|UPH \ROX\OD GDKD ID]OD DQODPD\Ö PPNQ NÖOPDGÖøÖQÖ D\QÖ ]DPDQGD J|UPH XøUXQD J|UPH GûQFHVLQL EHVOH\HUHN J|UPHQLQNHQGLVLQLGHøLûWLUGLøLQLV|\OHU (QGVWULOHûPLû WRSOXPODU YDWDQGDûODUÖQÖ J|UQW EDøÖPOÖODUÖQD oHYLULUOHU ]LKLQVHO NLUOHQPHQLQ HQ NDUûÖ NRQXOPD] ELoLPLGLU EX ùQVDQODUÖQ IRWRøUDIODPDN LoLQ NDUûÖ NRQXOPD] ELU ]RUXQOXOXNODUÖ ROGXøXQX V|\OHPHN \DQOÖû ROPD] %X GHQH\LPLQ NHQGLVLQL ELU J|UPH ELoLPLQH oHYLUPHNWLU 6RQXoWD ELU GHQH\LPH VDKLS ROPDN ELU IRWRøUDI oHNPHNOH D\QÖ ûH\ KDOLQH (PHO%DûWUN$NoD³)RWRøUDIÖQ$U]X1HVQHVL2ODUDN.DGÖQ%HGHQL JHOLUNHQ WRSOX ELU ROD\D NDWÖOPDN GD JLGHUHN RQXQ IRWRøUDIODQPÖû ELoLPLQH EDNPDNOD HûLWOHQLU 0DOODUPH GQ\DGDNL KHU ûH\LQ ELU NLWDSWD VRQ EXOPDN LoLQ YDU ROGXøXQX V|\OHPLûWL %XJQVH KHU ûH\ ELU IRWRøUDIWD VRQEXOPDNLoLQYDUROX\RU6RQWDJ )RWRøUDI GRøDO JHUoHNOLøL J|UQWOHUHQHVQHOHUH G|QûWUU YH GROD\ÖVÖ\OD ELU ûH\L J|UQWOHPHN ELU DQODPGD RQX QHVQHOHûWLUPHN VH\LUOLN ELU ûH\ KDOLQH JHWLUPHNWLU )RWRøUDIODQDQ YH IRWRøUDIoÖ DUDVÖQGD IRWRøUDIoÖ OHKLQH ELU LNWLGDU LOLûNLVL NXUXOXU )RWRøUDIoÖ J|UQWOHGLøL ´JHUoHNOLøLµ R KDOL\OH \DNDODPÖû RQX NDPHUD NDUûÖVÖQGD VDYXQPDVÖ] EÖUDNPÖû YH NHQGL PDNLQHVLQLQ LoLQH \HUOHûHELOHQ ELU QHVQH\H G|QûWUPûWU 0DNLQH IRWRøUDIoÖQÖQ VLODKÖGÖU YH NDUûÖVÖQGDNLQL E|\OHFH WHVOLP DOÖU 6RQWDJIRWRøUDIoHNPHHGLPLQGH´\ÖUWÖFÖµELUûH\OHUROGXøXQXV|\OHU g]HOOLNOH NLWOH PHG\DVÖQÖQ \D\JÖQODûPDVÖ\OD J|UQWOHU GH WNHWLP QHVQHOHULQH G|QûPûWU YH KHU IRWRøUDI \HQL ELU ûH\ GDKD |QFH WNHWLOPHPLû ELU ûH\ J|VWHUPHN ]RUXQGDGÖU )RWRøUDIÖ \ÖUWÖFÖ YH PGDKDOHFL NÖODQ QHGHQOHUGHQ ELUL GH EX \HQLOLN DUD\ÖûÖGÖU )RWRøUDI PDNLQHVLQLQ J|UQW DYÖQGD HQ LOJLQo NRQXODUÖ KHS WRSOXPVDO KL\HUDUûLQLQ DOW NHVLPOHUL ROXûWXUPXûWXU 6|PUJH KDONODUÖ \RNVXOODU GRøD YH WDELL NL NDGÖQODU %DûND ELU LIDGH\OH ]HQJLQ EH\D] YH HUNHN IRWRøUDIoÖQÖQ PGDKDOH DODQODUÖ g]HOOLNOH \]\ÖO VRQX YH \]\ÖO EDûODUÖQGD IRWRøUDI PDNLQHVLQLQ GDKD NROD\ WDûÖQDELOLU KDOH JHOPHVLQLQ GH HWNLVL\OH IRWRøUDIoÖODU ³EDûND LIDGH\OH %DWÖOÖ HUNHNOHU³ 2UWDGRøX YH .X]H\ $IULND·\D DNÖQ HWPLûOHUGLU %X E|OJH KDONODUÖQÖQ J|UQWOHUL %DWÖOÖODULoLQROGXNoDLOJLoHNLFLROPXûWXU(OEHWWHIRWRøUDIÖQWDULKLELUNDQÖWROPDN\DGD DLOHIRWRøUDIODUÖQGDROGXøXJLELDQÖODUÖVDNODPDNJLELJ|] DUGÖHGLOHPH\HFHNLûOHYOHULGH YDUGÖU$QFDNEXDPDoODUOD NXOODQÖOGÖNODUÖDQODUGÖûÖQGDLQVDQODUÖIRWRøUDIoHNPH\HLWHQ ûH\ ´J]HO ELU ûH\ EXOPDNµWÖU %X JG \XNDUÖGD VD\ÖODQ JUXSODUÖ KHP IRWRøUDIoÖQÖQ WHPHO LOJL DODQÖQD VRNDU KHP GH RQXQ PGDKDOHVLQH ³J]HOL \DNDODPDN LoLQ \DSDFDøÖ GHøLûLNOLNOHUH³DoÖNKDOHJHWLULU )RWRøUDIÖQ YH ³ELU VÖoUDPD\OD³ PHG\DQÖQ J|UOPHPLû RODQÖ J|VWHUPH oDEDVÖ \XNDUÖGD VD\ÖODQ PGDKDOHVLQL EH\D] GDKD HUNHøLQIRWRøUDIÖQ ûLGGHWOL KDOH JHWLULU PGDKDOHVLQH DoÖN 1H ´PHG\D YDU NL NHVLPOHUH oDøÖµ RODQ GL\H DGODQGÖUDELOHFHøLPL] JQP]GH V|PUJH KDONODUÖ YH GRøDQÖQ IRWRøUDILN J|UQWOHU RODUDN |QHPLQL \LWLUGLøLQL V|\OH\HELOLUL] %X LNL JUXS DUWÖN E\N |OoGH ´EHOJHVHOµ QLWHOLNOHUL\OHJ|UQWOHQPHNWHGLUOHU%XJQ´\RNVXOODUµJUXEXQXPHG\D\Ö´GHPRNUDWLN NDWÖOÖPµ oHUoHYHVLQGH NXOODQDELOHQ YH \|QOHQGLUHQ JUXSODUÖQ GÖûÖQGD NDODQ VÖUDGDQ LQVDQODURODUDNJHQLûOHWHELOLUL]2QODU|OPOHUFLQD\HWOHUWHFDY]OHUNDYJDODUJLELGDKD oRN ûLGGHW LoHUHQ J|UQWOHUOH NDUûÖPÖ]D oÖNPDNWD NDGÖQODU LVH KHU ]DPDQNL EDûDW ´QHVQHµNRQXPODUÖQÖNRUXPDNWDGÖUODU 0HG\DGDNL KDEHU NULWHUOHUL GH \XNDUÖGDNL V|]OHUL GHVWHNOHPHNWHGLU %LU ROD\ÖQ KDEHU RODUDN GHøHUOHQGLULOHELOPHVL LoLQ oHûLWOL NULWHUOHU V|] NRQXVXGXU %XQODU DUDVÖQGD ROD\ÖQ LOJL oHNLFL ROPDVÖ WDQÖQPÖû QO NLûLOHUOH LOJLOL ROPDVÖ oRN VD\ÖGD NLûL\L LOJLOHQGLUPHVL NDPX\DUDUÖ\ODLOJLOLROPDVÖYHJQFHOROPDVÖJLELNULWHUOHU\HUDOÖU$QFDNJQP]GH SRSOHU PHG\DGD LNL NULWHU ³ROD\ÖQ LOJL oHNLFL ROPDVÖ YH WDQÖQPÖû \D GD QO NLûLOHUOH LOJLOLROPDVÖ³E\N|OoGH|QSODQDoÖNPÖûWÖU%DVÖQ\D\ÖQNXUXOXûODUÖLOJLoHNLFLKDEHU EXOPDN DGÖQD NLPL ]DPDQ NLûLOLN KDNODUÖQD GD VDOGÖUDUDN GDKD |QFH NLPVHQLQ HGLQPHGLøLJ|UQWOHULYHELOJLOHULHGLQHELOPH\DUÖûÖQDJLUPHNWHGLUOHUg]HOOLNOH7UNL\H LoLQ SROLWLN NRQXODUGD LNWLGDUÖQ L]LQ YHUGLøLQGHQ GDKD ID]OD ELOJL \D GD J|UQW VXQPDQÖQ FD\GÖUÖFÖ \DVDO \DSWÖUÖPODUÖ EXOXQPDNWDGÖU %XQXQ GD HWNLVL\OH PHG\D GDKD 8OXVDO8\JXODPDOÖ(WLN.RQJUHVL ID]OD PDJD]LQH ND\PDNWD YH 6H]HQ $NVX·QXQ ELNLQLOL IRWRøUDIODUÖ \D GD QO ELU PDQNHQLQVRQVHYJLOLVL\OHJ|UQWOHULHQLOJLoHNLFLNRQXODUDUDVÖQDJLUPHNWHGLU 6RQWDJ ûLGGHW IRWRøUDIODUÖ\OD LOJLOL RODUDN ´)RWRøUDIODU \HQL ELU ûH\ J|VWHUGLNOHUL VUHFHûRN\DUDWDELOLUOHUùQVDQEXWUJ|UQWOHULELUNH]J|UGPGDKDID]ODVÖQÖGD J|UPH \ROXQGD LOHUOHPH\H EDûODPÖûWÖUµ GHU úLGGHW IRWRøUDIODUÖQGD ´NDQÖNVDPDµ V|] NRQXVXGXU úLGGHW LoHUHQ J|UQW LON NH] NDUûÖODûÖOGÖøÖQGD VDUVÖFÖ ELU HWNL \DSDU DQFDN D\QÖ WLS J|UQWOHUH NÖVD VUHGH DOÖûÖOÖU YH IRWRøUDIÖQ \DUDWWÖøÖ HWNL JLWWLNoH D]DOÖU dÖSODNWD LVH ´WNHWPHµ YDUGÖU dÖSODNODûWÖUÖODQ NDGÖQ EHGHQL LON NH] J|UOGøQGH LOJL oHNLFLGLUoQNR\DOQÖ]FDSRUQRJUDILNELUJ|UQWGHøLOD\QÖ]DPDQGD\HQLELUIHWKLQ GH VLPJHVLGLU 6WDQGDUWODûWÖUÖOPÖû J]HOOLN |OoOHUL J|] |QQH DOÖQGÖøÖQGD VHUJLOHQHQ NDGÖQ EHGHQOHULQLQ J|UVHO RODUDN ELUELULQGHQ oRN GD ID]OD ELU IDUNÖ \RNWXU $QFDN EX \HQL J|UQW EHGHQL J|UQU NÖOÖQPÖû \HQL ELU NDGÖQGÖU HUNHN EDNÖûÖQÖQ QIX] HGHELOGLøLEDûNDELUNDGÖQ0HG\D³ELUD]GD³EXLoJG\OHPPNQROGXøXQFDGDKD ID]OD NDGÖQÖ oÖSODNODûWÖUPD oDEDVÖ LoLQGHGLU %X DU]X \DSWÖøÖ Lû IL]LNVHO |]HOOLNOHUL\OH GRøUXGDQ EDøODQWÖOÖ ROPD\DQ NDUL\HU YHYH\D û|KUHW VDKLEL NDGÖQODUÖQ GD oÖSODN J|UQWOHQPHVLoDEDVÖQÖGRøXUPDNWDGÖU+HU]DPDQJL\LQLNJ|UGøP]NDUL\HUVDKLEL NDGÖQÖ oÖSODN J|UQWOHPHN LON YH ³EHONL GH³ VRQ NH] JHUoHNOHûHFHN ELU GXUXPX LIDGH HGHU %X WDP GD IRWRøUDIÖQ WHPHO LGGLDVÖ RODQ ´DQOÖN J|UQWOHUL |OPV]OHûWLUPHµ´DQÖ\DNDODPDµLGGLDVÖ\OD|UWûHQELUûH\GLU .DGÖQ%HGHQLQLQ´$U]X1HVQHVLµQH'|QûP %X E|OPH EDûWD GHøLQGLøLPL] 1LVDQ WDULKOL 6DEDK JD]HWHVLQGH ´+DQJL VSLNHULoÖSODNJ|UPHNLVWHUVLQL]µEDûOÖøÖ\OD\HUDODQKDEHULLQFHOH\HUHNEDûODPDNWD\DUDU YDUGÖU +DEHULQ VSRWXQGD ´3OD\ER\ RNXUODUÖQD GQ\DQÖQ HQ VD\JÖQ WHOHYL]\RQODUÖQGD ILQDQV KDEHUOHUL VXQDQ NDGÖQ PXKDELUOHUGHQ KDQJLVLQL oÖSODN J|UPHN LVWHGLNOHULQL VRUGX $QNHW HUNHNOHULQ IDQWH]LOHULQL FRûWXUGX DPD IHPLQLVWOHUL oÖOGÖUWWÖµ V|]OHUL \HU DOPDNWDGÖU+HSVLRWX]\DûÖQÖQVWQGHL\LHøLWLPDOPÖûL\LELUNDUL\HUHVDKLSPHG\DGD ³EHONLGHKHU]DPDQ³GHNROWHVLROPD\DQG|SL\HVOHUOHJ|UQHQGDKDL\LELULIDGH\OH² HQ D]ÖQGDQ \DSWÖNODUÖ Lû JHUHøL³ ´VHNVLOLNµ DWIHGLOHQ WDYÖU YH JL\VLOHUGHQ X]DN RODQ EX NDGÖQODU \DOQÖ]FD ´HUNHNOHULQ IDQWH]LOHULQL FRûWXUPDNµ LoLQ oÖSODNODûWÖUÖOPD\D oDOÖûÖOPDNWDGÖU%XKDEHUGHQVRQUDoDOÖûPD\DELU|UQHNOHPROXûWXUPDNDPDFÖ\OD1LVDQ D\ÖQDDLW6DEDK+UUL\HWYH=DPDQ*D]HWHOHULLQFHOHQPLûWLU %X ELU D\OÖN G|QHP LoLQGH 6DEDK JD]HWHVLQGH EHOLUOHGLøLPL] NULWHUOHUH X\JXQ ELU KDEHUH GDKD UDVWODQPÖûWÖU +UUL\HW YH =DPDQ JD]HWHOHULQGH LVH NULWHUOHULPL]H X\JXQ KDEHU EXOXQDPDPÖûWÖU $QFDN EX VRQXo =DPDQ YH +UUL\HW JD]HWHOHULQLQ \D\ÖQ SROLWLNDVÖ\OD LOJLOL ELU JHQHOOHPH \DSPDPÖ]D \HWHFHN ELU VRQXo GHøLOGLU +UUL\HW JD]HWHVLQGH NDGÖQ EHGHQLQLQ WHûKLULQH LOLûNLQ oRN VD\ÖGD KDEHU EXOXQPDNWD DQFDN DUDGÖøÖPÖ]ELoLPGHELUKDEHU\HUDOPDPDNWDGÖU=DPDQJD]HWHVLEXLNLJD]HWHGHQELUD] GDKD IDUNOÖ ELU \HUGH GXUPDNWDGÖU *D]HWHGH |QFHOLNOH GLøHU SRSOHU JD]HWHOHUGH ROGXøX JLEL ELU PDJD]LQ VD\IDVÖ EXOXQPDPDNWD YH PDJD]LQVHO KDEHUOHU ´NOWUVDQDWµ EDûOÖøÖ DOWÖQGD HOH DOÖQDELOHFHN WUGHQ KDEHUOHU RODUDN NDUûÖPÖ]D oÖNPDNWDGÖU =DPDQ JD]HWHVLQGHNL KDEHUOHU NDGÖQÖ JHOHQHNVHO ´DQQHµ YH ´Hûµ NLPOLøL\OH VXQDQ KDEHUOHUGLU %X GD ³EX ELoLPOHUL\OH oDOÖûPDGD LOJLOLGLU ID]ODFD 0HG\DGD GHøLQPH\HFHøLPL]³ NDGÖQD \|QHOLN NDGÖQÖ PHG\DGD LNLQFLO NDGÖQÖQ YH DûDøÖ WHPVLO RODUDN NRQXPODQGÖUDQELUD\UÖPFÖOÖNV|]NRQXVXGXU ´0HG\DGD FLQVL\HWoLOLNµ RODUDN WDQÖPODQDQ EX GXUXP NDGÖQÖQ PHG\DGD \DOQÖ]FD EHOLUOL ûHNLOOHUGH WHPVLO HGLOPHVL ûHNOLQGH DoÖNODQDELOLU .DGÖQ \D ELU FLQVHO REMH RODUDN (PHO%DûWUN$NoD³)RWRøUDIÖQ$U]X1HVQHVL2ODUDN.DGÖQ%HGHQL \D DQQH Hû JLEL ´NXWVDOµ GHøHUOHU DWIHGLOHUHN \D GD ROXPVX]ODQDUDN VXQXOXU 0HG\DGD NDGÖQÖQQDVÖOWHPVLOHGLOGLøLQHGDLUûXVÖQÖIODQGÖUPDFLQVL\HWoLOLøHLOLûNLQ|QHPOLLSXoODUÖ YHULU ´ûLGGHWH PDUX] NDODQ NDGÖQ NRUXQPD\D PXKWDo NDGÖQ FLQVHO REMH RODUDN NDGÖQ L\LHûL\LDQQHN|WHûN|WDQQH\XYD\ÖNDQDKODNVÖ]NDGÖQWNHWHQNDGÖQWNHWWLUHQ NDGÖQµ .XUXRøOX 0HG\DGD NDGÖQ \XNDUÖGD VÖUDODQDQ NDWHJRULOHULQ GÖûÖQGD WHPVLO RODQDøÖ EXODPDPDNWDGÖU .DEDFD HUNHNWHQ EDøÖPVÖ] RODUDN \DûDPD\Ö VDYXQDQ IHPLQLVWOHULQ |]HOOLNOH 7UN WRSOXPXQGD ´oLUNLQ YH \DOQÖ] NDGÖQODUµ RODUDN QLWHOHQGLULOGLøL YH PHG\DQÖQ EX \DUJÖ\Ö GHVWHNOHGLøL GûQOUVH EX V|]OHU GDKD L\L DQODûÖODFDNWÖU1LWHNLPV|]QHWWLøLPL]KDEHUOHUGHGHNDUL\HUVDKLELNDGÖQODUÖQJHUoHN NLPOLNOHULQLQGÖûÖQGDFLQVHOREMHRODUDNWHPVLOLQHLOLûNLQELUoDEDV|]NRQXVXGXU.ÖVDFD =DPDQJD]HWHVLQLQNDGÖQÖ\DOQÖ]FDDQQHYHHûUROOHUL\OHWHPVLOHGL\RUROPDVÖQÖQIHPLQLVW \DNODûÖPDoÖVÖQGDQROXPODQDELOHFHNELUWXWXPROPDGÖøÖEHOLUWLOPHOLGLU 6DEDK JD]HWHVLQGH \HU DODQ LNLQFL KDEHU ´9H VRQXQGD $QQD oÖSODNµ EDûOÖøÖQÖ WDûÖPDNWDGÖU 1LVDQ WDULKLQGH \D\ÖPODQDQ ´KDEHUGHµ GQ\DFD QO WHQLV R\XQFXVX $QQD .RXUQLNRYD·QÖQ HYLQLQ EDKoHVLQGH JQHûOHQLUNHQ oHNLOPLû ELU IRWRøUDIÖ \HU DOPDNWDGÖU ´+DEHUµ EX IRWRøUDI ]HULQH NXUXOXU YH VSRUFXQXQ J]HO YFXGXQD YH HYLQGHNL UDKDW WDYÖUODUÖQD LOLûNLQ V|]OHUOH VVOHQLU úLPGL VÖUD\OD EX KDEHUOHU ELUD] GDKD GHWD\OÖRODUDNLQFHOHQHFHNWLU %LULQFL KDEHUGH ´DGD\µ RODUDN VXQXODQ VHNL] ED\DQGDQ G|UGQQ IRWRøUDIÖQD \HU YHULOPLûWLU %X ´DGD\ODUµ SRUWUH IRWRøUDIÖ GL\HELOHFHøLPL] J|UQWOHUOH YH WDP GD \XNDUÖGD oL]LOHQ LPDMODUÖ\OD \HU DOÖUODU +DWD KDEHU VSLNHUOHUL ROGXNODUÖ GûQOGøQGH WHOHYL]\RQ HNUDQÖQGDNL J|UQWOHUL GH SRUWUH G]H\LQGHGLU J|øV KL]DODUÖQGDQ DûDøÖVÖ oHUoHYH\HJLUPH]JLUGLøL]DPDQODUGDGDJHQHOOLNOHELUPDVDQÖQDUNDVÖQGDGÖUODU.ÖVDFDVÖ EHGHQOHUL JL\LQLN RODUDN ELOH ELU EWQ RODUDN J|UOPH\HQ NDGÖQODUGÖU +DEHUGH ´DGD\ODUµ &1%&·GHQ ³KDEHUH J|UH³ ´ILQDQV WDQUÖoDVÖµ RODUDN DQÖODQ 0DULD %DUWLURPR &11·GHQ :LOORZ %D\ \LQH D\QÖ NDQDOGDQ -HQQLIHU :HVWKRYHQ YH )R[ 1HZV &KDQQHO·GDQ 0ROO\ )DOFRQHU 7HFK 7Y·GHQ 6WDFHH %DUFHODWD %ORRPEHUJ·GHQ 3UXH/HZDUQHYH0RQLFD%HUWUDQ&%6·GHQ6XVDQ0F*LQQLVRODUDNVÖUDODQÖU .RXUQLNRYDVSLNHUOHUGHQELUD]GDKDIDUNOÖROPDNODELUOLNWHEDûDUÖ\OD\DSPÖûROGXøX LûL LOH JQGHPGH RODQ DQFDN PHG\DQÖQ FLQVHOOLøH LOLûNLQ WDFL]OHULQGHQ NXUWXODPD\DQ ELULGLU +DEHUGH NXOODQÖODQ ´'Q\DFD QO WHQLVoL $QQD .RXUQLNRYD·QÖQ oÖSODN IRWRøUDIODUÖ LON NH] \D\ÖQODQGÖµ V|]OHUL\OH EX J|UQWQQ LON ROPDVÖQD GLNNDW oHNLOPHNWHGLU +DEHULQ GHYDPÖQGD LVH ´3DSDUD]]LOHU VHNVLOLøL YH J]HOOLøL VD\HVLQGH GQ\D oDSÖQGD PLO\RQODUFD HUNHN KD\UDQÖ EXOXQDQ \DûÖQGDNL 5XV WHQLVoLQLQ 0LDPL·GHNL YLOODVÖQÖQ EDKoHVLQGH JQHûOHQGLøL VÖUDGD IRWRøUDIODUÖQÖ oHNPH\L EDûDUGÖµ V|]OHUL \HU DOÖU %X J|UQW DoÖNoD IRWRøUDIoÖQÖQ ³J|UQW DYFÖVÖQÖQ³ EDûDUÖVÖ RODUDN QLWHOHQGLULOLU $\UÖFD .RXUQLNRYD·QÖQ J|UQWV RQX L]OH\HQ HUNHN NRPûXVXQXQ KD\UDQOÖNELOGLUHQV|]OHUL\OHELUOLNWHYHULOLU )RWRøUDIODUÖ oHNHQ .RXUQLNRYD·QÖQ 1HZV RI NRPûXODUÖQGDQ WKH ELUL :RUOG QO GHUJLVLQH WHQLVoLQLQ NRQXûDQ VWV] JQHûOHQPHVLQGHQ ROGXNoD HWNLOHQGLøLQL V|\OHGL ´9FXGX WHOHYL]\RQGD J|UQGøQGHQ GH J]HOPLûµ GL\HQ HUNHN NRPûX ´$QQD KDNLNDWHQ ELU QXPDUDµGL\HNRQXûWX %LULQFLKDEHULQV|\OHPL]HULQGHGHELUD]GûQPHNWH\DUDUYDUGÖU+DEHUGH 'HUJL 3OD\ER\ RNXUODUÖQD WHOHYL]\RQGD ILQDQV KDEHUOHULQL VXQDQ NDGÖQ VSLNHUOHUGHQ KDQJLVLQL oÖSODN J|UPHN LVWHGLNOHULQL VRUGX YH HQ oRN R\ 8OXVDO8\JXODPDOÖ(WLN.RQJUHVL DODFDNDGD\ÖQ|GOQGHEHOLUOHGL6HoLOHFHNVSLNHUHoRN\NVHNELUFUHW NDUûÖOÖøÖ oÖSODN SR] YHUPH WHNOLIL J|WUOHFHN .DEXO HGHUVH IRWRøUDIODU 3OD\ER\·GD\D\ÖQODQDFDN $QNHW $PHULNDQ NDPXR\XQGD ERPED HWNLVL \DSWÖ 3OD\ER\FXODU DNÖOOÖ NDUL\HU VDKLEL VRQ GHUHFH FLGGL J|UQPO EX NDGÖQODUÖ oÖSODN KD\DO HWPH\L ID]ODVÖ\OD HURWLN EXOXNODUÖQÖ EHOLUWHUHN GHUJL\H R\ \DøGÖUPD\D EDûODGÖODU )HPLQLVWOHU LVH DGHWD oÖOGÖUGÖ 3OD\ER\·X SURWHVWR HGHQ NDGÖQ GHUQHNOHULROD\ÖNDGÖQFLQVLQHKDNDUHWRODUDNDOJÖODGÖNODUÖQÖEHOLUWWLOHU LIDGHOHULQH\HUYHULOPHNWHGLU %XUDGDNL VRUXQXP NDGÖQÖQ KDNDUHWH XøUDPÖû ROPDVÖ YV JLEL ELU RQXU VRUXQX GHøLOGLU 6RUXQXP KDEHULQ VW EDûOÖøÖQGD \HU DODQ ûX V|]OHUOH |]HWOHQHELOLU EHONL ´3OD\ER\ GHUJLVL HUNHNOHULQ FLGGL NDGÖQ IDQWH]LVLQL WHWLNOHGLµ (UNHNOHULQ NDGÖQD \|QHOLN IDQWH]LOHULHOEHWWHNL´FLGGLNDGÖQµODVÖQÖUOÖGHøLOVDUÖûÖQNDGÖQYDPSNDGÖQ]HQFLNDGÖQ PHOH] NDGÖQ .ÖVDFDVÖ NDGÖQ EDûOÖ EDûÖQD ELU IDQWH]LDU]X QHVQHVLGLU $QFDN EX KDEHUGH ´FLGGL NDGÖQµ RODUDN WDQÖPODQDQ EHQLP LVH ELUD] GDKD JHQHOOHûWLUHUHN ´JL\LQPHN LoLQ JL\LQPLû RODQ NDGÖQµ ûHNOLQGH WDQÖPOD\DFDøÖP NDGÖQÖQ ELU DU]X QHVQHVLQH G|QûWUOPHVL ]HULQGH NRQXûXOPDVÖ JHUHNHQ IDUNOÖ DQODPODU GD LoHUPHNWHGLU%XQXDoÖNOD\DELOPHNLoLQRU\DQWDOLVWV|\OHPHEDNPDNJHUHNPHNWHGLU %LOLQGLøL JLEL ´'RøXQXQ WHPVLO HGLOPH ELoLPOHUL GDLPD FLQVHO LPDMODU ELOLQoGÖûÖ IDQWH]LOHU DU]XODU NRUNXODU YH U\DODUOD ELUOLNWH |UOPûWU %LU EDûND GH\LûOH FLQVHOOLN VRUXQX g]QH·QLQ gWHNL LOH KHU LOLûNLVLQL \|QHWLU YH \DSÖODûWÖUÖUµ <HøHQRøOX %XDOÖQWÖGD´'RøXµ\HULQHELU|WHNLRODUDN´NDGÖQµÖNR\PDPÖ]PPNQGU .DGÖQÖQ WHPVLOL GH HUNHN V|\OHP DoÖVÖQGDQ ´IDQWH]LOHU DU]XODU NRUNXODU YH U\DODUOD |UOPûWUµ gWHNLQH GX\XODQ LOJLQLQ DOWÖQGD KHP JL]OL ELU NRUNX KHP GH RQD GX\XODQ DU]XYDUGÖUùûWHNDUL\HUVDKLELEDûDUÖOÖNDGÖQEXLNLGX\JXQXQNHVLûWLøLQRNWDGDGÖUKHP \DOQÖ]FD´ELOJLYH\HWHQHøLµVD\HVLQGHHGLQGLøLNDUL\HUL\OHVLVWHPLWHKGLWHGHUGROD\ÖVÖ\OD NRUNXQHVQHVLGLUKHPGHELUNDGÖQRODUDNDU]XQHVQHVLROPDNWDQNXUWXODPD] 2U\DQWDOLVW V|\OHP JoO ELU ûHNLOGH IDOOXVPHUNH]FL V|\OHP LOH oDNÖûÖU YH NOWUHO YH FLQVHO IDUNÖ WHPVLO HGHQ V|\OHPOHU DUDVÖQGD D\UÖOPD] ELU EDø YDUGÖU <HøHQRøOX %X D\UÖOPD] EDø QHGHQL\OH WDUWÖûPDQÖQ ELULQFL D\DøÖ RU\DQWDOLVW V|\OHP ]HULQH NXUXOPXûWXU <HøHQRøOX ´3HoHOL )DQWH]LOHU 2U\DQWDOLVW 6|\OHPGH .OWUHO YH &LQVHO )DUNµEDûOÖNOÖ\RODoÖFÖoDOÖûPDVÖQGD'RøXOXNDGÖQÖQNXOODQGÖøÖSHoHQLQ%DWÖOÖg]QHLoLQ QDVÖO'RøX·\DGX\GXøXPHUDNNRUNXHOHJHoLUPHDU]XVXJLELWPELOLQoGÖûÖDU]XODUÖQ WHPVLOFLVLQHG|QûWøQJ|VWHULU SHoH RQXQ 'RøXOX NDGÖQ YFXGXQX %DWÖOÖ EDNÖû YH DU]XQXQ HULûLPLQGHQX]DNWXWDU%XJL]HPOLIDQWD]PDWLNILJUJ|UQPH]OLøLQGHQ YH HULûLOPH]OLøLQGHQ SHoHOL ILJUQ EDNÖûD J|VWHUGLøL EX GLUHQJHQOLNWHQ KD\DONÖUÖNOÖøÖQDXøUD\DQ%DWÖOÖ DU]XEX WXKDI¶NXPDûPDGGH\L·DPDQVÖ] ELUVRUXûWXUPD\DWkELWXWDU 'RøXOX SHoHOL NDGÖQÖQ \HULQL KHP WRSOXPVDO VWDWV KHP GH ´JHUoHNµ DQODPGD JL\VLOHUL\OH HUNHN EDNÖûÖQÖQ QIX] DODQÖ GÖûÖQGD NDODQ ³%DWÖOÖ \D GD 'RøXOX³ NDGÖQODU DOPÖûWÖU %X NH] HUNHøLQ DûDPDGÖøÖ ûH\ KHP \LQH ELU ´NXPDû SDUoDVÖµ RODUDN NÖ\DIHW KHP GH NDGÖQÖQ VDKLS ROGXøX NDUL\HUWRSOXPVDO VWDWGU .DGÖQÖQ VDKLS ROGXøX NDUL\HU RQXQ HWUDIÖQÖ ELU KDOH JLEL NXûDWDUDN HUNHN PGDKDOHVLQH NDUûÖ NRUXQDNOÖ KDOH JHWLULU%XNDGÖQODUHQD]ÖQGDQHNRQRPLNEDøÖPVÖ]OÖNODUÖ\ODELUJoHOGHHWPLûOHUGLU%X oLIWH NRUXQPXûOXN HUNHN EDNÖû LoLQ oLIWH PHUDN GHPHNWLU <LQH SHoHOL NDGÖQ JLEL EX (PHO%DûWUN$NoD³)RWRøUDIÖQ$U]X1HVQHVL2ODUDN.DGÖQ%HGHQL NDGÖQODU GD ´J|] FH]S HGHU YH DUNDVÖQGD QH ROGXøX NRQXVXQGD GûQPH\H VSHNODV\RQ\DSPD\DNÖûNÖUWÖUµ .DUL\HU VDKLEL ´FLGGLµ NDGÖQODUD GX\XODQ LOJLOL WÖSNÖ \LQH 'RøXOX NDGÖQGD ROGXøX JLEL RQXQ oÖSODNODûWÖUÖOPÖû JL]HPLQGHQ YH JFQGHQ ³HQ D]ÖQGDQ NHQGL EHGHQLQH VDKLS ROPDN DQODPÖQGD³ VR\XWODQPÖû J|UQWVQH KHU ûHNLOGH UD]Ö ROPD\Ö GD EHUDEHULQGH JHWLUPHNWHGLU gUQHøLQ %DWÖOÖ IRWRøUDIoÖODU %DWÖGD ROGXNoD LOJL J|UHQ 'RøXOX NDGÖQÖQ HY YH KDUHPGHNL J|UQWOHULQLQ E\N oRøXQOXøXQX JHUoHNWHQ R PHNkQODUGD GHøLO EX |]HO PHNkQODUD LOLûNLQ GX\XPODUÖ\OD G]HQOHGLNOHUL VWG\RODUGD oHNPLûOHUGL $QFDN EX J|UQWOHU JHUoHN PHNkQODUGD oHNLOPLû ROGXøX KDYDVÖ \DUDWPDNWDYHFD]LEHVLQGHQELUûH\\LWLUPHPHNWH\GL´%XDoÖGDQIRWRøUDIEXNDSDOÖYH PDKUHP E|OJH\H JLUHQ ELU U|QWJHQFLQLQ D\UÖFDOÖNOÖ NRQXPXQX WDNÖQDQ YH IRWRøUDID EDNDQD GD D\QÖ RODQDøÖ VDøOD\DQ ELU LPJHOHP UQ\Gµ $OORXOD·GDQ DNW 6KLFN -RDQ 5LYLHUH ´HUNHN G]HQLQGH VDNODQPDQÖQ NÖOÖN NÖ\DIHW GHøLûWLUPHQLQ YH PDN\DM \DSPDQÖQ HQWHOHNWHO RODUDN JoO NDGÖQODU LoLQ WHN PPNQ YDU ROPD \ROXµ ROGXøXQX VDYXQXU 6|] HGLOHQ NDGÖQODU GD EX PPNQ ´YDU ROPD \ROXµ LoLQGH YDU RODELOPLû NDGÖQODUGÖU 0DN\DMOÖGÖUODU WRSOXPGD RQD\ J|UHQ WDU]GD JL\LQLUOHU DQFDN PHG\D RQODUÖ WP ´GLûLOLNOHULµ\OH J|UPHN LVWHPHNWHGLU 0DN\DMODUÖQÖ oÖNDUPDVDODU ELOH JL\VLOHULQL oÖNDUPDODUÖ DU]XODQÖU $QFDN PDN\DMÖQ NDGÖQODUÖQ DUNDVÖQD VDNODQGÖNODUÖ PDVNHOHU RODUDN J|UOGNOHUL GRøUXGXU .LPL ]DPDQ QOOHUL PDN\DMVÖ] J|UQWOHPHN GH ELU PDKUHPL\HWL DOHQLOHûWLUPHN RODUDN DOJÖODQPDNWDGÖU %XUDGDQ KDUHNHWOH NRQX\X ELUD]GDøÖWPDNSDKDVÖQDEHGHQOHULQLFLQVHOREMHRODUDNNXOODQDQ\DGDHQD]ÖQGDQEXQD LWLUD] HWPH\HQ NDGÖQODUÖQ GD EHGHQOHULQL J|VWHUPHN LoLQ JL\VLOHULQL oÖNDUGÖNODUÖQGD ELOH WDP RODUDN ´oÖSODNµ DOJÖODQPDGÖNODUÖQÖ V|\OH\HELOLUL] 'DKD L\L ELU LIDGH\OH EX GD NÖVD VUHGH WNHWLOLU YH L]OH\LFL\L WDWPLQ HWPH] KDOH JHOLU %X WU J|UQWOHUGH NDGÖQ L]OH\LFLVLRODQHUNHNEDNÖûDNHQGLQLDoPÖûDPDD\QÖ]DPDQGDRQDJ]HOJ|UQPHNLoLQ HQJHQHODQODPÖ\ODPDN\DM\DSPÖûWÖU.DGÖQEHGHQLQLWNHWPHNWHQHVQHOHûWLULOPLûGLøHU ûH\OHUHNÖ\DVODGDKDDFHOHFLYHVDOGÖUJDQRODQHUNHNEDNÖûÖNLPL]DPDQEXVR\XQPDGDQ GD WDWPLQ ROPDPDNWD YH J]HOOLNOHUL\OH |Q SODQD oÖNPÖû RODQ NDGÖQODUÖ EX NH] GH PDN\DMVÖ] JQON GRøDO KDOOHUL\OH YH WDELL NL HøHU HVWHWLN DPHOL\DW \DSWÖUPÖûODU LVH EX PGDKDOHGHQ |QFHNL J|UQWOHUL\OH VHUJLOHPH\H oDOÖûÖUODU %XUDGD GD PDKUHP RODQÖQ GHûLIUH HGLOPHVL V|] NRQXVXGXU (UNHN EDNÖûÖQ \HULQH JHoHQ IRWRøUDI LoLQ NDGÖQODUÖQ |]HO DODQODUÖQGD WXWPDN LVWHGLNOHUL WP J|UQWOHU \DNDODQPD\Ö EHNOH\HQ DYODU JLELGLU .ÖûNÖUWÖUWDKULNHGHUHNHOHJHoLULOPH\LYHGLøHUOHULQHGHJ|VWHULOPH\LEHNOHU *oO NDGÖQÖ IHWKHWPH DU]XVXQXQ \D GD KDEHUGHNL LIDGH\OH ´HUNHNOHULQ FLGGL NDGÖQ IDQWH]LVLµQLQ ND\QDøÖQÖQ RQXQ LNWLGDUD NDUûÖ GLUHQPHVL ROGXøX V|\OHQPHOLGLU ´1HUHGH GLUHQo YDUVD RUDGD DU]X ROGXøXQX NDEXO HWPHPL] JHUHNLU GLUHQo DU]X\X PPNQ NÖODQ NRûXOGXUµ ´'LUHQoµL HQ JHQHO DQODPÖ\OD HOH DOGÖøÖPÖ]GD \XNDUÖGD V|]Q HWWLøLPL] EHGHQOHULQL VHUJLOH\HQ DQFDN PDN\DM \DSDQ NDGÖQODUÖQ GD GLUHQPH QRNWDODUÖ PDN\DMODUÖGÖU 0HG\DGD VÖNoD J|UGøP] 5XV\D YH HVNL 'RøX %ORøX ONHOHULQGHQ JHOPLû RODQ ´KD\DW NDGÖQODUÖQÖQµ ³KDON DUDVÖQGDNL WDELUL\OH ´1DWDûDODUµÖQ³ J|UQWOHUL EX V|\OHGLNOHULPL]H GDKD L\L ELU |UQHN ROXûWXUPDNWDGÖU 3ROLV WDUDIÖQGDQ \DNDODQDQ KD\DW NDGÖQODUÖ \]OHULQL NDPHUDODUGDQ VDNODPD\D oDOÖûÖUODU YH EX QRNWDGD NDPHUDPDQ LoLQ \DSÖOPDVÖ JHUHNHQ WHN ûH\ NDGÖQODUÖQ \]OHULQL J|UQWOHPHNWLU 2OD\ PDKDOOLQGH EXOXQDQ WP IRWR PXKDELUOHUL YH NDPHUDPDQODU VDQNL DUDODUÖQGD ELU DQODûPD YDUPÖûoDVÖQD NDGÖQODUÖQ \]OHULQGHNL |UW\ oHNPH\H \D GD EXOGXNODUÖ NoN ELU DUDOÖNWDQ \]OHULQL J|UQWOHPH\H oDOÖûÖUODU 3HNL RQODUÖ EXQD LWHQ QHGLU" %XODûÖFÖ 8OXVDO8\JXODPDOÖ(WLN.RQJUHVL KDVWDOÖNWDûÖPDRODVÖOÖøÖEXOXQDQNDGÖQODUÖGHûLIUHHGHUHNKDONÖX\DUPDQÖQ|WHVLQGH³\D GD JHULVLQGH³ ELU DU]XGXU RQODUD EXQX \DSWÖUDQ %X |UQHNWH GLUHQPH \]Q J|UQPHVLQH LOLûNLQGLU YH NDPHUD \]H XODûDELOGLøLQGH EDûND ELU GH\LûOH R NDGÖQODUOD J|] J|]H JHOHELOGLøLQGH RQX HOH JHoLUPLû RODFDNWÖU )DNDW J|UQWOH\HQ ELU NDPHUDQÖQ DUNDVÖQGD ROGXøX LoLQ EX J|] J|]H JHOPH GXUXPX JHUoHNOHûHPH\HFHN NDUûÖOÖNOÖ ELU EDNÖûPD \HULQH J|UQWOH\HQLQ EDNÖûÖ V|] NRQXVX RODFDNWÖU %X GXUXP NDPHUDQÖQ LNWLGDUÖQÖ NXUDQ |QHPOL QRNWDODUGDQ ELULGLU (UNHN EDNÖûÖQÖ WHPVLO HGHQ IRWRøUDIoÖNDPHUDPDQ J|UQWOHGLøL QHVQH\H EDNÖûODUÖ\OD VDKLS ROXU J|UQWOHQHQLQ RQXWDPRODUDNJ|UHELOPHRODQDøÖ\RNWXU 3HoH |UQHøLQGH GH ´%DWÖOÖ g]QH·QLQ DU]XVX J|UPH DU]XVX\OD D\UÖODPD] ELU ELoLPGH EDøODQWÖOÖGÖU 6|PUJHFL g]QHQLQ \DEDQFÖ WRSUDøÖ NRQWURO HWPH YH RQD KDNLP ROPD DU]XVX VNRSLN DU]XVXQGDQ SVLNDQDOL]GH EDNPD JGVQH YHULOHQ DG J|]OH\LFL EDNÖûÖ\OD SHoHQLQ DUNDVÖQD QIX] HWPH VÖ]PD DU]XVXQGDQ EDøÖPVÖ] GHøLOGLUµ )DQRQ·GDQ DNW<HøHQRøOX 1LWHNLP %DWÖOÖ IRWRøUDIoÖ JHQHO RODUDN 'RøX·\D IRWRøUDIODUÖ\OD VDKLS oÖNDU ´3HoHQLQ gWHNL·QH VDøODGÖøÖ ¶J|UQPH]OLN· D\QÖ DQGD KHP DU]XQXQHNOHPOHQGLøLQRNWDKHPGHg]QH·QLQEDNPDDU]XVXQXQND\GÖøÖ\HUGLUµ 3HoHOL NDGÖQGD \XNDUÖGD V|\OHQHQ LNWLGDU LOLûNLVL WHUVLQH G|QHU .DGÖQ IRWRøUDIoÖ WDUDIÖQGDQ J|UOU DPD %DWÖOÖ HUNHN NDGÖQÖ J|UHPH] %X GD DU]X\X N|UNOHU +DEHU |UQHNOHULPL]LoLQD\QÖLNWLGDULOLûNLVLQGHQV|]HGLOHPH]DQFDNHUNHøLQEDNÖûODUÖ|QQGH RODQIDNDWWDPRODUDNQIX]HGLOHPHPLûELUNDGÖQV|]NRQXVXGXU %HGHQ7NHWLPYH7HPVLO 1LOIHU *|OH ´0VOPDQµ NDGÖQÖQ |UWQPHVLQGHQ V|] HGHUNHQ ´YFXW VL\DVHWLµ NDYUDPÖQÖ NXOODQÖU YH HUNHN HJHPHQ J|UûWH NDGÖQÖQ KHU ]DPDQ EHGHQL ]HULQGHQ NXUXOGXøXQX NDGÖQD \|QHOLN WDUWÖûPDODUÖQ GD ³VL\DVDO WRSOXPVDO \D GD PDJD]LQVHO ER\XWWD³ VUHNOL RODUDN EHGHQ ]HULQGHQ \DSÖOGÖøÖQÖ V|\OHU %HQ]HU ELU WDUWÖûPD\Ö GDKD DoÖNOD\ÖFÖ ELU ELoLPGH 6HYGD $ODQNXû .XUDO ´ùVODPLµ YH ´OLEHUDOµ EDVÖQGD )D]LOHW 3DUWLVL ùVWDQEXO HVNL PLOOHWYHNLOL 0HUYH .DYDNoÖ·QÖQ WHPVLOLQH LOLûNLQ LQFHOHPHVLQGH \DSPÖûWÖU .DGÖQ VL\DVDO DUHQDGD ELU VL\DVDO DNW|U NRQXPXQGD\NHQ ELOH JL\LPL |UWV KDWWD NLORVX JLEL EHGHQLQH LOLûNLQ J|VWHUJHOHU ]HULQGHQ WDQÖPODQPDNWDGÖU 0HG\D KDEHUOHULQGH ´HUNHN DNOÖ NDGÖQ LVH EHGHQL ]HULQGHQ WHPVLO EXOPDNWDGÖUµ %X WHPVLO SUDWLøL LVH ´NDGÖQ EHGHQLQL ELOPH RQX QHVQHOHûWLUPH YH E|\OHOLNOHGHRQXGLVLSOLQDOWÖQDDOPDSUDWLøLQLQSRSOHUOHûPLûELUWUHYLµGLU ´9FXW VL\DVHWLµQL ELUD] DoDUVDN *|OH ´ODLN ELUH\ LOH GLQGDU ELUH\ WDUDIÖQGDQ GÖûD YXUXOGXøX ELoLPL\OH YFXW VHPL\RORMLVLQLQ YFXGD YH NLûLOLøH LOLûNLQ IDUNOÖ NDYUDPODUD LûDUHWµ HWWLøLQL V|\OHU ´0RGHUQ ELUH\ LoLQ YFXW GRøDO YH GRøD VW WDQÖPODUÖQ QIX]XQGDQ JLWJLGH NXUWXOPDNWDGÖUµ $QFDN EX NH] *LGGHQV·ÖQ GD EHOLUWWLøL JLEL PRGHUQELUH\OHULQLGHDOOHUL´YFXWJHOLûWLUPH]LQGHOLNYHHQHUMLµ\HG|QûPûWU.DGÖQ LoLQ LVH EX EHOLUOHQHQ YFXW |OoOHUL GDKD oRN UHNODP PHWLQOHUL\OH |]HQGLULOHQ SU]V] \XPXûDN WHQ GROJXQ VDoODU oDUSÖFÖ GXGDNODU YV RODUDN ûHNLOOHQPHNWHGLU %HGHQ ³GDKD EHOLUJLQ ELU ELoLPGH GH NDGÖQ EHGHQL³ VUHNOL RODUDN LGHDO ELU ELoLPH GRøUX \|QOHQGLULOPHNWH YH EX ELoLPH HULûHQ EHGHQOHULQ GH VHUJLOHQHELOHFHøLHUNHN EDNÖûÖQD DoÖODELOHFHøL PHVDMÖ |UWN RODUDN YHULOPHNWHGLU 0HG\D NDGÖQÖ oÖSODN RODUDN J|UQWOHPH\H oDOÖûPDQÖQ \DQÖ VÖUD EHGHQLQL J|UQU NÖODQ NDGÖQÖ GD ´FHVXUµ RODUDN WDQÖPOD\DUDNWDOWLIHWPHNWHYHELUDQODPGDGLøHUNDGÖQODUÖGD|]HQGLUPHNWHGLU *|OH·QLQ|UWQPH\HLOLûNLQ|QHPOLELUVDSWDPDVÖGD|UWQPHQLQEL]H´|]HO\DûDPOD VÖQÖUOÖ WXWXOPDVÖ YH KDONÖQ |QQGH LIDGH HGLOPHPHVL JHUHNHQ \DVDN YH PDKUHP ELU (PHO%DûWUN$NoD³)RWRøUDIÖQ$U]X1HVQHVL2ODUDN.DGÖQ%HGHQL DODQÖQ YDUOÖøÖQÖµ KDWÖUODWPDVÖGÖU <XNDUÖGD DQODWÖODQ ´FLGGL NDGÖQµ YH ´VHNVL NDGÖQµ IDUNOÖ ELoLPOHUGH GH ROVD |UWOGU 2QODUÖQ R KDOOHUL\OH NDPXVDO DODQGD EXOXQPDODUÖ VUHNOLRODUDN\DVDNYHPDKUHPELUDODQÖQYDUOÖøÖQÖKDWÖUODWPDNWDGÖU %X QRNWDGD |QFHOLNOH LQVDQ EHGHQLQ ELU IRWRøUDILN J|UQW RODUDN QHGHQ LOJL oHNLFL EXOXQGXøX ]HULQGH GXUPDNWD \DUDU YDUGÖU +H\NHO YH UHVLP JLEL GLøHU VDQDWODUGD GD LQVDQ EHGHQL WHPHO NRQX\XROXûWXUPXû YH \DOQÖ]FD NDGÖQ GHøLO HUNHN EHGHQL GH oÖSODN RODUDN \DQVÖWÖOPÖûWÖ 3HNL IRWRøUDIÖ IDUNOÖ NÖODQ QH\GL" %X VRUX\D 5RODQG %DUWKHV·ÖQ ûX V|]OHUL\OH FHYDS YHUPHN PPNQGU ´)RWRøUDIÖQ LFDGÖ EDûND ELU GH\LûOH VXUHWLQ LVWHQLOGLøLQFH oRøDOWÖODELOPHVL NROHNWLI J|YGH ELOLQFLPL]L GHøLûWLUPLû |]HOOLNOH GH NHQGL J|YGHPL]OH YH EDûNDVÖQÖQ J|YGHVL\OH NXUGXøXPX] LOLûNL\H ELU QDUVLVWLN ELU |] WXWNX GROD\ÖVÖ\OD GD ELU FLQVHOOLN NDWPÖûWÖUµ DNW &H\ODQ ùQVDQÖQ NHQGL J|YGHVLQH QDUVLVWLNELUGX\JX\ODEDøODQPDVÖEWQ\OHIRWRøUDIÖQJHUoHNOHûWLUGLøLELUGHøLûLNOLNWLU )RWRøUDIOD ELUOLNWH LQVDQ EHGHQL ³|]HOOLNOH GH NDGÖQ EHGHQL³ LGHDOL]H HGLOPLû ELU ELoLPGH J|UQWOHQPH\H EDûODU .DGÖQ EHGHQL IRWRøUDIÖQ ´J]HOOLNµ YH HVWHWLN DUD\ÖûÖ LoLQGH EHOOL |OoOHUH NDYXûPXûWXU %X HVWHWL]H HGLOPLû NDGÖQ EHGHQL HûVL] ELU J]HOOLN RODUDN VXQXOPDNWD NDGÖQÖQ VDKLS ROGXøX EX J]HOOLøL J|UQU NÖOPDN GD ELU DPDo KDOLQH JHOPHNWHGLU %DXGULOODUG·ÖQ V|\OHGLøL JLEL WNHWLOHQ ûH\OHU DUDVÖQGD EHGHQGHQ ´GDKD J]HO GDKD HûVL] ELU QHVQHµ EXOPDN ]RUGXU %LQ \ÖOOÖN ELU SULWDQL]P oDøÖQGDQ VRQUDIL]LNVHOYHFLQVHO|]JUOHûPHELoLPLQGHEHGHQ\HQLGHQNHûIHGLOPLûYH|]HOOLNOHGH NDGÖQ EHGHQL UHNODPODUGD PRGDGD YH NLWOH NOWUQGHNL PXWODN YDUOÖøÖQÖ ND]DQPÖûWÖU )RWRøUDI LQVDQÖQ NHQGL J|YGHVLQL J|]QQ |QQH WDûÖ\DUDN ELOLQFLQ RQD ELU QHVQH J|]\OH EDNDELOPHVLQL NROD\ODûWÖUPÖûWÖU %LOLQo EX EDNÖûOD EHUDEHU J|YGH\L NHQGLQGHQ D\ÖUÖSVR\XWOD\DELOPLûYHRQGDNHQGLLKWL\DoODUÖQDX\JXQG]HQOHPHOHU\DSPDFHVDUHWLQL EXOPXûWXU&H\ODQ%XJQSRSOHUNDGÖQYHHUNHNGHUJLOHULQGHNLNRQXODUGDE\N |OoGH EHGHQH LOLûNLQGLU %HGHQL J]HOOHûWLUPHN YH EHGHQLQLQ DOGÖøÖ KD]ODUÖ HQ \NVHN G]H\HHULûWLUPHN%|\OHFHKHPEHGHQWNHWLOLUKHPGHEHGHQLoLQ 7NHWLP VUHFL WRSOXPVDO NXUXPODUGDQ NLWOH LOHWLûLP DUDoODUÖQGDQ |]HOOLNOH GH WHOHYL]\RQGDQHWNLOHQLU0HG\DGDEHGHQHLOLûNLQRODUDNVXQXODQPHVDMODU|UWNELoLPGH WP PHG\D PHWLQOHULQH VÖ]PÖûWÖU +DEHUOHUGHQ WY GL]LOHULQH UHNODPODUGDQ PRGD SURJUDPODUÖQD NDGDU KHPHQ KHU PHWLQGH EHGHQL LGHDOL]H HGHQ YH FLQVHOOLNOH LOLûNLOHQGLUHQ PHVDMODU \D GD PLWOHU J|UPHN PPNQGU %RFRFN·ÖQ V|\OHGLøL JLEL´$U]XODUDNÖûNDQGÖUEHNOHQPHGLN\|QOHUHDNDELOLUOHUµùQVDQODUÖELUDUDED\DGDELU PH\YH VX\XQX DOPD\D LWHQ DU]X FLQVHO ELU DU]X\OD ELUOHûWLULOHELOLU ´6LQHPDQÖQ GHUJLOHULQUHQNOLIRWRøUDIoÖOÖøÖQYHKHSVLQLQVWQGHWHOHYL]\RQXQNHûILQGHQVRQUDNLRQ \ÖOODU LoLQGH ROXûWXUXODQ LPDMODUGD VHPEROOHUGH J|UQWOHUGH \DQVÖGÖøÖ JLEL DU]XODU LQVDQEHGHQLQLQFLQVHOSRWDQVL\HOLLOHLOLûNLOHQGLULOPHNWHGLUOHUµ ´7DQÖPDµµ%LOPHµ2ODUDN)RWRøUDI )RWRøUDI GDKD JHQHO DQODPGD J|UQW QHVQHOHULQ WDQÖPODQPDVÖ YH GROD\ÖVÖ\OD ELOLQPHVLQGHHQHWNLOLDUDoWÖU%LUQHVQH\LWDQÖPDNLoLQWPWDQÖPODPDODUÖQ\DQÖVÖUDVRQ WDKOLOGH \LQH GH RQX J|UPHN LVWHUL] *|UHPHGLøLPL] EDNÖûODUÖPÖ]OD NRQXPODQGÖUDPDGÖøÖPÖ] YDUOÖNODU EL]LP LoLQ ûSKHOLGLU YH KHS JL]HPOL PLVWLN ELU KDYD WDûÖUODU <XNDUÖGD V|] HGLOHQ %DWÖOÖ |]QHQLQ 'RøX\X'RøXOX NDGÖQÖ J|UPHN YH EDûNDODUÖ LoLQ GH J|UQU NÖOPDN DU]XVX EX GX\JXODUGDQ ND\QDNODQÖU %DWÖ RQX J|UHPHGLøL VUHFH KLoELU ]DPDQ RQX WDP RODUDN WDQÖ\DPD\DFDN YH RQD HJHPHQ RODPD\DFDNWÖU 8OXVDO8\JXODPDOÖ(WLN.RQJUHVL -RKQ %HUJHU J|UPHQLQ NRQXûPDGDQ |QFH JHOGLøLQL V|\OHU YH oRFXøXQ NRQXûPD\D EDûODPDGDQ |QFH EDNÖS WDQÖPD\Ö |øUHQGLøLQL EHOLUWLU <D]DUD J|UH EL]L oHYUHOH\HQ GQ\DGD NHQGL \HULPL]L J|UHUHN EXOXUX] %X QHGHQOH J|UPH DU]XVX LQVDQÖQ |QHPOL GUWOHULQGHQ ELULQL ROXûWXUXU ´%X GQ\D\Ö V|]FNOHUOH DQODWÖUÖ] DPD V|]FNOHU GQ\D\OD oHYUHOHQPLû ROPDPÖ]Ö KLoELU ]DPDQ GHøLûWLUHPH]µ %HUJHU LoLQ J|UPH EDVLW ELU IL]\RORMLN ROD\ GHøLOGLU %DNPDN YH J|UPHN DUDVÖQGDNL D\UÖPÖ GD KDWÖUODWDUDN EDNPDQÖQ ELU ´VHoPH HGLPLµ ROGXøXQX V|\OHU ´%X HGLPLQ VRQXFX RODUDN J|UGøP] QHVQH ³KHU ]DPDQ HOLPL]OH GRNXQDELOHFHøLPL] ELU QHVQH DQODPÖQGD ROPDVD GD³ XODûDELOHFHøLPL] ELU DODQD JHWLULOPLû ROXUµ *|UPHN QHVQHOHUOH QHUHGH\VH GRNXQPDN NDGDU HWNLOL ELU LOLûNL NXUPD\Ö VDøODU 1LWHNLP GRNXQPD\OD LOJLOL ELUV|]RODQ´WHPDVµV|]Fø´J|]WHPDVÖµLIDGHVLQGHJ|UPHLOHELUOHûWLULOPHNWHGLU ùQVDQRøOXQX IRWRøUDIÖQ LFDGÖQD J|WUHQ ûH\LQ GH J|UHUHN WDQÖPD YH J|UGNOHULQL VDNODPD \HQLGHQ EDNÖODELOHFHN J|UQW SDUoDFÖNODUÖ KDOLQH JHWLUPH DU]XVX ROGXøX V|\OHQHELOLU ´)RWRøUDIÖQ WHPHO ROJXVX ¶J|US· ¶J|VWHUPHNWLU·µ dL]JHQ )RWRøUDIOD ELUOLNWH J|UPHQLQ \HULQL J|UQWOHPH DOPÖû YH IRWRøUDI G|QHPLQ PDFHUDSHUHVWOHUL LoLQ ELU J|UQW DYÖQD G|QûPûWU ´%LU ûH\L J|UQWOHPHN EHOOL |OoOHUGH RQX NHVLQOHûWLUPHN DQODPÖ WDûÖUµ %LU QHVQHQLQ IRWRøUDIOD WDQÖPÖ RQXQ V|]OH WDQÖPÖQGDQoRNGDKDNHVLQELULIDGHGLU)RWRøUDIÖQEXJoOHWNLVLQGHQGROD\ÖQHVQH\H DLW \DQOÖû \D GD oDUSÖWÖOPÖû ELU IRWRøUDILN PHVDM oRN GDKD VUNOH\LFL YH LQDQGÖUÖFÖ ROXU &H\ODQ *|UQWOHULQ DOJÖODPDGDNL |QHPL QHGHQL\OH KDEHUGH GH IRWRøUDIJ|UQW ROGXNoD |QHPOLGLU +DEHU IRWRøUDIODUÖ KDEHULQ LQDQGÖUÖFÖOÖøÖQÖ NXUDQ HQ |QHPOL XQVXUODUGDQ ELULGLU )RWRøUDIÖQ ³WÖSNÖ KDEHU JLEL³ JHUoHøLQ NHQGLVL ROPDGÖøÖ NDEXO HGLOVH GH RNX\XFX LoLQ KDEHU IRWRøUDIÖ R ROD\ÖQ JHUoHNOLøLQH LOLûNLQ |QHPOL ELU NDQÖWWÖU )RWRøUDIODU KDEHU EDûOÖNODUÖ JLEL LVWHP YH ELU HN oDED ROPDGDQ DOJÖODQDQ J|UVHO |øHOHU ROPDODUÖ GROD\ÖVÖ\OD GD |QHP WDûÖUODU +DEHUH VDøODGÖNODUÖ J|UVHO NDWNÖ\OD DQODPÖQ ROXûPDVÖQD NDWNÖGD EXOXQXUODU +DOO·GHQ DNW 'RøDQD\ .HVNLQ .LPL GXUXPODUGD IRWRøUDI EDûOÖ EDûÖQD KDEHUL ROXûWXUXU <D]ÖOÖ PHWLQ \DOQÖ]FD ROD\ÖQ QDVÖO ROGXøXQDLOLûNLQGHWD\ODUÖYHULU6DYDûIRWRøUDIODUÖSDSDUD]]LoHNLPOHULEXQODUD|UQHNWLU %X QRNWDGD IRWRøUDIÖQ DNÖS JLGHQ J|UQW\H NÖ\DVOD GDKD HWNLOL ROGXøX V|\OHQPHOLGLU $QÖQ \DNDODQPDVÖ YH |OPV]OHûWLULOPHVL R HûVL] ]DPDQÖQ DNWDUÖOPDVÖ DQODPÖQGD IRWRøUDI 7HOHYL]\RQ YH VLQHPDGD KHU NDUH ELU |QFHNLQLQ HWNLVLQL VLOHU YH GLNNDWL NHQGLQH oHNHU $NÖS JLGHQ NDUHOHU ER\XQFD EX LûOHP GHYDP HGHU %HONL GH EX QHGHQOH ILOPOHUGH ILQDO VDKQHOHUL HQ J|VWHULûOL VDKQHOHU RODUDN NXUJXODQÖUODU ù]OH\LFL\H VXQXODQ ELQOHUFH NDUH LoLQGHQ ELU WDQHVLQLQ VHoLOPHVL YH ILOPOH |]GHûOHûWLULOHUHN KDWÖUODQPDVÖLVWHQLU%XQDNDUûÖOÖNIRWRøUDIODU´ELUDNÖûGHøLODQFDNJHUoHNELUHU]DPDQ GLOLPLROGXNODUÖLoLQKDUHNHWOLJ|UQWOHUGHQGDKDID]ODDNÖOGDNDOÖUODU+HUELUGXUDøDQ IRWRøUDIVDNODQÖSWHNUDUWHNUDUEDNÖODELOHFHNLQFHELUQHVQH\HG|QûPûRODQD\UÖFDOÖNOÖ ELUDQGÖUµ6RQWDJ 1LWHNLP KDEHU IRWRøUDIODUÖQGD ROD\Ö DQODWDQ HQ NULWLN J|UQW\ NXOODQPD HøLOLPL YDUGÖU +DEHUGH DUDQDQ 1 . NXUDOÖ IRWRøUDI LoLQ GH JHoHUOLGLU ù\L ELU KDEHU IRWRøUDIÖ ROD\D WDUDI RODQ NLûLOHUL PHNkQÖ NDEDFD ]DPDQÖ DQODWDELOHFHN QLWHOLNWH ROPDOÖGÖU 6FKODSS +DEHU IRWRøUDIÖQGD HNVLN RODQ WHN ûH\ ´QDVÖOµ VRUXVXQXQ FHYDEÖGÖU EX GD KDEHUGH DQODWÖOÖU %X NULWHUOHUL VDøODPD\DQ IRWRøUDIODU DQFDN GDKD L\L J|UQW DOPDQÖQ PPNQ RODPDGÖøÖ oRN |QHPOL DQODUGD NXOODQÖOÖUODU %X oDOÖûPDGD LQFHOHQHQ $QQD .RXUQLNRYD·QÖQ DUNDGDQ oHNLOPLû IRWRøUDIÖ L\L IRWRøUDI NULWHUOHULQL VDøODPDGÖøÖKDOGHDMDQVWDUDIÖQGDQJHoLOPLûYHJD]HWHOHUGHGH\HUEXOPXûWXU%XGXUXP (PHO%DûWUN$NoD³)RWRøUDIÖQ$U]X1HVQHVL2ODUDN.DGÖQ%HGHQL .RUQLNRYD·QÖQJ|UQWVQHEDVÖQÖQDWIHWWLøL|QHPLJ|VWHUPHNWHGLU7HQLVoLQLQPD\ROX J|UQWVIRWRøUDIWDNLHNVLNOLøLNDSDWDFDNNDGDU|QHPOLGLU )RWRøUDIÖQ HWNLVLQH \HQLGHQ G|QHUVHN NLPL ]DPDQ IRWRøUDIODUÖQ JHUoHøLQ NHQGLVLQGHQELOHGDKDHWNLOLROGXøXQXV|\OHPHOL\L]*|UOPHNLVWHQHQûH\|QHDOÖQDUDN oHNLOHQ ELU IRWRøUDIÖQ HWNLVL ROGXNoD E\NWU dQN IRWRøUDI VL]H DVÖO J|UOPH\H GHøHU RODQ ûH\LQ EX ROGXøXQX V|\OHU .RXUQLNRYD·QÖQ KDYOX\D VDUÖOPÖû KDOL GHøLO GH PD\ROXKDOLJ|UOPH\HGHøHUGLU )RWRøUDINDUHVLQLQWHOHYL]\RQ\DGDVLQHPDGDDNÖSJLGHQJ|UQWOHUGHQGDKDE\N ELU HWNL EÖUDNPDVÖ VDYDûûLGGHW IRWRøUDIODUÖQGD GDKD DoÖN ELU ELoLPGH J|UOU 7HN ELU NDUH IRWRøUDI WHOHYL]\RQGD L]OHGLøLPL] VDDWOHU VUHQ VDYDû J|UQWOHULQGHQ GDKD HWNLOLGLU ,, 'Q\D 6DYDûÖ VÖUDVÖQGD WRSODPD NDPSODUÖQGD oHNLOHQ IRWRøUDIODU DWRP ERPEDVÖQÖQ DUGÖQGDQ -DSRQ KDONÖQÖQ J|UQWOHUL 9LHWQDP 6DYDûÖ %X WU NULWLN J|UQWOHUIRWRøUDIÖQHWNLVLQGHQGROD\ÖWHOHYL]\RQKDEHUOHULQGHNXOODQÖOÖUNHQELOHNLPL ]DPDQGRQGXUXODUDN\DGDDøÖUoHNLPOHVORZPRWLRQJ|VWHULOLUOHU .DGÖQEHGHQLQLQoÖSODNODûWÖUÖOPÖûJ|UQWOHUL\DGDSDSDUD]]LWDU]ÖJL]OLoHNLPOHUGH ILOPH DOÖQPDN \HULQH IRWRøUDIODQPD\D oDOÖûÖOÖUODU <LQH .RXUQLNRYD |UQHøLQGH ROGXøX JLELIRWRøUDIROD\D\DOQÖ]FD ELUNH]\DûDQDELOHFHNELUDQÖQ\DNDODQPDVÖKLVVLQLYHUHUHN J|UQWGHQ GX\XODQ KD]]Ö DUWÖUPDNWDGÖU 2 \DOQÖ]FD ELU NH] \DûDQDELOHFHN ELU DQ ROGXøX LoLQ WHN NDUHGLU J|UQWGH ED]Ö ND\ÖSODU ROVD ELOH EX IRWRøUDIÖQ ´EDûDUÖVÖQÖµ LOJL oHNLFLOLøLQL D]DOWPD] %X IRWRøUDIODU SDVLI G]HQOHPH LoLQGH oHNLOPLû ROVDODU ELOH ´LONµ ROPD |]HOOLNOHULQGHQ GROD\Ö ELU ´NULWLN DQµ IRWRøUDIÖ KDYDVÖ \DUDWÖUODU 'LøHU KDEHUGHNL JLEL QO NLûLOHULQ SDUD NDUûÖOÖøÖ oÖSODN IRWRøUDIODUÖQÖ oHNWLUPHOHULQGH GH ELU NHUHROPDGXUXPXV|]NRQXVXGXU*]HOYHQOVSLNHULONYHEHONLGHVRQNH]oÖSODN RODUDNJ|UOHELOHFHNWLU%XDQIRWRøUDIOD|OPV]OHûWLULOLUYHWHNUDUWHNUDUEDNÖODELOHFHN ELU GXYDUD \D GD PDVD\D \HUOHûWLULOHELOHFHN ELU J|UQW\H G|QûWUOU %LU NDGÖQÖ LON NH]oÖSODNJ|UHFHNROPDNGDPHFD]LRODUDNRQDLONGHIDVDKLSROPDNDQODPÖWDûÖU 6RQXo 7NHWLP WRSOXPXQXQ |QHPOL D\DNODUÖQGDQ ELUL RODQ PHG\D JQP]GH \DûDQDQ WNHWLP oÖOJÖQOÖøÖ LoLQGH LQVDQODUÖ J|UQW ERPEDUGÖPDQÖQD WXWPDNWDGÖU ù]OH\LFLRNX\XFX LoLQ LOJL oHNLFL YH \HQL ELU J|UQW EXOPD oDEDVÖ oRøX ]DPDQ PHG\D HWLøL NLûL KDNODUÖ JLEL NDYUDPODUÖQ KLoH VD\ÖOPDVÖQD QHGHQ ROPDNWDGÖU 0HG\DGDNL WNHWLPGHQ HQ ID]OD HWNLOHQHQOHU LVH NDGÖQODUGÖU ³KHP VÖUDGDQ KHP NDPXVDO DODQGD PHG\D GROD\ÖPÖ\OD YDU RODQ NDGÖQODU .DGÖQ HøLWLPOL YH EHOOL ELU NDUL\HU VDKLEL GH ROVD PHG\DGD \DOQÖ]FD LNL ûHNLOGH WHPVLO HGLOPHNWHGLU FLQVHO REMH \D GD NXWVDO DQQHHû dDOÖûPDGDLQFHOHGLøLPL]KDEHUOHUGHNHQGLDODQODUÖQGDEDûDUÖND]DQPÖûNDGÖQODUPHVOHNL NLPOLNOHUL\OH GHøLO GH \HOSD]HQLQ ELULQFL XFXQGD FLQVHO REMH RODUDN WHPVLO HGLOPH\H oDOÖûÖOPDNWDGÖUODU dDOÖûPDGD <HøHQRøOX·QXQ SHoHOL NDGÖQ |UQHøL\OH ELUOLNWH o |UQHNWHQ KDUHNHWOH HUNHN EDNÖûÖQ NDGÖQ EHGHQLQH QIX] HWPH RQX J|UPH YH J|UQU NÖOPD DU]XVX LoLQGH ROGXøX V|\OHQPLûWLU .DGÖQ HUNHN EDNÖû LoLQ |QFHOLNOH NDUûÖ FLQV RODUDN gWHNL ROPDVÖ QHGHQL\OH HOH JHoLULOPHN LVWHQHQ DU]XODQDQ ELU QHVQHGLU (UNHN RQX KHP KDNLP ROGXøX G]HQLQ NXUDOODUÖQD X\PDN ]RUXQGD EÖUDNDUDN KHP GH NDGÖQÖQ NHQGLQL WHPVLO HWPH NDQDOODUÖQÖ WÖND\DUDN YH RQX NHQGL ELoLPOHQGLUGLøL ûHNLOGH WHPVLO HGHUHN HJHPHQ NRQXPXQXNRUXPDNWDGÖU.DGÖQNHQGLQLNHQGLGLOLQGHQLIDGHHWPHRODQDøÖQÖEXODPD] YHHUNHøLQWHPVLOELoLPLQHPDKNPROXU 8OXVDO8\JXODPDOÖ(WLN.RQJUHVL ù\L ELU HøLWLP DODUDN HUNHNOHUOH HQ D]ÖQGDQ \DVDO G]H\GH HûLW NRûXOODUGD oDOÖûDUDN L\L ELU NDUL\HU HGLQPLû EDûND ELU LIDGH\OH WRSOXPGD EHOOL ELU \HU YH ´Joµ ND]DQPÖû NDGÖQODU ELOH EX WHPVLO VLVWHPLQLQ GÖûÖQD oÖNDPD]ODU (UNHN NDGÖQÖ ]HNDVÖ GX\JXODUÖ EDûDUÖODUÖ YV LOH GHøLO EHGHQL ]HULQGHQ NXUDU YH RQX EHGHQL ]HULQGHQ WDUWÖûÖU %X oHUoHYHGH NDGÖQD KNPHWPH RQX HOH JHoLUPH oDEDVÖ GD \LQH EHGHQLQL HOH JHoLUPH\OH ELUWXWXOXU dDOÖûPDGD HUNHN EDNÖûÖ\OD |]GHûOHûWLULOHQ IRWRøUDIoÖQÖQ NDGÖQÖ oÖSODNODûWÖUPD oÖSODN RODUDN J|UQWOHPH oDEDVÖQÖQ YH EX J|UQWOHUH GX\XODQ LOJLQLQ DOWÖQGD GD EX GX\JX \DWPDNWDGÖU gUQHNOHUGH VXQXODQ NDGÖQODU EHGHQOHULQL VHNV REMHVL RODUDN NXOODQPDGDQ WRSOXPGD YDU RODELOPLû YH EX NRQXPXQ YHUGLøL JoOH HUNHøLQ PGDKDOHVLQH NDUûÖ NRUXQDNOÖ NDGÖQODUGDQGÖU %X GXUXP ³WÖSNÖ NDSDOÖ 0VOPDQ NDGÖQ \D GD 'RøXOX NDGÖQGD ROGXøX JLEL³ RQODUD GX\XODQ DU]X\X DUWWÖUPDNWDGÖU %XUDGD IRWRøUDIÖQ DNÖS JLGHQJ|UQWOHUGHQGDKDHWNLOLROPDVÖQÖQQHGHQLIRWRøUDIÖQLQVDQODUD\DOQÖ]FDELUNH] RODELOHFHNELUJ|UQW\HWDQÖNOÖNHWWLNOHULKLVVLQLYHUPHVLGLU .D\QDNoD $ODQNXû .XUDO 6HYGD YH dDYGDU $\ûH ´ùVODPFÖ YH /DLN 0HG\DGD .DGÖQ %HGHQYH7HPVLOµ8OXVDOùOHWLûLP6HPSR]\XPX%LOGLULVL0D\ÖV$QNDUD %DXGULOODUG -HDQ 7NHWLP 7RSOXPX dHY + 'HOLoD\OÖ YH ) .HVNLQ ùVWDQEXO $\UÖQWÖ<D\ÖQODUÖ %HN *HQFHO 0LQH ´0HG\DGD &LQVL\HWoLOLN YH ùOHWLûLP 3ROLWLNDODUÖµ ùOHWLûLP 'HUJLVL6V %HUJHU-RKQ*|UPH%LoLPOHULdHY<XUGDQXU6DOPDQùVWDQEXO0HWLV<D\ÖQODUÖ %HUJHU -RKQ 2 $QD $GDQPÖû -RKQ %HUJHU·GHQ 6HoPH <D]ÖODU dHY <XUGDQXU 6DOPDQYH0JH*UVR\6|NPHQùVWDQEXO0HWLV<D\ÖQODUÖ %RFRFN5REHUW7NHWLPdHYùUHP.XWOXN$QNDUD'RVW.LWDEHYL<D\ÖQODUÖ &H\ODQ07DKLU)RWRøUDI(VWHWLNYH*|UQWh]HULQH'HQHPHOHUùVWDQEXOù)6$7 <D\ÖQODUÖ1R dL]JHQ *OWHNLQ )RWRøUDIÖQ <DSÖVÖ YH .LPOLøL h]HULQH 'HQHPHOHU ùVWDQEXO $WDRO <D\ÖQFÖOÖN dL]JHQ*OWHNLQ)RWRøUDIÖQ*|UVHO'LOLùVWDQEXO$UNHRORMLYH6DQDW<D\ÖQODUÖ 'RøDQD\ h YH (UWDQ .HVNLQ =HUULQ ´<D]ÖOÖ %DVÖQGD <HUHO YH *HQHO 6HoLPOHUL 6L\DVDO 3DUWL /LGHUOHULQLQ +DEHU )RWRøUDIODUÖQGD 7HPVLOLµ , 8OXVDO ùOHWLûLP.RQJUHVL *|OH 1LOIHU ´0RGHUQOHûPH %DøODPÖQGD ùVODPL .LPOLN $UD\ÖûÖµ 7UNL\H·GH 0RGHUQOHûPHYH8OXVDO.LPOLNHG%R]GRøDQ6YH.DVDED5ùVWDQEXO7DULK9DNIÖ <XUW<D\ÖQODUÖV .XUXRøOX +XUL\H ´0HG\D YH .DGÖQµ .DUL]PD 'HUJLVL (NLP.DVÖP$UDOÖN 6V 6FKODS +HUPDQ *D]HWHFLOLøH *LULû dHY , $\JQ $QNDUD .RQUDG $GHQDXHU 9DNIÖ<D\ÖQODUÖ 6KLFN &HPLO ,UZLQ ´6LPJH 2ODUDN 2UWDGRøX .DGÖQÖ 6|PUJHFLOLNWHQ 8OXVDO .XUWXOXûD *|UVHO .OWUµ .LWDEL\DW 'HUJLVL 1LVDQ &,, 6 6 6RQWDJ 6XVDQ )RWRøUDI h]HULQH dHY 5 $NoDND\D ùVWDQEXO $OWÖNÖUNEHû <D\ÖQODUÖ (PHO%DûWUN$NoD³)RWRøUDIÖQ$U]X1HVQHVL2ODUDN.DGÖQ%HGHQL <HøHQRøOX0H\GD´3HoHOL)DQWD]LOHU2U\DQWDOLVW6|\OHPGH.OWUHOYH&LQVHO )DUNµ 2U\DQWDOL]P +HJHPRQ\D YH .OWUHO )DUN 'HU .H\PDQ 0XWPDQ <HøHQRøOX ùVWDQEXOùOHWLûLP<D\ÖQODUÖV *D]HWHOHU ´+DQJLVSLNHULoÖSODNJ|UPHNLVWHUVLQL]µ6DEDK*D]HWHVL1LVDQV ´9HVRQXQGD$QQDoÖSODNµ6DEDK*D]HWHVL1LVDQV ùQVDQ+DNODUÖYH'HPRNUDVL <UG'Ro'U6HPLKD$NÖQFÖ %X oDOÖûPDQÖQ DPDFÖ GHPRNUDVL\OH LQVDQ KDNODUÖ DUDVÖQGDNL LOLûNLOHULQ RUWD\D oÖNDUÖOPDVÖGÖU %X NRQXODU JQP]GH JHUHN LQVDQ KDNODUÖ NXUXPODUÖ JHUHNVH %DWÖOÖ ONHOHULQ GÖû SROLWLNDODUÖQGD DUWDQ |OoGH LOLQWLOHQGLULOPHNWHGLU %X LOLQWLQLQ \HWHUOL ELoLPGH NDYUDQPDVÖ J|VWHUPH\H oDOÖûDFDøÖP JLEL \DOQÖ] GHPRNUDVLQLQ QDVÖO WDQÖPODQGÖøÖQD GHøLO LQVDQ KDNODUÖ DQOD\ÖûÖPÖ]Ö WRSOXPVDO YH VL\DVL NRQXODU GÖûÖQD WDûÖUPD\D UÖ]D J|VWHULS J|VWHUPH\HFHøLPL]H GH EDøOÖGÖU %|\OH JHQLû ELU DQOD\ÖûÖQ EHQLPVHQPHVL LQVDQ KDNODUÖ JQGHPLQLQ VÖQÖUOÖ GHøLO NDSVD\ÖFÖ \DNODûÖPOD HOH DOÖQDELOPHVL LoLQ ]RUXQOXGXU DPD EX \DNODûÖP GHPRNUDVL LOH LQVDQ KDNODUÖ DUDVÖQGDNL EDøÖQWÖ\Ö NRQX DODFDN DQODWÖPODUÖ GDKD GD NDUPDûÖN KDOH JHWLULU %X \D]ÖQÖQ |QGH JHOHQ DPDoODUÖQGDQ ELUL DQÖODQ NDUPDûÖNOÖøD DoÖNOÖN JHWLUPHNWLU EX NRQXGDNL WDUWÖûPDODUD JHWLUGLøLNDWNÖDQÖODQDoÖNOÖNRODFDNWÖU 'HPRNUDVL7RSOXPVDOYH6L\DVL+DNODU 7DULKLoLQGHGHPRNUDVLLOHLQVDQKDNODUÖVL\DVHWDODQÖQÖQIDUNOÖNHVLPOHULQGH\HUDODQ D\UÖ ROJXODU VD\ÖOPÖûODUGÖU GHPRNUDVL \|QHWLPLQ |UJWOHQPHVL LOH LOJLOLGLU LQVDQ KDNODUÖ LVH ELUH\ KDNODUÖQÖQ EHOLUOHQPHVL YH VDYXQXOPDVÖ\OD 'HPRNUDVL GHQGLøLQGH \DUÖûPDOÖ VHoLPOHU oRN SDUWLOLOLN NXYYHWOHU D\UÖPÖ JLEL NXUXPVDO DQODûPD\Ö GûQPH\H DOÖûPÖûÖ] EXQODU |]QGH DQD\DVDO G]HQOH YH NDPX JFQQ |UJWOHQPHVL\OH LOJLOL VRUXQODUGÖU gWH \DQGDQ LQVDQ KDNODUÖ ELUH\H \|QHOLN GX\DUOÖOÖøÖQ RUWD\D oÖNDUGÖøÖ VRUXQODU ROXS ELUH\OHUHEHOLUJLQRODUDNLQVDQFD\DûDPDQÖQDVJDULûDUWODUÖQÖVDøODPD\D\|QHOLNWLU*HQHO RODUDN ´LQVDQµ V|]QQ NXOODQÖOPDVÖQGDQ DQODûÖODFDøÖ JLEL EX KDNODU KHS XOXVODUDUDVÖ NDSVDPGD XOXVODUDUDVÖ DQOD\ÖûD YH G]HQOHPHOHUH X\JXQ RODFDN ELoLPGH WDQÖPODQPÖûODUGÖU R\VD \|QHWLP LOH LOJLOL G]HQOHPHOHU HJHPHQOLøLQ |]QGH \HU DOGÖNODUÖQGDQ JHOHQHNVHO RODUDN EVEWQ LOJLOL GHYOHWOHULQ Lo VRUXQODUÖQGDQ VD\ÖOPÖûODUGÖU 'HPRNUDVL NRQXVXQXQ LQFHOHQPHVLQL VL\DVHW ELOLPLQH LQVDQ KDNODUÖ NRQXVXQX LVH KXNXN GDOÖQD EDøOD\DQ DNDGHPLN LûELUOLøL GH EX D\UÖPÖ JoOHQGLUPLûWLU dQNKLoGHøLOVH$QJOR6DNVRQGQ\DVÖQGDEXLNLGDOKLoGH\DNÖQROPDPÖûWÖU (VNLGHQ EHQLPVHQLOHELOLUOLøL ROPXû ROVD ELOH JQP]GH EX D\UÖPÖQ GD\DQDøÖ NDOPDPÖûWÖU +DON NLWOHOHULQLQ EDVNÖVÖ DOWÖQGD NRPQLVW UHMLPOHULQ o|NPHVL GHPRNUDVLQLQ GH LQVDQ KDNODUÖ JLEL \HUHO ELU \|QHWLP ELoLPLQGHQ oRN HYUHQVHO RODUDN |\NQOHQ ELU \|QHWLP ELoLPL ROGXøXQX RUWD\D NR\PXûWXU ùVWHU VDø ROVXQ LVWHU VRO GLNWDW|UON \|QHWLPL DOWÖQGD EHOLUHQ LQVDQ KDNODUÖ LKODOOHUL VLFLOL ELU ONHGH \UUONWH RODQVL\DVLG]HQLQRONHX\UXNODUÖQÖQ\DUDUODQGÖNODUÖLQVDQKDNODUÖG]H\LQGHQKLoGH EDøÖPVÖ] GHøLOGLU %XJQ DUWÖN GHPRNUDVL LOH LQVDQ KDNODUÖQÖQ DQFDN ELUOLNWH \UWOHELOHFHøLQL NDEXO HGL\RUX] 1H YDU NL DUDODUÖQGDNL EDøÖQWÖ oRøX ]DPDQ \DQOÖû WDVDUODQÖU LoVHO ELU ELUOLN RODUDN DQODûÖODFDN \HUGH \D VDOW GHQH\VHO ELU ELUOLNWHOLN RODUDN \D GD ELUELULQL WDPDPODPD EDøÖQWÖVÖ RODUDN GûQOU %X PH\DQGD GHPRNUDVLQLQ LQVDQ KDNODUÖQÖ VDYXQPD\D ´HQ X\JXQµ \|QHWLP WDU]Ö ROGXøX GHPRNUDVLQLQ GH LQVDQ KDNODUÖ\OD ´GHVWHNOHQPHVL JHUHNWLøLµ |QH VUOU VDQNL LQVDQ KDNODUÖ GHPRNUDVL\H $QDGROXhQLYHUVLWHVLùOHWLûLP%LOLPOHUL)DNOWHVL 8OXVDO8\JXODPDOÖ(WLN.RQJUHVL HNOHQHFHN KXVXVODUPÖû EDøÖPVÖ] JYHQFHOHU VDøODQPD]VD GHPRNUDVLGHQ UHQFLGH RODELOHFHNKXVXVODUPÖûJLEL+HUQHNDGDUVHEHSOHULQLDQODPDNPPNQROVDGDDQÖODQ EDøÖQWÖQÖQE|\OHGLOHJHWLULOPHVL\LQHGH\DQOÖûWÖU 6RUXQXQ |] GHPRNUDVLQLQ QDVÖO WDQÖPODQDFDøÖGÖU dRN SDUWLOLOLøH \DUÖûPDOÖ VHoLPOHUH NXYYHWOHU D\UÖPÖQD YE GD\DQDQ VDOW NXUXPVDO WDQÖPODUÖQ RUWDN ]D\ÖIOÖøÖ EXQODUD J|UH GHPRNUDWLN \|QHWLPOHULQ OLEHUDO oRøXOFX JLEL NXOODQÖODELOHFHN ELUoRN WHULPOH EHOLUOHQHELOHFHN QLWHOLNOHUL RODQ \|QHWLPOHUGHQ QDVÖO WHIULN HGLOHFHNOHUL VRUXQXGXU 9HULOHFHN FHYDS DQÖODQ QLWHOLNOHULQ GHPRNUDWLN VD\ÖODQ EWQ \|QHWLPOHUGH EXOXQGXøX LVH V|] NRQXVX \|QHWLPOHULQ QHGHQ EDûWDQ GHPRNUDWLN VD\ÖOGÖNODUÖ VRUXOPDOÖGÖU %|\OH ELU EHOLUOHPH G|QJVQGHQ NDoÖQPDQÖQ \ROX EX WUO NXUXPODUÖQ VRPXWODûWÖUGÖNODUÖ JHUoHNOHûPHVLQH NDWNÖGD EXOXQGXNODUÖ WHPHO LONHOHULQ GHPRNUDWLN VD\ÖOPDNLoLQVDøODPDODUÖJHUHNHQNRûXOODUÖQDoÖNoDVD\ÖOPDVÖGÖU 1HGLU EX WHPHO LONHOHU" 'HPRNUDVLQLQ WHPHO LONHVL NDPX\OD LOJLOL NDUDUODUÖQ KDON WDUDIÖQGDQYHULOPHVL \D GDGHQHWOHQPHVLGLU%DûODQJÖo QRNWDVÖ \|QHWLP NXUXPODUÖ GHøLO VDGH YDWDQGDûWÖU %HOLUOH\LFL LONHVL WP YDWDQGDûODUÖQ WRSOXP NXUXPODUÖQGD ROVXQ GRøUXGDQ\|QHWLPNXUXOODUÖQGDROVXQ\HUDODUDNNDPXLûOHULQGHV|]VDKLELROPDODUÖEX NDWÖOPD KDNNÖQÖQ GD HûLW RODUDN KHUNHVH DoÖN ROPDVÖGÖU .DPX LûOHULQGH YDWDQGDûODUFD GHQHWLP YH EX J|UHYLQ LIDVÖQGD YDWDQGDûODU DUDVÖQGD HûLWOLN GHPRNUDVLQLQ WHPHO LONHOHULGLU dRN NoN oDSWD YH EDVLW WRSOXOXNODUGD GHQHWLP YDWDQGDûODUÖQ NDUDU YHUPH VUHFLQH GRøUXGDQ NDWÖOPDODUÖ\OD JHUoHNOHûWLULOHELOLUVH GH NDODEDOÖN YH NDUPDûÖN WRSOXPODUGD DQFDN GROD\OÖ \ROODUGDQ JHUoHNOHûWLULOHELOLU .DPX J|UHYOHULQH DGD\OÖN NR\PDN |QHPOL NDPX J|UHYOLOHULQLQ VHoLPLQH HûLW KDNODUOD NDWÖOPDN \|QHWLPOHUGHQ KHVDSVRUDELOPHNDQD\DVDGHøLûLNOLNOHULQGHGRøUXGDQRQD\YHUPHNJLEL\ROODUOD 6|] HGLOHQ HûLW YDWDQGDûOÖN KDNODUÖQD GD\DQÖODUDN NXOODQÖODQ NDPX LûOHULQLQ JGPQHNDWÖOPDKDNNÖQGDQ\RODoÖNÖOÖUVDEXUDGDQVWG]H\GHELUVRUX\DJHoHELOLUL] oDøGDûGHYOHWRUWDPÖQGDEXLONHOHUL\UUOøHNR\PDNLoLQQHJHUHNLU"9HULOHFHNFHYDS D\QÖ]DPDQGDLNLD\UÖGRøUXOWX\D\|QHOWLULOJLQL]L %X \|QOHUGHQ ELUL ]DPDQ LoLQGH HWNLOL KDON \|QHWLPL VDøODPDN LoLQ JHUHNOL ROGXøX RUWD\D oÖNPÖû NXUXPVDO G]HQOHPHOHULQ DoÖNODQPDVÖGÖU %X EDûOÖN DOWÖQGD KDON RQD\ÖQD DOPDûÖN SURJUDPODU VXQDQ VL\DVL SDUWLOHU DUDVÖQGD VHoLOPH \DUÖûÖ \|QHWLPL GHQHWOHPH J|UHYLQL VHoPHQOHU DGÖQD \UWHQ WHPVLOFLOHU WP UHVPL J|UHYOLOHULQ PHFOLVoH RQD\ODQPÖû \DVDODUD X\JXQ GDYUDQÖS GDYUDQPDGÖNODUÖQÖ GHQHWOH\HQ EDøÖPVÖ] \DUJÖ KH\HWL\|QHWLPLJ|]OHPDOWÖQGDWXWDFDNKDONÖQLVWHNYHHøLOLPOHULQL\DQVÖWDFDNEDøÖPVÖ] EDVÖQN|W\|QWHPLQELUH\OHUHYHUHELOHFHøL]DUDUODUÖQWD]PLQLLoLQDWDQDFDNND\\XPOXN JLEL NXUXPODU VD\ÖODELOLU <|QHWLPLQ KDON WDUDIÖQGDQ GHQHWOHQPHVLQH NDWNÖGD EXOXQGXNODUÖ |OoGH EX NXUXPODUÖQ KHSVL GHPRNUDWLN NXUXPODU VD\ÖODELOLU 6D\ÖODQ LONHOHULQ JHUoHNOHûPHVLQH ûLPGL \DSWÖNODUÖQGDQ GDKD JHQLû |OoGH NDWNÖGD EXOXQPDODUÖ YDWDQGDûODU YH WRSOXPXQ IDUNOÖ NHVLPOHUL DUDVÖQGD GDKD E\N ELU HûLWOLN VDøODPDODUÖ NÖVDFDVÖ ROGXNODUÖQGDQ GDKD GHPRNUDWLN ROPDODUÖ ûSKHVL] PPNQGU $PD EDûWDQ GHPRNUDWLN VD\ÖOPDODUÖ EX WHPHO LONHOHUL NDSVDPDODUÖQGDQ RQODUÖQ JHUoHNOHûPHVLQH NDWNÖGDEXOXQPDODUÖQGDQGÖU 'HPRNUDVL LONHOHULQLQ X\JXODPD\D NRQPDVÖ\OD LOJLOL VRUXQXQ EL]L \|QHOWWLøL NRQX LNLQFLVL NDPX LûOHULQGH VHVOHULQLQ GX\XOPDVÖ RODUDN EHOLUOHQHQ WHPHO GHPRNUDWLN KDNODUÖQÖQ HWNLOL NÖOÖQDELOPHVL LoLQ YDWDQGDûODUÖQ EDûND KDQJL KDNODUOD GRQDWÖOPÖû ROPDODUÖ JHUHNWLøL NRQXVXGXU %XUDGD LQVDQ KDNODUÖ JQGHPLQLQ WRSOXPVDO YH VL\DVL \] EHOLUJLQOLN ND]DQÖU ùIDGH WRSODQPD \UPH |]JUONOHUL ROPDGDQ QH WRSOXP NXUXPODUÖQÖQ|UJWOHUL\OHQHGHUHVPLWDVDUÖODUNRQXVXQGDYDWDQGDûÖQV|]VDKLELROPDVÖ 6HPLKD$NÖQFÖ³ùQVDQ+DNODUÖYH'HPRNUDVL PPNQ GHøLOGLU %X WUO |]JUONOHU YDWDQGDûODU DUDVÖQGD LOHWLûLPLQ YH E|\OH ELU LOHWLûLPLQ NXUXOPDVÖQD RUWDP VDøOD\DFDN IRUXPODUÖQ YDU ROGXNODUÖQÖ YDUVD\GÖNODUÖQGDQ ELUH\VHO|]JUONVD\ÖODPD]ODU1HYDUNL DQFDNWHNWHN ELUH\OHUHWDQÖQDQKDNODURODUDN JYHQFH\HDOÖQDELOLUOHUEXQXQLoLQGHNLûLVHO|]JUONNLûLVHOHPQL\HWYHEDøÖPVÖ]\DUJÖ |QQGH\DUJÖODQPDKDNODUÖ\ODGHVWHNOHQPHOHULJHUHNLU %XQDJ|UHGHPRNUDVLQLQ|]QGHKHUYDWDQGDûÖQ|EUYDWDQGDûODUODHûLWNRûXOODUGD NDPX\X LOJLOHQGLUHQ NRQXODUGD V|]VDKLELROPDVÖ YH \|QHWLPL GHQHWOHPHKDNNÖQD VDKLS ROPDVÖ YDUGÖU %X KDNNÖQ HWNLQ RODUDN NXOODQÖODELOPHVL LVH ELU \DQGDQ RWXUPXû GHPRNUDVLOHUGHNL WHFUEHOHUGHQ ELOGLøLPL] VL\DVL NXUXPODUÖ VL\DVL SDUWLOHU VHoLPOHU \DVDPDPHFOLVOHULYE|WH\DQGDQGDWRSOXPVDOYHVL\DVLGHQHQ8OXVODUDUDVÖ7RSOXPVDO YH 6L\DVL +DNODU 6|]OHûPHVL $YUXSD ùQVDQ +DNODUÖ $QODûPDVÖ JLEL EHOJHOHUGH EHOLUWLOHQ KDNODUÖQ JHWLUGLøL JYHQFH\L JHUHNWLULU 'HPRNUDVLQLQ WHPHO LONHOHULQLQ JHUoHNOHûPHVL LoLQ KHU LNL NRûXO GD JHUHNPHNWHGLU %X \]GHQ GHPRNUDVL\OH LQVDQ KDNODUÖ DUDVÖQGDNL EDøÖQWÖLOLQWLVHOROPD\ÖSLoVHO\DSÖVDOELUEDøÖQWÖGÖULQVDQKDNODUÖGHPRNUDVLQLQ]RUXQOX ELUELOHûHQLGLU'HPHNNLGHPRNUDVL\L\DOQÖ]NLPLVL\DVLNXUXPODUDEDøODPDNLNL\|QO ELU \DQOÖûWÖU %LU NHUH DQÖODQ NXUXPODUÖQ GHPRNUDWLN VD\ÖOPDODUÖQÖ KDNOÖ oÖNDUDQ QH |OoGH GHPRNUDWLN ROGXNODUÖQÖQ GHøHUOHQGLUPHVLQH ]HPLQ VDøOD\DQ WHPHO LONHOHUL J|] DUGÖ HGHU ùNLQFL RODUDN JHUoHNOHûPHVLQLQ ]RUXQOX NRûXOX RODQ LQVDQ KDNODUÖQÖ GLNNDWH DOPDGÖøÖQGDQ EX NXUXPODUÖ GHPRNUDVL LoLQ \HWHUOL VD\DU $QÖODQ NRûXOODUÖQ GHPRNUDWLNOHûPH LoLQ ]RUXQOX ROPDVÖ \]QGHQGLU NL NLPL NRûXOODUGD LQVDQ KDNODUÖQÖQ JHOLûWLULOPHVL LoLQ YHULOHFHN XøUDûODU GHPRNUDVLQLQ JHOLûWLULOPHVL LoLQ YHULOHFHN XøUDûODUGDQGDKDHWNLOLRODELOPHNWHGLU 8\JXODPDGD EHOOL ELU SDUODPHQWHU oRøXQOXN DUDFÖOÖøÖ\OD GLOH JHWLULOHQ ´KDON R\Xµ LOH LQVDQ KDNODUÖQÖQ VDYXQXOPDVÖ DUDVÖQGD ELU JHULOLP RODELOHFHøL ELOLQLU %HOOL XOXVDO NRQXODUÖQ \D GD KDON |INHVLQLQ DøÖU EDVPDVÖ WHPHO |]JUONOHULQ JHoLFL \D GD VUHNOL RODUDN NDOGÖUÖOPDVÖQD \RO DoDELOPHNWHGLU 7RFTXHYLOOH YH - 6 0LOO·LQ ]DPDQÖQGDQ EHUL EXQD´oRøXQOXøXQWLUDQOÖøÖµGHQPHNWHGLU%|\OHEDVNÖODUDNDUûÖNRQDELOPHVLLoLQLQVDQ KDNODUÖQÖQ |]HO JYHQFHOHUH EDøODQPDVÖ JHUHNPLûWLU %|\OH JYHQFHOHU KDN VDøOD\DQ \DVDODU KXNXNL \ROODU PHFOLV LûOH\LûL LOH LOJLOL G]HQOHPHOHUOH VDøODQDELOPHNWHGLU 6ÖNoD \DSÖOGÖøÖ JLEL DQÖODQ JHULOLPLQ LQVDQ KDNODUÖ\OD GHPRNUDVL \D GD |]JUON DUDVÖQGD ROGXøXQX |QH VUPHN \D GD PHFOLV oRøXQOXNODUÖQÖQ LUDGHOHULQH VÖQÖUODPD JHWLUPHQLQ GRøUXGDQ GHPRNUDVL\L VÖQÖUODPDN RODFDøÖQÖ V|\OHPHN \DQOÖû ROXU <XNDUÖGD JHOLûWLULOHQ EX VDYXQPD GRøUXOWXVXQGD V|] NRQXVX oDWÖûPDODUÖQ KDONR\XQXQ EHOOL ELU GXUXPGD HJHPHQ ROPDVÖ\OD D\QÖ R\ KDNNÖQÖQ VUHNOL RODUDN HWNLOL ROPDVÖ NRûXOODUÖQÖQ VDøODQPDVÖ DUDVÖQGDNL ELU oDWÖûPD EHOOL ELU NRQXGD R\XQX GX\XUPD LPNDQÖ\OD R\XQX GHYDPOÖ RODUDN GX\XUDELOPH KDNNÖ DUDVÖQGDNL ELU JHUJLQOLN RODUDN GHøHUOHQGLUPHN JHUHNLU 'HPHN NL GHPRNUDVLOHU LoWHQ oHOLûNLOL ROPD\DFDNODUVD \|QHWLPOHU ]HULQGH KDON GHQHWLPL VDøOD\DQ NRûXOODUD LoWHQ ]DUDU YHULOPHVLQH L]LQ YHULOPH\HFHNVH |]GHQHWLP X\JXODPDN JHUHNHQ VÖQÖUODUÖ EHQLPVHPHN ]RUXQGDGÖUODU EHVEHOOLGLU NL EX WU DQD\DVDO VÖQÖUODPDODUÖQNHQGLSD\ODUÖQDKDONWDUDIÖQGDQRQD\ODQPDVÖJHUHNHFHNWLU 9DUÖODQ VRQXo LQVDQ KDNODUÖQÖQ GHPRNUDVLQLQ YD]JHoLOPH] ELOHûHQL ROGXNODUÖGÖU oQN KDONÖQ UHVPL NRQXODUGD V|] VDKLEL ROPDVÖQÖ \|QHWLPL GHQHWOHPHVLQL VDøODPDQÖQ RQVX] ROPD] NRûXOX WHPHO KDNODUÖQ JYHQFH\H EDøODQPÖû ROPDVÖGÖU 'HPRNUDVL YH LQVDQ KDNODUÖ NRQXODUÖ GDKD GHULQ ELU G]H\GH GH LOJLOLGLUOHU NL EX LOJL KDNOÖ oÖNDUÖOPDODUÖQGD GD\DQÖODQ LONHOHULQ WHPHOLQGHNL YDUVD\ÖPODUGDQ ND\QDNODQÖU ùQVDQ KDNODUÖ JQGHPLQLQ GD\DQGÖøÖ IHOVHIL LONH DUDODUÖQGDNL IDUNOÖOÖNODU QH ROXUVD ROVXQ WP LQVDQODUÖQ JHUHNVLQLP YH KDNODUÖQÖQ HûLW ROGXøXQXQ EHQLPVHQPHVL LONHVLGLU g]HOOLNOH 8OXVDO8\JXODPDOÖ(WLN.RQJUHVL WUO |]JUON KDNODUÖ NLûLVHO |]JUON KDNNÖ GûQFH YH YLFGDQ |]JUOø VHUEHVW GRODûÖP YE ELUH\OHULQ NHQGL KD\DWODUÖ NRQXVXQGD ELOLQoOL DNOÖ EDûÖQGD NDUDUODU YHUHELOHFHNOHUL YDUVD\ÖPÖQD GD\DQÖUODU 'HPRNUDWLN KDNODU GD RUWDN NDPX \DûDPÖQÖ LOJLOHQGLUHQNRQXODUGDEX\HWHQHNOHULYDUVD\DUODU2\YHUPHUHVPLJ|UHYOHUHDGD\ROPD JLEL KDNODU ELUH\OHULQ NHQGL KD\DWODUÖ\OD LOJLOL ROGXøX NDGDU NDPX \DûDPÖ\OD LOJLOL NRQXODUGDGDELOLQoOLWDUWÖûPDODUDNDUDUYHUPHVUHoOHULQHNDWÖOPD\HWHQHøLWDûÖGÖNODUÖQÖ YDUVD\DU *HUHN ELUH\LQ NHQGLQH JHUHNVH NDPX\X LOJLOHQGLUHQ NRQXODUGD DQÖODQ ROJXQOXøDHUJLQOLNOHHULûLOGLøLNDEXOHGLOLU .XûNXVX] WRSOXP NDUDUODUÖ ELUH\LQ |]JUONOHULQL VÖQÖUODU %X DQODPGD ELUH\VHOOH WRSOXPVDO DUDVÖQGD ELU JHUJLQOLN V|] NRQXVXGXU %XQGDQ GROD\Ö GHPRNUDVL WDUWÖûPDODUÖQÖQ DQÖODQ LNL WHULP DUDVÖQGDNL GHQJHQLQ QDVÖO VDøODQDELOHFHøLQL EHOLUOHPHNOH \NPO ROPDODUÖ JLEL LQVDQ KDNODUÖ JQGHPLQLQ ELU NRQXVX GD WRSOXP NDUDUODUÖQÖQ JFQQ QDVÖO VÖQÖUODQDFDøÖQÖQ WDUWÖûÖOPDVÖGÖU *HUHN ELUH\VHO KDNODU JHUHNVH WRSOXP NDUDUODUÖ WDUDIODUÖQÖQ EX WDUWÖûPDGD GD\DQGÖNODUÖ RUWDN SD\GD LQVDQ \HWHQHNOHUL NRQXVXQGD EHQLPVHQHQ ELU YDUVD\ÖPGÖU +Lo NLPVHQLQ EDûNDODUÖQÖQ \DUDU YH LVWHNOHULQL EHOLUOHPH\HEXNRQXGDYHOD\HWHWPH\H\HWNLOLROPDGÖøÖEXKDNNÖQDQFDNL\LEHOLUOHQPLû VÖQÖUODU LoLQGH YH LUDGH\H GD\DQDUDN EHOOL NLPVH YH NXUXOODUD JHoLFL VUHOHU LoLQ GHYUHGLOHELOHFHøLLONHVL %XUD\D NDGDU \HWHUVL] GHPRNUDVL WDQÖPODUÖQÖQ GHPRNUDVL\OH LQVDQ KDNODUÖ NRQXODUÖ DUDVÖQGDNL LOLûNLQLQ HNVLN NDYUDQPDVÖQD \RO DoDELOHFHøL J|] |QQH DOÖQDUDN GHPRNUDVL WDQÖPÖQD RGDNODQÖOGÖ 2\VD LQVDQ KDNODUÖQÖQ DQODWÖOPDVÖQGD GD WRSOXPVDO YH VL\DVL KDNODU JQGHPLQGHNL NRQXODUGDQ LEDUHW ROGXNODUÖ L]OHQLPLQH \RO DoDELOHQ EHQ]HU ELU \HWHUVL]OLN WHûKLV HGLOHELOLU %DWÖOÖ \DNODûÖPODU KHS EX \|QGH HNVLN ROPXûODUGÖU VRøXN VDYDûÖQVRQDHUPHVLGHEXHøLOLPLJoOHQGLUPLûWLU%DWÖOÖONHOHUGHQELULQLQLQVDQKDNODUÖ NRQXVXQGD \D\ÖQODGÖøÖ KDQJL ELOGLUJH\L DOÖUVDQÖ] DOÖQÖ] KHPHQ KHS UHVPL YH VL\DVL KDNODUÖQ V|] NRQXVX ROGXøXQX J|UUVQ] (NRQRPLN WRSOXPVDO YH HNLQVHO KDNODUÖQ QLoLQJ|]DUGÖHGLOGLNOHULNRQXVXQXQWDUWÖûÖOPDVÖEXEDøODPGD\HUVL]RODFDNWÖUúXNDGDUÖ EHOLUWLOPHOL NL EXKDNODUÖ GLNNDWH DOPD\DQ LQVDQKDNODUÖ\OD GHPRNUDVLQLQ LOLûNLVL NRQXOX KHU DQODWÖ \DUÖP NDOPÖû VD\ÖOÖU $VOÖQGD \DUÖPGDQ oRN GDKD ID]OD HNVLN NDOPÖû VD\ÖOÖU oQN GHPRNUDVL\OH WRSOXPVDO HNRQRPLN YH HNLQVHO KDNODU DUDVÖQGDNL LOLûNLOHU |UJV EXUD\D NDGDU HOH DOÖQDQ GHPRNUDVLUHVPL YH VL\DVL KDNODU LOLûNLVLQGHQ GDKD JLULIWWLU 6L\DVL NXUXPODUÖ ELU DODQ HNRQRPLN WRSOXPVDO YH HNLQVHO KDNODUÖ EDûND ELU DODQ VD\DUVDNUHVPLYHVL\DVLKDNODUÖQEXDODQODUÖQDUDNHVLWLQGH\HUDOGÖøÖV|\OHQHELOLU .D\QDNoD %HHWKDP'DYLG'HPRFUDF\DQG+XPDQ5LJKWV3ROLW\3UHVV&DPEULGJH %\NNDUDJ|] 6DYDû .HVLFL úDKLQ 'HPRNUDVL YH ùQVDQ +DNODUÖ (øLWLPL 7UNL\H 'HPRNUDVL9DNIÖ<D\ÖQODUÖ$QNDUD .DSDQL 0QFL ùQVDQ +DNODUÖQÖQ 8OXVODUDUDVÖ %R\XWODUÖ 7UNL\H 'HPRNUDVL 9DNIÖ <D\ÖQODUÖ .XoXUDGL ùRDQQD GHU ùQVDQ +DNODUÖQÖQ )HOVHIL 7HPHOOHUL 8OXVODUDUDVÖ 6HPLQHUL 7UNL\H )HOVHIH.XUXPX$QNDUD .XoXUDGL ùRDQQD GHU 7KH ,GHD DQG WKH 'RFXPHQWV RI +XPDQ 5LJKWV 3KLORVRSKLFDO 6RFLHW\RI7XUNH\$QNDUD 3DLQH7KRPDVùQVDQ+DNODUÖ0(%<D\ÖQODUÖùVWDQEXO 6HPLKD$NÖQFÖ³ùQVDQ+DNODUÖYH'HPRNUDVL 3DOXPER 0LFKDHO +XPDQ 5LJKWV 0HDQLQJ DQG +LVWRU\ 5REHUW ( .UÖHJHU 3XE &RPSDQ\)ORULGD 6L\DVHWLQYH(WLøLQ(VWHWLNOHûWLULOPHVL<HûLOOHûWLULOPHVLh]HULQH 'Ro'U(PHO$N|]HU , $GROI +LWOHU·LQ EDû PLPDUÖQÖQ NHQGLVLQH ´VRQVX]OXøD NDODFDN ELQDODU LQûD HWPH J|UHYLµ WHYFLK HGLOHQ $OEHUW 6SHHU·LQ *L]OL *QFHOHU·LQGH VL\DVHWLQ HVWHWLNOHûWLULOPHVL\HûLOOHûWLULOPHVL LOH 1D]L ùPSDUDWRUOXøX DUDVÖQGDNL LOLûNL\H WDQÖNOÖN HGHQoRNVD\ÖGDLWLUDIEXOPDNPPNQ úLPGL DNûDP YDNWL KFUHPGH UHMLPLQ J]HOOLøH NDUûÖ JHUoHNWH oRN DûLNkU RODQ LOJLVL ]HULQH GûQ\RUXP 5HMLPLQ DFÖPDVÖ]OÖøÖQD YH LQVDQOÖNGÖûÖ \DNODûÖPÖQD oRøX GX\JXVDOOÖøÖQD ]DPDQ G|QûPû GHMHQHUH ROVD GD ROXS NDUWSRVWDO J]HOOLN HOGH PDQ]DUDVÖ GHøPHPLûOLN NLUOHQPHPLûOLN NDUûÖVÖQGD GLNNDWH GHøHU ELU GX\DUOÖOÖN HûOLN HWPLûWL .XûNXVX] UHMLPLQ J]HOOLN |]OHPL +LWOHU·LQ NLûLVHO EHøHQLVL\OH PRGHUQ GQ\D\D NDUûÖ EHVOHGLøL QHIUHWOH JHOHFHN NRUNXVX\OD LOLûNLOL\GL $PD LûLQ LoLQGH EHQFLO ROPD\DQ ELU WRSOXPVDO QHGHQ WHNQRORMLN GQ\DQÖQ NDoÖQÖOPD] oLUNLQOLøLQL DOÖûÖOPÖû HVWHWLN ELoLPOHUOH J]HOOLNOH EDøGDûWÖUPD oDEDVÖGDYDUGÖ 0RGHUQOLNNDUûÖWÖURPDQWLNELU\DNODûÖPRODQHVWHWLNoLOLNOH\DQLIHOVHIHQLQHWLøLQYH VL\DVHWLQ HVWHWLNOHûWLULOPHVL\OH ÖUNoÖOÖN WRSODPD NDPSODUÖ YH VR\NÖUÖP DUDVÖQGDNL LOLûNL\L IDUNOÖ EDNÖû DoÖODUÖQGDQ HOH DODQ GHøLûLN ]DPDQODUGD \D]ÖOPÖû oRN VD\ÖGD ND\QDNWDQ V|] HGLOHELOLU *HUHN HVWHWLNoLOLøLQ JHUHNVH VL\DVHW IHOVHIH YH HWLøLQ \HûLOOHûWLULOPHVLQLQ JQP]GH J|] DUGÖ HGLOHELOHQ LQVDQOÖNGÖûÖ VRQXoODUÖ oHûLWOL ELOLPVHO YH IHOVHIL oDOÖûPDODUGD HOH DOÖQPÖûWÖU 6RQ RQ \ÖOGD GLNNDWL oHNHQ 7HUU\ (DJOHWRQ·ÖQ (VWHWLøLQ ùGHRORMLVL YH /XF )HUU\·QLQ <HQL (NRORMLN ']HQ $øDoODU +D\YDQODU YH ùQVDQODU EDûOÖNOÖ NLWDSODUÖQGDQ oRN |QFH |UQHøLQ .DUO 5 3RSSHU·LQ$oÖN7RSOXPYH 'ûPDQODUÖ·QGD EX URPDQWLN \DNODûÖPODUÖQ LGHRORMLN N|NOHULQLQ YH VL\DVL VRQXoODUÖQÖQ WDUWÖûÖOGÖøÖQÖ EHOLUWPHN JHUHNLU %XQD NDUûÖOÖN ·ODUGDQ EDûOD\DUDN HWLøLQ \HûLOOHûPHVLQL \HU\]QGH ´LQVDQ WUQQ ûRYHQL]PLµQH VRQ YHUHQ ELU JHOLûPH RODUDN VXQDQ YH WRSODPD NDPSODUÖQÖQ GHKûHWLQL GH PRGHUQOLN SURMHVL\OH DoÖNOD\DQ URPDQWLN\DNODûÖPODUÖQKÖ]OD\D\JÖQODûWÖøÖJ|UOPHNWHGLU %X URPDQWLN PRGHUQOLNNDUûÖWÖ \DNODûÖPODU JHoWLøLPL] \]\ÖOGD GD HQWHOHNWHO PRGDODULoLQGH|QHPOLELU\HUWXWPXûEX\DNODûÖPODUD\|QHOWLOHQHOHûWLULVDQDWYHoHYUH GûPDQOÖøÖ JLEL DOJÖODQDELOPLûWLU (VWHWLNoLOLøLQ VDQDWVHYHUOLN ROPDGÖøÖQÖ VWHOLN JHoPLûWH VL\DVHWLQ VDQDWD PGDKDOHVLQH ]HPLQ KD]ÖUODGÖøÖQÖ oHYUHVHO VRUXQODUÖQ VLKLUOH 2'7h0LPDUOÖN)DNOWHVL $OEHUW6SHHU6SDQGDX7KH6HFUHW'LDULHV)RQWDQD&ROOLQVV ùELGV %N]7HUU\(DJOHWRQ7KH,GHRORJ\RIWKH$HVWKHWLF&DPEULGJH%DVLO%ODFNZHOO/XF)HUU\ 7KH1HZ(FRORJLFDO2UGHUdHY&DURO9RON&KLFDJR8QLYHUVLW\RI&KLFDDJR3UHVV.DUO 3RSSHU$oÖN7RSOXPYH'ûPDQODUÖdHY0HWH7XQFD\ùVWDQEXO5HP]L.LWDEHYL 5RGHULFN)UD]LHU1DVK7KH5LJKWVRI1DWXUH³$+LVWRU\RI(YLURQPHQWDO(WKLFV/RQGRQ7KH 8QLYRI:LVFRQVLQ3UHVVII5LFKDUG6\OYDQDQG'DYLG%HQQHWW7KH*UHHQLQJRI (WKLFV7KH8QLYHUVLW\RI$UL]RQD3UHVV 8OXVDO8\JXODPDOÖ(WLN.RQJUHVL o|]OHPH\HFHøLQL PRGHUQOLøLQ YH HOHûWLUHO DNÖOFÖ ELU \DNODûÖPÖQ VDQDWVDO GX\DUOÖOÖøÖQ YH oHYUH GX\DUOÖOÖøÖQÖQ JHOLûPHVLQL HQJHOOHPHGLøLQL V|\OHPHN KHU ]DPDQ \HWHUOL ROPDPDNWDGÖU1HZ$JHGL\HWDQÖPODQDQSRSOHUNOWUQVXQGXøXDNÖOGÖûÖNDUÖûÖPODUÖQ |]HOOLøLLoOHULQHELUPLNWDUGRøUXNDWÖOPÖûROPDVÖGÖU%XRQODUÖKHQ]´DNODYHGDµHWPH NRQXVXQGD NDUDUVÖ] RODQODU LoLQ GH LNQD HGLFL NÖODELOPHNWHGLU %|\OHFH EX NDUÖûÖPODUÖQ HQ ]HKLUOL RODQODUÖ XPXOPDGÖN \HUOHUGH YH ]DPDQODUGD NDUûÖPÖ]D oÖNDELOL\RU YH ELU WU ´DNÖOWXWXOPDVÖµVD\HVLQGHVRQGHUHFHGHHWNLOLRODELOL\RU'DKD|QHPOLVLEDUÖQGÖUGÖNODUÖ D]PLNWDUGDNLGRøUXGDLoOHULQGHHUL\LSJLGL\RU (VWHWLNoLOLøLQ YH HWLøLQ \HûLOOHûWLULOPHVLQLQ 3RSSHU·LQ NXOODQGÖøÖ WHULPOHUOH ´NDELOH WRSOXPXµQXQ \D GD ´NDSDOÖ WRSOXPµXQ HWKRV·XQX JHUL JHWLUPH GûOHUL\OH LOLûNLVL QHGLU" %X VRUX\X \DQÖWODPDN YH ED]Ö NDYUDPODUD DoÖNOÖN JHWLUPHN EDNÖPÖQGDQ EX GûOHULQ LNL ELQ \ÖOGDQ GDKD |QFHVLQH X]DQDQ WDULKL LoLQGH |QHPOL ELU \HU WXWDQ 3ODWRQ·XQ 7LPDHXV·XQGDQ \ROD oÖNPDN \DUGÖPFÖ RODELOLU %DWÖ·GD YH 'RøX·GD <HQLSODWRQFX JHOHQHNOHU NDGDU 1HZ $JH NRODMODUÖQD GD PDO]HPH VDøOD\DQ 7LPDHXV J|]P]Q |QQH ELOLPVDQDWYHDKODNÖQVL\DVHWOHLoLoHJHoWLøLELUGQ\DVHUHU%XUDGD3ODWRQ·XQHWLøLLOH 7LPDHXV·XQRUWD\DNR\GXøXDKODNÖQELUYHD\QÖûH\ROPDGÖøÖQÖYXUJXODPDNJHUHNLU ,, 7LPDHXV3ODWRQ·XQ'HYOHWDGÖ\ODELOLQHQ\DSÖWÖQGDQDNWDUÖODQHQL\LGHYOHWWDVYLUOHUL\OH EDûODU &ULWLDV·ÖQ $WLQDOÖ QO \DVD \DSÖFÖ 6RORQ·XQ (VNL 0ÖVÖU UDKLSOHULQGHQ GLQOHGLøLQL V|\OHGLøL $WODQWLV |\NV\OH GHYDP HGHU %X |\N\OH DQODWÖOPDN LVWHQHQ 3ODWRQ·XQ HQ L\L GHYOHW WDVYLULQLQ GûVHO ROPD\DELOHFHøL JHoPLûWH E|\OH ELU GHYOHWLQ .R]PRV·XQ 7DQUÖVDO ']HQL·\OH X\XPOX ELU WRSOXP G]HQLQLQ YDU ROPXû RODELOHFHøLGLU 6RQ RODUDN \DSÖWD DGÖQÖ YHUHQ 3\WKDJRUDVoÖ GûQU 7LPDHXV .R]PRV·XQ YH LQVDQÖQ \DUDWÖOÖûÖ|\NVQGLOHJHWLULU %X VRQ |\N JHUoHNWH \DUDWÖFÖ HGLPLQ |\NVGU 7LPDHXV |QFH 9DUOÖN YH 2OXû DUDVÖQGDNL D\UÖPD GHøLQLU 9DUOÖN DNÖO \ROX\OD NDYUDQÖU HEHGL YH H]HOLGLU 2OXûPDNWD RODQ KHU ûH\ JHoLFLGLU YH KLoELU ]DPDQ JHUoHN DQODPGD YDU ROPD] DPD J|UOHELOLU YH HOOH WXWXODELOLU 2OXûPDNWD RODQ KHU ûH\LQ ROXûPDVÖQD \RO DoDQ ELU 1HGHQ >&DXVH@ YDUGÖU7LPDHXV.R]PRV·XQGDJ|UQUYHHOOHWXWXOXUROGXøXQXGX\XPVDQDELOGLøLQL EX \]GHQ GH ELU 1HGHQ·L ELU \DUDWÖFÖVÖ ROPDVÖ JHUHNWLøLQL |QH VUHU 7LPDHXV·D J|UH .R]PRV RODELOHFHNOHULQ HQ J]HOL YH .R]PRV·XQ <DUDWÖFÖVÖ %DEDVÖ \D GD 0LPDUÖ \DUDWÖFÖODUÖQHQL\LVLGLU2KDOGH.R]PRV·XQ0LPDUÖH]HOLYHHEHGL9DUOÖN·Ö|UQHNDOPÖû ROPDOÖGÖU.R]PRVH]HOLYHHEHGL9DUOÖN·ÖQNRS\DVÖGÖU 7LPDHXV VRQVX] VD\ÖGD GQ\DQÖQ ROGXøXQX |QH VUHQ $WRPFXODUGDQ IDUNOÖ RODUDN HûVL] YH NXVXUVX] ELU EWQ ROGXøXQD LQDQGÖøÖ .R]PRV·XQ NXVXUVX] SDUoDODUÖ\OD X\XPOX ELUOLøLQL VDøOD\DQ WRSUDøÖ YH DWHûL VX\X YH KDYD\Ö GHøLûPH\HQ LOH JHoLFL RODQÖ g]GHû LOH gWHNL·QL 9DUOÖN LOH 2OXû·X LOLûNLOHQGLUHQ J|N NXEEHGH $NOÖQ LoLPL]GH 5XK·XQ GHYLUOHULQL G]HQOH\HQ JL]HPOL RUDQODUGDQ 3\WKDJRUDVoÖODUÖQ NXWVDO JHRPHWULVLQGHQNÖVDFDVÖ7DQUÖVDO6DQDW·ÖQJL]OHULQGHQV|]HGHU 3RSSHU·LQ $oÖN 7RSOXP YH 'ûPDQODUÖ·QGD EHOLUWWLøL JLEL 3ODWRQ·D J|UH VL\DVHW 7LPDHXV·WD EHWLPOHQHQ 7DQUÖVDO 6DQDW JLELGLUVL\DVHWGH P]LN JLEL PLPDUOÖN JLEL H]HOL <XQDQOÖODULoLQHWKRVWHULPLQLQLNLDQODPÖYDUGÖKDONÖQDKODN\DGDGDYUDQÖûNXUDOODUÖYHYH NDUDNWHULP]LNWHKDONÖQDKODNYHNDUDNWHUOHULQLHWNLOH\HQPDNDP\DGDDNRUW%N] KWWSZZZIDFVWDIIRJOHWKRUSHHGX-%RKDUW+LVWRULFDO2XWOLQHKWP 3ODWR7LPDHXV3ODWR,Q7ZHOYH9ROXPHV&DPEULGJH0DVV+DUYDUG8QLYHUVLW\3UHVV 3ODWR7LPDHXVH (PHO$N|]HU³6L\DVHWLQYH(WLøLQ(VWHWLNOHûWLULOPHVL<HûLOOHûWLULOPHVLh]HULQH YHHEHGLRODQÖ|UQHNDODQELUG]HQJHWLUPHELoLPYHUPHVDQDWÖGÖU.XVXUVX]6DQDW·WÖU %X VDQDWÖ LFUD HGHQOHULQ PDO]HPHVL LQVDQ WRSOXOXNODUÖGÖU 6L\DVHWLQ HVWHWLNOHûWLULOPHVL LQVDQ WRSOXOXNODUÖQÖ 7DQUÖVDO gUQHN·H J|UH \HQLGHQ ELoLPOHQGLUPH NXVXUVX] YH J]HO \HQL ELU WRSOXP \DUDWPD DU]XVXQXQ VRQXFXGXU 3RSSHU·LQ 5RPDQWLNOLN GL\H DGODQGÖUGÖøÖ EX WXWXP NDSDOÖ WRSOXPGDQ DoÖN WRSOXPD JHoLû VUHFLQGH \DûDQDQ VÖNÖQWÖODUÖQYHVRUXQODUÖQN|NWHQo|]PQJHoPLûWHGRøD\DG|QûWH\DGD´JHOHFHøLQ VHYJLYHJ]HOOLNGQ\DVÖQDGRøUX\U\ûWHµDUD\DELOLU$PDKHUGXUXPGDEDûYXUGXøX |UQHN LGHDOOHûWLUGLøL NDSDOÖ WRSOXP ELoLPOHULGLU WRSOXP \DûDPÖQÖ G]HQOH\HQ \DVDODUÖQ KHQ] GRøD \DVDODUÖ JLEL J|UOGø ´NDELOH WRSOXPXµ \D GD ´RUJDQLN WRSOXPµGXU 7LPDHXV·WDDQODWÖODQ$WODQWLV|\NVQGHNLDQDNURQL]PEXLGHDOOHûWLUPHQLQUQGU%X |\NGH $WODQWLV·OH VDYDûDQ $WLQD LQVDQ KD\DWÖQGDNL KHU ûH\LQ .R]PRV·XQ ']HQ·L\OH X\XPLoLQGHROGXøXLGHDOELUGHYOHW]DPDQÖQWRSOXPODUÖQGDQoRNGDKDLOHULELUWRSOXP |UQHøLRODUDNVXQXOPXûWXU ,,, *HUoHNWH HQ HVNL ELoLPL\OH NDSDOÖ WRSOXP \D GD NDELOH WRSOXPX ELOJLQLQ DKODNL EX\UXNODUOD VÖQÖUODQGÖUÖOGÖøÖ GROD\ÖVÖ\OD ´1H\L ELOHELOLUL]"µ VRUXVXQXQ KLo VRUXOPDGÖøÖ WRSOXPGXU %X WRSOXPXQ \HOHULQLQ QH \DSPDVÖ JHUHNWLøL WRSOXPVDO \DûDPÖQ WDEXODUÖ YH WRSOXPVDO \DSÖ LoLQGHNL \HUOHUL\OH EHOLUOHQPLûWLU NLûLVHO NDUDUODU V|] NRQXVX GHøLOGLU GROD\ÖVÖ\OD ´'RøUX H\OHP QHGLU"µ VRUXVX IHOVHIHQLQ ELU GDOÖ RODUDN HWLøLQ WHPHOLQGH \DWDQ YH ´1H \DSPDP JHUHNLUµ VRUXVXQX GD RODQDNOÖ NÖODQ VRUX KLo JQGHPH JHOPH] 2UJDQLN WRSOXP VDQDWVDO UHWLPLQ E\FONWHQ KHQ] IDUNOÖODûPDGÖøÖ VDQDWÖQ \D GD E\QQ HUNOH Lo LoH JHoWLøL IHOVHIHQLQ ELU GDOÖ RODUDN HVWHWLøLQ KHQ] RUWD\D oÖNPDGÖøÖ WRSOXPGXU´.DSDOÖWRSOXPµGHU3RSSHU´KÖVÖPOÖNELUDUDGD\DûD\ÖûRUWDNoDEDODUÖ RUWDNWHKOLNHOHULRUWDNVHYLQoOHULYHRUWDNNDGHUOHULSD\ODûPDJLEL\DUÖEL\RORMLNEDøODUOD ELUELULQHWXWXQPXû\DUÖRUJDQLNELUELULPROGXøXLoLQGLUNLELUVU\\DGDELUNDELOH\L DQGÖUÖU.DSDOÖWRSOXPKkOkELUELUOHUL\OHEDøÖLûE|OPYHPDOGHøLûWRNXûXJLELVR\XW WRSOXPVDOLOLûNLOHUGHQLEDUHWROPD\ÖSGDGRNXQPDNRNODPDYHJ|UPHJLELVRPXWIL]LN LOLûNLOHUGHQPH\GDQDJHOHQVRPXWELUH\OHULQVRPXWELUJUXEXGXUµ 3ODWRQ·XQ \DûDGÖøÖ G|QHPGHQ oRN |QFH GDKD ùg \]\ÖOGD ùRQ\D E|OJHVLQGH 0LOHWRV·WDIHOVHIHYHELOLPGLQVHOYHDKODNLNÖVÖWODPDODUÖWDQÖPD]ROPXûYHVDQDWELOLûVHO DKODNVDOE\VHOYHVL\DVDOLûOHYLQL\LWLUPLûWLU<HQLWHNQLNYHELOLPVHONOWUQHWKRV·X NDELOH WRSOXPXQXQ E\ YH HIVDQHOHU GQ\DVÖQÖQ HWKRV·X GHøLOGLU DUWÖN 3RSSHU $oÖN 7RSOXP YH 'ûPDQODUÖ·QGD YH ´.OWUOHULQ dDUSÖûPDVÖ +DNNÖQGDµ EDûOÖNOÖ \D]ÖVÖQGD $\GÖQODQPD·QÖQ LON NH] GHQL]FLOLN YH WLFDUHWLQ JHOLûWLøL 'RøX YH %DWÖ NOWUOHULQLQ \] \]H JHOGLøL 'RøX $NGHQL] NHQWOHULQGH |UQHøLQ 0LOHWRV·WD EDûODPÖû ROPDVÖQÖQ YH EX HQWHOHNWHO YH WLFDUL PHUNH]OHUGHQ \D\ÖOPDVÖQÖQ ELU UDVWODQWÖ ROPDGÖøÖQÖ DQODWÖU %WQ EXJHOLûPHOHUEXVL\DVDOYHUXKVDOGHYULPFHQQHWEDKoHVLQLQX\XPXQXER]PXûNDSDOÖ WRSOXPXQo|Nû\OHELUOLNWHEXDoÖNWRSOXPDJHoLûLQ\DOQÖ]FDLONDGÖPÖGÖU´X\JDUOÖøÖQ VÖNÖQWÖVÖµGX\XOPD\DEDûODPÖûWÖU ,9 .DUO53RSSHU$oÖN7RSOXPYH'ûPDQODUÖV ,ELG %N]&KDUOHV+.DKQ7KH$UWDQG7KRXJKWRI+HUDFOLWXV&DPEULGJH&DPELGJH8QLYHUVLW\ 3UHVV 8OXVDO8\JXODPDOÖ(WLN.RQJUHVL .DSDOÖ WRSOXPGDQ DoÖN WRSOXPD JHoLû VUHFLQGH KkOk \DûDPDNWD ROGXøXPX] EX VUHoWH RUWD\D oÖNDQ ´VUNOHQPH GX\JXVXµQXQ \DUDWWÖøÖ EHOLUVL]OLN YH VL\DVDO GHøLûLP NDUûÖVÖQGD |]HO DODQ RLNRV NDELOH WRSOXPXQXQ DOÖûNDQOÖNODUÖQÖQ HWKRV·XQXQ KkOk JHoHUOL ROGXøX J|UQûWH JYHQOL ELU DODQ ELU VÖøÖQDN RODUDN NDOPÖûWÖU -HDQ)UDQoRLV /\RWDUG ·GH ´2LNRVµ EDûOÖøÖQÖ WDûÖ\DQ \D]ÖVÖQGD <XQDQFD·GD RLNHLRQ YH SROLWLNRQ DUDVÖQGDNL DSDoÖNNDUûÖWOÖøDGLNNDWoHNHU2LNHLRQKDQHKDONÖGÖUNDGÖQODUoRFXNODUKL]PHWNkUODU\D GD N|OHOHU HYFLO KD\YDQODUGÖU ´2LNHLRQ NDPXVDO ROPD\DQ KHU ûH\GLUµ 2LNHLRQ YH SROLWLNRQDUDVÖQGDNLNDUûÖWOÖNPDKUHPYHNDPXVDODUDVÖQGDNLNDUûÖWOÖøDNDUûÖOÖNJHOLU /\RWDUG·D J|UH WUDMHGL RLNRV·XQ EX WHNLQVL] PHNkQÖQ DODFDNDUDQOÖøÖQGD GRøPXûWXU 'RPHVWLN DODQ WUDMHGLOHULQ YD]JHoLOPH] DUNDSODQÖGÖU WUDMHGLOHULQ NRQXVX >NDSDOÖ WRSOXPGDQ DoÖN WRSOXPD JHoLû VUHFLQGH@ DLOH LOLûNLOHULGLU ´7UDMHGL EX HNRORMLN YH HNRWUDMLN oHUoHYH GÖûÖQGD PPNQ GHøLOGLUµ GHU /\RWDUG %XQXQ QHGHQL NDELOH WRSOXPXQXQ HWKRV·XQXQ GRPHVWLN DODQGD JHoHUOLOLøLQL VUGUPHVLGLU 7HNLQVL]OLøLQ ND\QDøÖEXHWKRV·WXU 6L\DVHWLQ HVWHWLNOHûWLULOPHVLQLQ \D GD HVWHWLNoLOLøLQ VRQXFX NDELOH WRSOXPXQXQ HWKRV·XQXQ RQDUÖOPDVÖ UHVWRUH HGLOPHVL YH \HQL\PLû JLEL VXQXOPDVÖGÖU \HQLGHQ oHYULPH VRNXOPDVÖGÖU .DELOH WRSOXPXQXQ LOLûNLOHULQL JHUL JHWLUPH\H oDOÖûDQ YH LoH NDSDQDQ WRSOXPODUGD UHVWRUDV\RQ DODQÖGÖU RLNRV (WLøLQ \HûLOOHûWLULOPHVL VL\DVHWLQ HVWHWLNOHûWLULOPHVLQL L]OHU 2LNRV LoLQGH VDNODQÖS NRUXQDQ NDELOH WRSOXPXQXQ HWKRV·XQXQ JHQLûOH\LS \D\ÖOPDVÖ NDPXVDO DODQÖQ GRPHVWLNOHûPHVLGLU 'RPHVWLN PHNkQÖQ NUHVHOOHûPHVL VUHFLQLQ ·ODUGD HNRORMLQLQ WHN ELU DLOHQLQ \DûDGÖøÖ GHYDVD ELU HY RODUDN GûOHQHQ \HUNUHQLQ \|QHWLPL RODUDN WDQÖPODQPDVÖ\OD EDûODGÖøÖQÖ V|\OHPHN \DQOÖûROPD] *HoPLûWH NDELOHFL \D GD RUJDQLN WRSOXPD |\NQHQ WRSOXPODUÖQ PLPDUODUÖQÖQ IL]LNVHO PHNkQGD g]GHû RODQÖ YH gWHNL·QL NRQXPODQGÖUÖûODUÖQGDNL |]HO DODQOD NDPXVDO DODQÖ D\ÖUÖS EWQOHûWLUPHOHULQGHNL XVWDOÖN YH J]HOOLN 7LPHDXV·WD GLOH JHWLULOHQ 7DQUÖVDO 6DQDW·ÖQ NXWVDO JHRPHWULVLQGHQ ND\QDNODQPÖû NDELOHFL WRSOXPXQ GHøHUOHUL NXWVDO JHRPHWUL NXUDOODUÖQD J|UH LQûD HGLOHQ NHQWOHULQ G]HQLQGH NRUXQPXûWXU $PD NDELOH WRSOXPX LGHDVÖQÖQ VRPXWODûWÖøÖ NDELOH WRSOXPXQXQ HWKRV·XQXQ WDûÖQGÖøÖ WHN ELoLP JHOHQHNVHO NHQW GHøLOGLU NXûNXVX] %X HWKRV HNRORMLNWHNQRORMLN WRS\DODUGD YH NDUDEDVDQODUGDGD\DûDWÖOPDNWDGÖU0DUN:LJOH\´<HQLGHQdHYULPLQ<HQLGHQdHYULPLµ EDûOÖNOÖ \D]ÖVÖQGD HNRORMLQLQ EDûÖQGDQ EHUL PLPDUOÖN ]HULQH YH PLPDUOÖNWDQ ND\QDNODQDQ ELU GûQPH ELoLPL ROGXøXQX V|\OHPHNWHGLU %X G|QJVHO GûQFHQLQ EDûODQJÖFÖYHVRQX.R]PRV·XQLQVDQWUQYHFDQOÖYHFDQVÖ]WPYDUOÖNODUÖLoHUHQELU DLOH\L EDUÖQGÖUGÖøÖ LQDQÖûÖGÖU $LOHQLQ X\XPXQX NRUXPDN LoLQ LQVDQ WUQQ \RN HGLOPHVLJHUHNWLøLQLVDYXQDQODUGD\RNGHøLOGLU 'DKD J]HO ELU GQ\D YDDW HGHQ LGHRORMLOHU DGÖQD LQVDQ KD\DWÖQD YH LQVDQ RQXUXQD \|QHOWLOHQ KHU VDOGÖUÖ NDUûÖVÖQGD 3RSSHU·LQ $oÖN 7RSOXP YH 'ûPDQODUÖ·QÖQ VRQXQGD DoÖN ELUELoLPGHGLOHJHWLUGLøLX\DUÖ\Ö\HQLGHQDQÖPVÖ\RUXP 3ODWRQ·GDQ DOPDPÖ] JHUHNHQ GHUV RQXQ EL]H |øUHWPH\H oDOÖûWÖøÖQÖQ WDP NDUûÖWÖROPDOÖGÖU3ODWRQ·XQVRV\RORMLNWDQÖVÖ\HWNLQROPDNODELUOLNWHNHQGL JHOLûLPLVDOÖNYHUGLøLVDøDOWÖPÖQVDYDûPD\DoDOÖûWÖøÖN|WONWHQGDKDEHWHU -HDQ)UDQoRLV/\RWDUG´2LNRVµ3ROLWLFDO:ULWLQJV/RQGRQ8&/V ,ELG %N]0DUN:LJOH\´5HF\FOLQJ5HF\FOLQJµ,QWHUVWLFHV-RXUQDORI$UFKLWHFWXUHDQG5HODWHG $UWV (PHO$N|]HU³6L\DVHWLQYH(WLøLQ(VWHWLNOHûWLULOPHVL<HûLOOHûWLULOPHVLh]HULQH ROGXøXQX NDQÖWODPDNWDGÖU 6L\DVDO JHOLûLPL GXUGXUPDN oDUH GHøLOGLU EX PXWOXOXNJHWLUPH].DSDOÖWRSOXPXQV|]GHPDVXPOXNYHJ]HOOLøLQHDUWÖN JHUL G|QHPH\L] &HQQHW GûP] \HU\]QGH JHUoHNOHûWLULOHPH] %LU NH] DNOÖPÖ]D JYHQPH\H YH HOHûWLUPH \HWLOHULPL]L NXOODQPD\D EDûOD\ÖQFD ELU NH]NLûLVHOVRUXPOXOXNODUÖPÖ]ÖQVHVLQLYHRQXQODELUOLNWHELOJL\LLOHUOHWPH\H \DUGÖP HWPHQLQ VRUXPOXOXøXQX GX\XQFD DUWÖN ELU GDKD NDELOH VLKULQH ND\ÖWVÖ] ER\XQ HøPH GXUXPXQD GûHPH\L] %LOPH DøDFÖQÖQ PH\YHVLQL \L\HQOHU LoLQ FHQQHW \LWLULOPLûWLU .DKUDPDQ NDELOHFLOLN oDøÖQD JHUL JLWPHN LoLQ QH NDGDU oDOÖûÖUVDN (QJL]LV\RQD *L]OL 3ROLVH YH URPDQWLNOHûWLULOPLû ELU JDQJVWHUOLøH XODûPDPÖ] R NDGDU NHVLQ ROXU $NOÖQ YH GRøUXQXQ VXVWXUXOPDVÖ\OD EDûOD\ÖQFD LQVDQÖQ RODQ KHU ûH\L HQ NDED YH ûLGGHWOL ELU \ROGDQ \ÖNPDNOD ELWLUPHN ]RUXQGD NDOÖUÖ] 8\XPOX ELU GRøD GXUXPXQD G|Qû \RNWXU'|QHUVHN\ROXQHQEDûÖQDKD\YDQOÖøDNDGDUG|QPHPL]JHUHNLU ´5RPDQWLNOLNµ GHU 3RSSHU ´J|NVHO ûHKULQL JHoPLûWH \D GD JHOHFHNWH DUD\DELOLU ¶GRøD\D G|Qû· \DKXW ¶JHOHFHøLQ ELU VHYJL YH J]HOOLN GQ\DVÖQD GRøUX \U\û·Q VDYXQDELOLU IDNDW oDøUÖVÖ KHU ]DPDQ DNÖOGDQ oRN GX\JXODUÖPÖ]DGÖU <HU\]Q FHQQHW \DSPDN \ROXQGDNL HQ L\L QL\HWOHUL ELOH DQFDN GQ\D\Ö FHKHQQHPH ³\DOQÖ] LQVDQÖQ KHPFLQVOHULLoLQKD]ÖUOD\DELOHFHøLELUFHKHQQHPH³oHYLUPH\LEDûDUDELOLUµ *|UQûWH EDUÖûÖQ KNP VUGø \HU\] FHQQHWOHULQGH ELOH LQVDQODUÖQ ELU E|OP GRøXP UDVWODQWÖODUÖQGDQND\QDNODQDQIDUNOÖOÖNODUÖ\DGDIDUNOÖGûQFHOHUL\]QGHQJ]HOOLøLYH X\XPX NRUXPD\Ö DPDoOD\DQ ûLGGHWLQ KHGHIL RODELOL\RUODUVD HVWHWLNoLOLN JLEL HWLøLQ \HûLOOHûWLULOPHVLQLGHVRUJXODPDNJHUHNLU .DUO3RSSHU$oÖN7RSOXPYH'ûPDQODUÖV .DUO3RSSHU$oÖN7RSOXPYH'ûPDQODUÖV ´ùû$KODNÖµ$oÖVÖQGDQ7ÖS1HUHGH\L]"1HUH\H*LGL\RUX]" 3URI'U%HUQD$UGD 7DULK |QFHVL oDøODUGD RUPDQGDQ \NVHOHQ LONDøUÖoÖøOÖøÖKHNLPLGDYHWHGHQLONoDøUÖ LGL ùQVDQODUÖQ \DûDPODUÖQÖ VUGUPHN LoLQ JHUoHNOHûWLUGLNOHUL YH UHWLPOHUL VRQXFX JHoLPOLN ELU SDUD HGLQGLNOHUL HWNLQOLNOHUGLU LûOHU %LOJLVHO \D GD WHNQLN LoHULøL LOH EX PHVOHøL \DSPD \HWNLQOLøLQH XODûPD \ROODUÖ QH GHQOL IDUNOÖ ROXUVD ROVXQ PHVOHNOHULQL X\JXODUNHQ SURIHV\RQHOOHULQ VHUJLOHPHOHUL EHNOHQHQ EHOLUOL GDYUDQÖû ELoLPOHUL EXOXQPDNWDGÖU %X ´IRUPODUµ PHVOHNOHULQ NHQGL |]JQ \DSÖODUÖ\OD RUWD\D oÖNÖû ]DPDQODUÖ LOH YH EHONL ELU DQODPGD RQODUÖQ WDULKVHOOLNOHUL\OH GH EDøODQWÖOÖ ELoLPOHUGLU 2NX\DFDøÖQÖ] \D]Ö JQP]GH WÖEEÖQ ELU PHVOHN X\JXODPDVÖ RODUDN VHUJLOHGLøL J|UQPQ ´Lû DKODNÖµ JLELELU SD\GDWHPHOLQGH GûQGUGNOHUL ]HULQHGLU %XJQQ WÖEEÖQÖWDQÖPODPD\DoDOÖûPDNGHYDVDELUELOJLELULNLPLQLD\QÖ]DPDQGDWHNQRORML\LELUR NDGDU \RøXQ ´VDQDWVDOµ \DNODûÖPÖ YH LOHWLûLP EHFHULOHUL \XPDøÖQÖ GD NDVWHWPHN GHPHNWLU %LOLPVHO ELOJL ELULNLPL DoÖVÖQGDQ WÖS LoHULøLQL E\N ELU KÖ]OD NDWOD\DUDN QHUHGH\VH ORJDULWPLN ER\XWODUGD DUWWÖUPDNWD RODQ YH D\QÖ ]DPDQGD \RøXQ WHNQRORML NXOODQÖPÖQD DoÖN ELU DODQGÖU %X \D]Ö oHUoHYHVLQGH WÖEEÖQ ELOLPVHO ELOJL UHWLPL LOH LOJLOL \DQÖ LOH NRUX\XFX KHNLPOLN EDøODPODUÖ \D]Ö\Ö oRN JHQLûOHWPHPHN ND\JÖVÖ LOH NDSVDP GÖûÖQGDWXWXOPXûWXU'ROD\ÖVÖ\OD´LûDKODNÖµDoÖVÖQGDQWÖSGHQGLøLQGHNDVWHGLOHQWHGDYL HGLFL WÖEEÖQ \D GD JHOHQHNVHO ´ELU KHNLP ELU KDVWDµ LOLûNLVLQLQ JQP]GH VHUJLOHGLøL J|UQPOHU EDøODPÖQGDNL WÖSWÖU <LQH D\QÖ QRNWDGDQ KDUHNHWOH KDQJL WU KHNLP GDYUDQÖûÖQÖQ ´DKODN GÖûÖµ VD\ÖOGÖøÖ LOH LOJLOL |UQHNOHU WDELS RGDODUÖQÖQ RQXU NXUXOODUÖ SHUVSHNWLILQGHQJQGHPHJHWLULOHFHNWLU 8\JXODPDOÖELU(WNLQOLN2ODUDN7ÖSYH´*YHQµh]HULQH +HNLPLQ LQVDQOD GRøUXGDQ EDøODQWÖOÖ ELU PHVOHøL YDUGÖU %X EDøODQWÖ DGÖQD ´LQVDQµ GHQHQ YDUOÖøÖQ VHUJLOH\HELOHFHøL WP XPXOPDGÖN WP VÖUD GÖûÖ J|UQPOHUOH ELU SURIHV\RQHO RODUDN PXKDWDS ROPD\Ö JHUHNWLUHFHN ELU \RøXQOXN WDûÖPDNWDGÖU ùQVDQ EL\RORMLVLQLQ JHUHNWLUGLøL oHûLWOL GXUXPODU |UQHøLQ WHPHOGH IL]\RORMLN YH GRøDO ELU ROD\ ROPDNOD ELUOLNWH JQP]GH oRNoD WÖEELOHûWLULOPLû ROGXøX GûQOHQ GRøXP LoLQ KDVWDOÖN GHQHQ HYUHQVHO ROJXQXQ SHQoHVLQH DOGÖøÖ KHU ELU ELUH\ LoLQ WUDYPD\D PDUX] NDODQ KHU LQVDQ LoLQ KHNLP PHVOHNL ELOJL YH EHFHULVL QHGHQL\OH NHQGLVLQH \DNÖQ EXODFDøÖ ELU SURIHV\RQHOGLU =DDIODUÖPÖ]Ö NLPVH\H EHONL NHQGLPL]H ELOH J|VWHUPHN LVWHPH\HFHøLPL] YH EDûND NLPVHQLQ ELOPHVLQL LVWHPH\HFHøLPL] \DQODUÖPÖ]Ö KHPHQ VDGHFH KHNLPOHUOH SD\ODûPD\D \DQDûÖUÖ] +DVWDOÖN GXUXPODUÖ QHGHQL QH ROXUVD ROVXQ NHQGLPL]L ]D\ÖI YH \DUGÖPD PXKWDo VD\GÖøÖPÖ] \D GD |\OH GX\XPVDGÖøÖPÖ] GXUXPODU GHøLO PLGLU" 9H EX GXUXPODUÖPÖ]Ö J|UPHVLQHWDQÖN ROPDVÖQD L]LQ YHUPHPL]H \RO DoDQ HWNHQKHNLPOHULQEL]HYHUGLøL´JYHQGX\JXVXµGHøLOPLGLU" 7ÖS NXûNXVX] WHN ER\XWD LQGLUJHQHPH\HFHN NDGDU oRN \|QO YH LoVHO ]HQJLQOLøL RODQ ELU HWNLQOLNWLU 2QX ELU PHVOHN ROPDQÖQ |WHVLQGH X\JXODPDOÖ ELU ELOLP D\QÖ ]DPDQGD ELU VDQDW D\QÖ ]DPDQGD ELU DOW NOWU RODUDN GD J|UPHN PPNQGU 7ÖS $QNDUDhQLYHUVLWHVL7ÖS)DNOWHVL'HRQWRORML$QDELOLP'DOÖgøUHWLPh\HVL 8OXVDO8\JXODPDOÖ(WLN.RQJUHVL DODQÖ WDULKVHO HYULPL LoHULVLQGH oHûLWOL ER\XWODUÖ YH oHûLWOL QLWHOLNOHUL\OH WDQÖPODQPÖû YH DGODQGÖUÖOPÖûWÖU gQFHOHUL LoJGVHOOLøLQ |Q SODQGD ROGXøX WÖS X\JXODPDVÖQGD ELU ]DPDQODU PLVWLN QLWHOLNOHUOH EH]HOL YH KHNLPOHULQ D\QÖ ]DPDQGD GLQ DGDPÖ QLWHOLøL WDûÖGÖNODUÖ G|QHPOHU GH \DûDQPÖûWÖU $UGÖQGDQ WÖS X\JXODPDVÖQÖQ ODLN ELU \DSÖ\D EUQGø KHNLPOHULQ GLQVHO |øHOHUGHQ VÖ\UÖOGÖøÖ YH J|]OHPH GD\DOÖ DPSLULN \DNODûÖPODUÖQ JHoHUOLN ND]DQPDVÖ\OD GD DNÖOFÖ XVVDO KHNLPOLøH \|QHOLN DGÖPODUÖQ DWÖOPD\D EDûODQGÖøÖ J|UOHELOLU 9H EXJQ QLKD\HW ELOLPVHOGHQH\VHO EDNÖûÖQ HJHPHQ ROGXøXELU\DNODûÖPWÖSWDNLJHQHOHøLOLPLROXûWXUPDNWDGÖU 7ÖEEÖQ HYULPVHO JHOLûLPLQGH NDUûÖPÖ]D oÖNDQ KHU ELU G|QHPLQ NHQGLQH |]J NDUDNWHULVWLNOHUL YDUGÖU NXûNXVX] +HNLP NLPOLøL GH EXQD NRûXW RODUDN GHøLûLNOLNOHU J|VWHUPLûWLU $QFDN KDQJL G|QHPGH EXOXQX\RU ROXUVDN RODOÖP EX NLPOLøLQ oHNLUGHøLQGH QH ROXUVD ROVXQ YD]JHoLOHPH] ELU WDNÖP |øHOHU EXOXQPDN ]RUXQGDGÖU %X |øHOHU KHU KHNLP LoLQ RQXQ FLQVHO \|UHVHO HWQLN XOXVDO GLQVHO YH LGHRORMLN DOW E|OPOHUL GH EXOXQDQ NLûLVHO NLPOLøLQLQ |WHVLQGHNL ELU ´PHVOHN NLPOLøLµQL WDQÖPODPDNWDGÖU +HNLPLQ GDYUDQÖûÖQÖ EHOLUOH\HQ GH RQXQ NLûLVHO NLPOLøLQLQ oDWÖûPD\D GûWø GXUXPODUGD ELOH PHVOHNL NLPOLøLQLQ LûDUHW HWWLøL YH GH JYHQFHVL ROGXøX GHøHUOHUL|QH oÖNDUÖS oÖNDUDPDPDVÖGÖU+HNLPL ´JYHQLOLUµ NÖODQ YH EXQDGD\DOÖ RODUDN GD WÖS NXUXPXQX ELQOHUFH \ÖOGÖU ´D\DNWDµ WXWDELOHQ WHPHO GD\DQDN QRNWDVÖGD KHNLP NLPOLøLQH J|OJHVLQL GûUHQ LQVDQFÖO YH ELU R NDGDU GD HYUHQVHO ELU NLPOLøLQ LoHULøLQGH VDNOÖ ROVD JHUHNWLU %LU NXUXP RODUDN WÖEEÖQ KDQJL |]HOOLNOHUH VDKLS SURIHV\RQHOOHUL NHQGLVLQGHQ VD\DFDøÖ YH ´KHNLPµ NDEXO HGHELOHFHøL LOH LOJLOL EHOLUOHQPLûNULVWDOL]H ROPXûLONHOHUL ELQOHUFH \ÖOGÖU EXOXQPDNWDGÖU %LU ORQFD LûOH\LûLQGH YH NHQGL LoLQH G|QN ELU PHVOHN |]HOOLøL WDûÖGÖøÖ +LSRNUDW G|QHPLQGHQ EX \DQD RQXQ DGÖ\OD ELOLQHJHOHQ KHNLP DQWODUÖ GD WÖS NXUXPXQXQ NHQGLQGHQ VD\GÖøÖ SURIHV\RQHOOHUGHQ WRSOXP |QQGH ´GUVWµ ´JYHQLOLUµ ROPD ´VÖU VDNODPDµ ´LQVDQ NLûLOLøLQH VD\JÖ GX\PDµ YH ´D\UÖPFÖOÖøD NDUûÖ GXUPDµ V|]Q DOPDVÖ GHøLO PLGLU" %X W|UHQVHO|øHOHULVRQGHUHFH|QSODQGDRODQDQGROJXVXQGDWÖSNXUXPXQXQKHUELU\HQL SURIHV\RQHOL ]HULQGHQ DVOÖQGD NHQGL YDUOÖøÖQÖ JYHQFH\H DOPD ND\JÖVÖ EXOXQPDPDNWD PÖGÖU"+HNLPOHUEXULWHOLNEDøODPGDWPSRWDQVL\HOKDVWDODUÖQD´%DQDJYHQHELOLUVLQ PHVOHNLELOJLYHEHFHULPLVHQLQL\LOLøLQLoLQNXOODQDFDøÖPµV|]QYHUPHNWHGLUOHU +HNLPKDVWD LOLûNLVL WÖEEÖQ HYULPL ER\XQFD GHøLûLNOLøH XøUDPÖû IDUNOÖ J|UQPOHUH EUQPûWU%XIDUNOÖ J|UQPOHUGHQELULVL KHNLPLQ HWNLQ YH KDVWDQÖQ LVH EWQ\OH HGLOJLQ ROGXøX ´HWNLQOLNHGLOJHQOLNµ WU ELU LOLûNL ELoLPLGLU %LU LNLQFLVL KHNLPLQ KDVWDVÖQD X\PDVÖ JHUHNHQ NXUDOODUÖ YH \DSPDVÖ JHUHNHQOHUL V|\OHGLøL GDKD GRøUXVX |QFHOLNOH KHNLPFH EHOLUOHQPLû ELU VWUDWHML\L KDVWDQÖQ X\JXOD\DJHOGLøL ELU LOLûNL ELoLPLGLU %X ´\RO J|VWHUPHLûELUOLøL HWPHµ RODUDN DGODQGÖUÖOPDNWDGÖU +HNLPKDVWD LOLûNLVLQLQ oQF DQDELoLPLLVHKHNLPLQELUSURIHV\RQHORODUDNKDVWDVÖQD\DUGÖPFÖROGXøXRQXQKDVWDOÖN VUHFLQGHNDUûÖOÖNOÖNDWÖOPDELoLPLQGHRUWD\DoÖNDQ´SD\ODûÖPFÖµLOLûNLELoLPLGLUg]HOOLNOH WHGDYL HGLFL KHNLPOLNWH ELU EDûND GH\LûOH KHNLPKDVWD LOLûNLVLQLQ WHPHOLQL ROXûWXUGXøX ELU G]OHPGH EX LOLûNLQLQ JYHQ WHPHOLQH GD\DQPDVÖ JHUHNWLøL DoÖNWÖU *QP]GH SDWHUQDOLVW ELU LOLûNLGHQ KHNLPLQ \RO J|VWHULFL ROGXøX YH KHNLPLQ KDVWDVÖ\OD ´SD\ODûÖPFÖµELULOLûNL\LVUGUHELOGLøLELUKHNLPKDVWDLOLûNLVLQHJLGLOGLøLJ|UOPHNWHGLU 7RSOXPODUÖQ NHQGL VRV\RNOWUHO |]HOOLNOHULQLQ KHNLPKDVWD LOLûNLOHULQGH GH EDûOÖFD EHOLUOH\LFLOHUGHQ ELUL ROGXøX |UQHøLQ EX EDøODPGD ONHPL]GH GH GDKD VÖNOÖNOD KDVWDQÖQ HGLOJLQ ROGXøX ´SDWHUQDOLVWLNµ ELU LOLûNL WUQQ RUWD\D oÖNWÖøÖ YH VWHOLN EX WU ELU LOLûNLQLQKHPKDVWDODUKHPGHKHNLPOHUWDUDIÖQGDQJHQHOGHEHQLPVHQHUHNX\JXODQGÖøÖQÖ J|]OHPOHPHNPPNQGU %HUQD$UGD³µùû$KODNÖµ$oÖVÖQGDQ7ÖS1HUHGH\L]"1HUH\H*LGL\RUX]" <XNDUÖGD GD GLOH JHWLULOHQ KHNLPKDVWD LOLûNLVLQLQ ]HULQH LQûD HGLOGLøL JYHQ |øHVLQLQ ]DPDQ LoHULVLQGH \HULQL ND\ÖWVÖ] NRûXOVX] ELU JYHQ \HULQH ´D\GÖQODWÖOPÖû RQDPµ NDYUDPÖQD EÖUDNWÖøÖQÖ V|\OHPHN PPNQGU %X GXUXP EDûWD WP LQVDQOÖN DGÖQD XWDQo H\OHPOHUL RODQ 1D]LOHULQ X\JXODPDODUÖ JLEL oHûLWOL HWNHQOHU QHGHQL\OH JYHQ WHPHOLQLQ VDUVÖOPDVÖQD GD\DQPDNWDGÖU %LU EDûND GH\LûOH JQP]GH ´KHNLPLQ KDVWDVÖ DGÖQD HQ L\L\L \DSDFDøÖµ GûQFHVL \HULQL ´KDVWDQÖQ NHQGL EHGHQLQH YH NHQGL VDøOÖøÖQD LOLûNLQ HQ GRøUX NDUDUÖ YHUPHN LoLQ JHUHN GX\DFDøÖ ELOJL\L KHNLPLQ KDVWDVÖQD YHUHFHøLµ GûQFHVLQHG|QûPûWU*QP]GHWÖSX\JXODPDVÖQGDD\GÖQODWÖOPÖûRQDPNDYUDPÖ VRQGHUHFHPHUNH]LELUNRQXPGDEXOXQPDNWDGÖU+DVWDQÖQKDVWDOÖøÖQDYHEXQD\|QHOLN WHGDYL\H LOLûNLQ \HWHULQFH ELOJL DOPDVÖQGDQ VRQUD NHQGLVLQH X\JXODQDFDN WHGDYLOHU KDNNÖQGDUÖ]DJ|VWHUPHVLELoLPLQGH|]HWOH\HELOHFHøLPL]D\GÖQODWÖOPÖûRQDPNDYUDPÖLOH ELUOLNWH KHP KHNLPLQ HWLN YH KXNXNL VRUXPOXOXNODUÖ \HQLGHQ J|]GHQ JHoLULOPH\H EDûODQPÖû KHP GH EX WU ELU SD\ODûÖPFÖ LOLûNLQLQ HJHPHQ ROGXøX KHNLP KDVWD LOLûNLVL WUQGH KHNLPOHULQ RWRULWHU YH SDWHUQDOLVW ELU ILJU ROPDNWDQ YD]JHoHUHN KDVWDQÖQ NDUDUÖQD VD\JÖ GX\PDN ]RUXQGD ROGXNODUÖ NRQXVX JQGHPH JHOPLûWLU $QFDN \LQH GH VRQ o|]POHPHGH HWLN DGÖQD GLOH JHWLULOHQ LONHOHUGHQ ´|]HUNOLN LONHVLQLµ EX LOLûNL ELoLPLQL\RUXPODUNHQVDGHFHWHN\|QOELUELoLPGHKDVWDQÖQ|]HUNOLøLRODUDNDOJÖODPDN KHNLPLQ|]HUNOLøLQLKLoKHVDEDNDWPDPDNJLELELU|QNDEXOKHU]DPDQYHKHUNRûXOGD JHoHUOL VD\DELOLU PL\L]" *QON \DûDP KHNLPOHULQ NDUûÖVÖQD RQODUÖ LNLOHPOHUH GûUHQ |\OH |]HO YH VÖUD GÖûÖ GXUXPODU oÖNDUPDNWDGÖU NL KHNLPOHU DoÖVÖQGDQ NDUDU YHUPH VUHFLQLQ KLo GH NROD\ LûOHPHGLøLQL DQFDN ´KDVWDQÖQ L\LOLøLµQL J|]HWPHN JLEL ELU WHPHO YDUVD\ÖPÖQDQDoÖNÖûQRNWDVÖRODUDNDOÖQDELOHFHøLQLV|\OHPHNPPNQGU 1HGHQ+HNLP2OPD\Ö6HoL\RUX]" %LU PHVOHøLQ QHGHQ VHoLOGLøL VRUXVXQD YHULOHQ \DQÖWODU ELUGHQ ID]OD VD\ÖGD YH oRN IDUNOÖ ER\XWODUGD RODELOLU ûSKHVL] '|QHPVHO RODUDN IDUNOÖ PHVOHNOHULQ ´J|]GHµ ROGXøXQX YH EX UHYDoWD ROXûWDQ ND\QDNODQDQ ´L\L PHVOHNOHUµ ´L\L ROPD\DQN|W PHVOHNOHUµ D\UÖPÖQÖQ \DSÖOGÖøÖQD KHSLPL] WDQÖN ROPXûX]GXU %X EDøODPGD YXUJXODQPDVÖ JHUHNHQ QRNWDODUGDQ ELU GLøHUL GH ´ELU PHVOHøL L\L \DSPDNµ \D GD ELU PHVOHøL JHUHNWLøL JLEL LFUD HWPHN \HULQH KHSSHûLQGHQ JLGLOHQ ´L\L PHVOHNµ NDYUDPÖQÖQ FD]LEHVLGLU'ROD\ÖVÖ\ODELUoRNJHQoLoLQNHQGL\HWHQHNOHUL\DûDPDEDNÖûDoÖVÖNLûLVHOYH WRSOXPVDOEHNOHQWLOHUL\OHELUH\VHO|]HOOLNOHUL\OHX\XPOXELUELoLPGHEHOLUOHQHELOHFHNELU PHVOHNVHoPHN\HULQH´DODPRGHµPHVOHNRG|QHPGHQHLVHRQXQSHûLQHWDNÖOÖQGÖøÖQÖ V|\OHPHN \DQOÖû ROPD\DFDNWÖU %X QHGHQOH ]DPDQ LoLQGH IDUNOÖ PHVOHNOHULQ ELU G|QHP NLP\D PKHQGLVOLøLQLQ WÖEEÖQ ELU G|QHP HOHNWURQLN YH ELOJLVD\DU PKHQGLVOLNOHULQLQ ELU G|QHP LûOHWPHFLOLøLQ J|]GH PHVOHNOHU RODUDN WDQÖPODQGÖNODUÖQÖ \DûDGÖN\DûÖ\RUX] %X EDøODPGD \DSDFDøÖPÖ] VDSWDPDODUGDQ LONL JQP]GH WÖEEÖQ JHQoOHU DoÖVÖQGDQ ´J|]GH PHVOHNOHUGHQ ELULVL ROPDGÖøÖµ \|QQGH RODFDNWÖU %LUH\VHO WXWXPODUÖQ VRV\DO SVLNRORMLQLQ ELOLPVHO DUDûWÖUPD \|QWHPOHUL\OH RUWD\D NRQXODELOHFHøL WHPHO \DNODûÖPÖ\OD WDVDUODQDQ oHûLWOL oDOÖûPDODU EXOXQPDNWDGÖU 7ÖS IDNOWHVLQLQ LON VÖQÖIÖQGDNL |øUHQFLOHUOH \DSÖODQ DUDûWÖUPDODUÖQ EHOLUOHGLøL VDSWDPDODU |øUHQFLOHULQ JHQHOGH ´LGHDOLVWµ KHGHIOHUOH WÖS PHVOHøLQH \|QHOGLNOHULQL DQFDN GDKD VRQUD LGHDOL]PLQ EX PHVOHøL \UWPHN LoLQ X\JXQRODPD\DFDøÖJ|Uû\OHIDNOWHQLQYH\DVÖQÖIODUÖQDJHOGLNOHULQGHLGHDOL]PGHQ YD]JHoWLNOHULQL J|VWHUPHNWHGLU %X QRNWDGDQ KDUHNHWOH WÖS IDNOWHOHULQH JLULûWH EHOLUOL NLûLOLN |]HOOLNOHULQH VDKLS |øUHQFLOHULQ VHoLOPHVLQL |QHUHQ EX |]HOOLNOHUH VDKLS ROPD\DQ|øUHQFLOHUHLVHWÖSHøLWLPLDOPD\ROXQXQKLoDoÖOPDPDVÖJHUHNWLøLQLGLOHJHWLUHQ J|UûOHU GH EXOXQPDNWDGÖU \ÖOÖQGD \DSÖODQ ELU oDOÖûPDGD ´LQVDQODUÖ VHYPH YH 8OXVDO8\JXODPDOÖ(WLN.RQJUHVL \DUGÖPHWPHLVWHøLµ´KHNLPOLøLQûHUHIOLELUPHVOHNROXûXµJLELELURUDQGD |øUHQFLOHULQ WÖS IDNOWHOHULQL VHoPHVLQGH EDûOÖFD PRWLYDV\RQODU RODUDN EHOLUOHQPLû D\QÖ |øUHQFLOHULQDPDoGHøHUOHUVNDODVÖQÖQEDûÖQD´NHQGLQHVD\JÖµJLELELULONH\L\HUOHûWLUPLû ROPDVÖGD \DûDPD EDNÖû DoÖODUÖ NRQXVXQGD ILNLU YHUPHN ]HUH DQODPOÖ EXOXQPXûWXU 'DKDGûNPRWLYDV\RQODWÖEEÖVHoHQ|øUHQFLOHULQLVHNLJHQHOGHWHUFLKOHULPKHQGLVOLN GDOODUÖQD ROXS \HWHUOL SXDQ WXWWXUDPDGÖNODUÖ LoLQ WÖS IDNOWHVLQGH RNXPDNWDGÖUODU GDKD SUDJPDWLNGHøHUOHUHVDKLSROGXNODUÖEHOLUOHQPLûWLU 1DVÖOELU(øLWLP$OÖ\RUX]YH(WLøLQ%X6UHoWHNL<HUL hONHPL]GH WÖS HøLWLPLQH LOLûNLQ HOHûWLUHO ELU VUHo X]XQ ELU ]DPDQGDQ EHUL LûOHWLOPHNWHGLU 7UNL\H %\N 0LOOHW 0HFOLVL·QGH ROXûWXUXODQ ELU NRPLV\RQFD \ÖOÖQGD KD]ÖUODQDQ ´7UNL\H·GH 7ÖS (øLWLPLµ EDûOÖNOÖ oDOÖûPD ELU GXUXP GHøHUOHQGLUPHVL \DSDUDN WÖS IDNOWHOHULQGH YHULOHQ HøLWLPLQ ONH JHUHNVLQLPOHULQH X\JXQ ROPDGÖøÖQÖ D\UÖFD QLWHOLNVHO RODUDN GD SHN oRN JHGLN EXOXQGXøXQX VDSWDPÖûWÖU $QFDN VRQUDVÖQGD WDQH \HQL WÖS IDNOWHVLQLQ DoÖOPDVÖQD RQD\ YHUHQ GH 7%00 LUDGHVL GHøLO PLGLU" %X QH \DPDQ oHOLûNLGLU NL YDU RODQ IDNOWHOHUGH YHULOHQ HøLWLPL PHUFHN DOWÖQD WXWPXû NDUûÖODûWÖøÖ PDQ]DUD\Ö EHøHQPHVH GH EXQX GLNNDWH DOPDPÖû YH QHUHGH\VH YDU RODQ IDNOWH VD\ÖVÖQFD \HQL IDNOWHQLQ DOW\DSÖ HNVLNOHULQH NDUûÖQ DoÖOPDVÖQÖ EHQLPVH\HELOPLûWLU 7UN 7DELSOHU %LUOLøL·QLQ |QFH YH DUGÖQGDQ \ÖOÖ 0H]XQL\HW gQFHVL 7ÖS (øLWLPL 5DSRUODUÖ·QGD \DSÖODQ GXUXP GHøHUOHQGLULOPHVL LOH XODûÖODQ VRQXoODUGDQ ELULVL 7UNL\H· GH ELOLPVHOOLøH GD\DQPD\DQ YH JHQHOGH SROLWLN JHUHNoHOHUOH WÖS IDNOWHOHULQLQ DoÖOGÖøÖ NDU DPDFÖ JGHUHN HûLWVL]OLNOHUL DUWWÖUDQ DGLO ROPD\DQ ELoLPGH GûN SXDQODUOD |øUHQFL DODQ \HUOHûLN WÖS IDNOWHOHULQLQ |]HOOLNOH WHPHO ELOLPOHUGH LQVDQ JF ND\QDøÖQÖ D]DOWDQ |]HO WÖS IDNOWHOHULQLQ DoÖOPDVÖQD RQD\ YHULOPHNWH ROXûXGXU 7ÖS HøLWLPLQLQ KHP LoHULN KHP GH \|QWHP RODUDN ONHQLQ VDøOÖN SROLWLNDVÖQGDQ NDoÖQÖOPD] ELU ELoLPGH HWNLOHQGLøL DoÖNWÖU %|\OHFH VDøOÖN RFDNODUÖQD GD\DOÖ ELU VHYN VLVWHPL JHOLûWLULOPHPLû ROGXøX |]HO VDøOÖN VHNW|UQQ GHQHWLPVL] RODUDN \D\JÖQODûPDVÖ NDPX VDøOÖN VHNW|UQQ |QHPVHQPHPHVL WÖS HøLWLPLQL LoHULNEHOLUOHPHNVL]LQ HøLWLPLQ YHULOLû \|QWHPLQH NDGDU WP DoÖODUGDQ ROXPVX] ELoLPGH HWNLOHPHNWHGLU 6DøOÖN SROLWLNDODUÖQGDNL ROXPVX]OXNODU ELU \DQGDQ ONHQLQ QDVÖO ELU KHNLP WLSLQH JHUHNVLQLP GX\GXøXQXEHOLUOHPH\L]RUODûWÖUÖUNHQX]PDQODûPD\ÖGDKHNLPOHULQ|QQGHWHNVHoHQHN RODUDN EÖUDNPDNWDGÖU 7ÖS HøLWLPLQH \HWHULQFH ND\QDN D\UÖOPDPDNWD IDNOWHOHU NDSDVLWHOHULQLQ ]HULQGH |øUHQFL DOÖUNHQ |øUHQFL EDûÖQD \DSÖODQ KDUFDPDODU GD JLGHUHN D]DOPDNWDGÖU 7ÖS HøLWLP SURJUDPODUÖ GLQDPLN RODUDN ELoLPOHQPHOL VÖN VÖN GHøHUOHQGLULOPHOLGLU dRN D\UÖQWÖOÖ ELOJLOHU YHUPHN \HULQH WÖS |øUHQFLVLQH ´|øUHQPH\L |øUHWPHNµWÖSHøLWLPLQLQWHPHOLûOHYLROPDOÖGÖUgøUHWLPHOHPDQODUÖQÖQ|]ONKDNODUÖQÖQ L\LOHûWLULOHUHNWDP]DPDQOÖoDOÖûPDODUÖQÖQ|]HQGLULOPHVLJHUHNPHNWHGLU 7ÖS HøLWLPLQLQ \RøXQ ELOJL \N NDUûÖVÖQGD KHNLP DGD\ÖQÖQ JLGHUHN PHNDQLNOHûHQ LQVDQFÖO |]HOOLNOHULQGHQ GH oRN ûH\ \LWLUHQ ELU HWNLQOLøLQ X\JXOD\ÖFÖVÖ ROPD\D EDûODGÖøÖ KDVWDVÖQÖ GLQOHPH\HQ RQD YH JHQHOGH WRSOXPXQD \DEDQFÖODûDQ ELU SURIHV\RQHO ROGXøX VDSWDQPDNWDGÖU %X VDSWDPD GROD\ÖVÖ\OD WÖS HøLWLPLQLQ PHVOHNL GHøHUOHU YH LOHWLûLP EHFHULOHUL LOH LOJLOL \|QOHULQLQ E\WHo DOWÖQD DOÖQPD\D KHNLPOHULQ JQON X\JXODPDGD \DûDQDQ GHøHU VRUXQODUÖQÖQ IDUNÖQD YDUPDODUÖQÖ VDøOD\DFDN ELU HøLWLP ELoLPLQH JHUHNVLQLPGX\XOGXøXDoÖNWÖU 7ÖS IDNOWHOHULQLQ ROPDVÖ JHUHNHQ GRQDQÖPGDQ ROGXNoD X]DNWD EXOXQGXøX ELU QRNWDGD D\QÖ QRNVDQODUOD EH]HOL WDEOR WÖS HWLøL YH GHRQWRORML NRQXVXQGD GD JHoHUOLGLU %HUQD$UGD³µùû$KODNÖµ$oÖVÖQGDQ7ÖS1HUHGH\L]"1HUH\H*LGL\RUX]" )DNOWHOHULQ ·LQGH EXOXQPDPDNWD \UWOPHNWHGLU EX GHUVOHU 9DU RODQ NRQXODUÖQ IDUNOÖ VRUXPOXVX X]PDQOÖN HøLWLPOHUGH RODELOHFHN DODQODUÖQGDNL HOHûWLUHO ELU EDNÖûOD ELU DQDELOLP GDOÖ DNDGHPLV\HQOHUFH GHøHUOHQGLULOGLøLQGH RQODUÖQGD DPDFD X\JXQ ROPDGÖøÖ LoHULN YH \|QWHP DoÖODUÖQGDQ ELUELUOHULQGHQ ROGXNoD IDUNOÖROGXNODUÖJ|UOPHNWHGLU 'Q\D +HNLPOHU %LUOLøL· QLQ *HQHO .XUXOX·QGD ´7ÖEEL (WLN YH ùQVDQ +DNODUÖ .RQXODUÖQÖQ7P'Q\DGD7ÖS)DNOWHOHUL0IUHGDWÖQD$OÖQPDVÖ.DUDUÖµDOÖQPÖûWÖU7HO$YLY· GH(NLP·GDWRSODQDQ'+%EXNDUDUÖQÖû|\OHPDGGHOHûWLUPLûWLU 7ÖEEL (WLN YH ùQVDQ +DNODUÖQÖQ WÖS PHVOHøLQLQ NOWU YH LûLQLQ ELU SDUoDVÖ ROPDVÖ 7ÖEEL (WLN YHùQVDQ+DNODUÖNRQXODUÖQÖQ '+%·QLQ WDULKL \DSÖVÖ YH DPDoODUÖQÖQ ELUSDUoDVÖROPDVÖQHGHQL\OH '+%·QLQ WP GQ\DGDNL WÖS IDNOWHOHULQH 7ÖEEL (WLN YH ùQVDQ +DNODUÖQÖ ]RUXQOX ELU GHUV RODUDN PIUHGDWODUÖQD DOPDODUÖQÖ NXYYHWOH |QHUPHVL NDEXO HGLOPLûWLU $\GÖQ+HNLP2OPD+DNNÖh]HULQH XELVXQWWUHVPHGLFLLELVXQWGXRDWKHL +HNLP NLPOLøLWÖS IDNOWHOHULQH DGÖP DWPD\OD EDûOD\DQ \RUXFX YH ROGXNoD ]DKPHWOL ELU |øUHQLP VUHFLQGH ELoLPOHQHQ ELU NLPOLNWLU 7ÖEEÖQ HYULPVHO JHOLûLPL ER\XQFD KHNLPOHUL ELUoRN NH] WRSOXPVDO KDUHNHWOHULQ |QQGH EXOPD JHUHNoHOHULQGHQ ELULVL RQODUÖQ ´D\GÖQµ |]HOOLNOHULQLQ |Q SODQGD ROPDVÖGÖU %X GXUXPX |UQHøLQ %DWÖ 2UWDoDøÖ·QGD KHNLPOHUL GLQVL] NDWHJRULVLQGH WDQÖPOD\ÖS RQODUD \|QHOLN VXoOD\ÖFÖ ELU WDYÖUOD NDUûÖPÖ]D oÖNDQ NLOLVH PDQWÖøÖQGD DoÖNoD J|UPHN PPNQGU +HNLPOHULQ WRSOXPVDO VL\DVDO KDUHNHWOHULQ EDûODWÖFÖVÖ \|QOHQGLULFLVL \D GD ELoLPOHQGLULFLVL ROGXøX WDULKVHO \D GD JQFHO |UQHNOHU NXûNXVX] ONHPL]GHQ GHYHULOHELOLU +HNLPOHU DoÖVÖQGDQ ´D\GÖQ NLûL ROPDQÖQµ QH JLEL UDV\RQHOOHUL EXOXQDELOLU" %LU EL\RORMLN VUHo RODUDN LQVDQRøOXQXQ JHOLûLPLQLQ KHPHQ KHU DûDPDVÖQD QHGHQL\OH QDVÖOÖ\OD HJHPHQ ROPDNWDQ \D GD EXQX ELOPHNWHQ ND\QDNODQDQ ELU ´VWQONµ P \RNVD ELOJLQLQ JHWLUGLøL NDoÖQÖOPD] ´VRUXPOXOXNµ PX V|] NRQXVXGXU" <RNVD JHOHFHøL NXUPD\Ö JYHQ YH VUHNOLOLøL VDøODPD\Ö WDQUÖVDO \D GD EHOOL ELU WRSOXPVDO G]HQH VÖNÖ VÖNÖ\D EDøODPDN \HULQH LQVDQ ]HNDVÖQÖQ |]JU HWNLQOLøLQGH DUDPDN JLEL ELU DQDKWDUD VDKLS ROXQGXøX ELOLQFL PLGLU NLûL\L D\GÖQ\DSDQ" <D GD ´DOGDQPDPDN YH DOGDWPDPDN LoLQ JHUHNHQ GûQVHO WLWL]OLøL J|VWHUHELOHQOHUµ PLGLU EX WDQÖPODPD\Ö KDN HGHQOHU" +DQJL WHPHOOHQGLUPH\L NDEXO HGHUVHN HGHOLP ELU D\GÖQ NLPOLøLQLQ \HûHUHELOPHVL YH EHVOHQHELOPHVL LoLQ JHUHNOLOLøL |QJ|UOHQ NRûXOODUD VDKLS ROPD\Ö YH EXQODUÖQ VUGUOPHVLQL LVWHPHN GH PHVOHNL DoÖGDQ ELU KHNLP KDNNÖ RODUDNJ|UOPHOLGLU %X EDøODPGD D\GÖQ NLûL RODELOPH\L GRøUXGDQ HWNLOH\HFHN VRPXW NRûXOODU ]HULQGH GXUPDN ELU ]RUXQOXOXN ROVD JHUHNWLU +HU DODQGD ROGXøX JLEL ELOJL YH HPHN \RøXQ ELU LQVDQ HWNLQOLøL RODQ KHNLPOLøLQ GH HOEHWWH ELU FUHW NDUûÖOÖøÖ ROPDOÖGÖU &XPKXUL\HW· LQ NXUXOPDVÖ\OD ELUOLNWH EDûOD\DQ YH ·H NDGDU VUHQ G|QHPGH KHNLP FUHWOHULQLQ PVWHûDU G]H\LQGH EHOLUOHQPLû ROGXøXQX LOJLQo ELU VDSWDPD RODUDN EHOLUOHPHN GXUXPXQGD\Ö] %XJQ ONHPL]GH VD\ÖODUÖ ELQL EXODQ KHNLPOHULQ NDGDUÖQÖQ NDPX DODQÖQGD oDOÖûWÖøÖQÖ J|] |QQH DOÖUVDN 86' NDUûÖOÖøÖ D\OÖN FUHWOHULQ KHNLPOHULQ EHOLUOL ELU DNDGHPLN ELOLPVHO G]H\L \DNDODPDODUÖ YH D\GÖQ NLPOLøLQL VUGUHELOPH\L VDøODPDN LoLQ \HWHUOL ROPDGÖøÖ DoÖNWÖU · GDQ JQP]H NDGDU WP 8OXVDO8\JXODPDOÖ(WLN.RQJUHVL NDPX oDOÖûDQODUÖ LoLQGH FUHWOHUL HQ D] DUWDQ PHVOHN JUXEX KHNLPOLNWLU KHPûLUHOLN YH |øUHWPHQOLN LNLQFL YH oQF VÖUD\Ö DOPDNWDGÖU +HNLPOHUH \|QHOLN X\JXODQPDNWD RODQ GûNFUHWSROLWLNDVÖRQODUÖLNLQFLoQFLûOHUEXOPD\DDûÖUÖX]PDQODûPD\DEL\RORMLN VÖQÖUODUÖQÖ ]RUODPD SDKDVÖQD ID]OD PHVDL\H Q|EHWH NDOPD\D YH EHQ]HUL ELUH\VHO oÖNÖû \ROODUÖ EXOPD\D \|QHOWPHNWHGLU %XQXQ ELUWDNÖP ROXPVX] VRQXoODUÖ EXOXQPDNWDGÖU .DPX DODQÖQGD YHULOHQ VDøOÖN KL]PHWLQLQ YH WÖS HøLWLPLQLQ DNVDPDVÖ PRWLYDV\RQXQ GûPHVL YHULPOLOLøLQ D]DOPDVÖ \DQÖ VÖUD HWLN GÖûÖ o|]POHUH EDûYXUXOPDVÖGD EXQODUGDQ LON DNOD JHOHQOHUGLU $VOÖQGD WHPHOGHNL HQ |QHPOL VRQXo ´KHNLP HPHøLQLQ XFX]ODWÖOPÖû ROPDVÖµ GHøLO PLGLU" %|\OHFH KHP NDPXGD YH KHP GH WP DOGDWÖFÖ J|UQPQH NDUûÖQ |]HOVHNW|UGHNLKHNLPFUHWOHULQLQGûNWXWXOPDVÖV|]NRQXVXROPDNWDGÖU 8\JXODPDGDQ.LPLgUQHNOHU 7ÖS X\JXODPDVÖ NHQGLQL IDUNOÖ ELoLPOHUGH RUWD\D NR\DELOHQ IDUNOÖ J|UQPOHUL RODQ ELU X\JXODPDGÖU *QP]GH DNDGHPLN RUWDPGDNL WÖS X\JXOD\ÖFÖODUÖQÖQ KHP VDøOÖN KL]PHWL UHWPHN KHP DUDûWÖUPD \DSPDN KHP GH WÖS HøLWLPLQL \UWPHN JLEL o \|QO ELU LûOHYOHUL YDUGÖU %HQ]HU WDEOR HøLWLP YHUHQ GHYOHW KDVWDQHOHULQGH GH ELU |OoGH JHoHUOLGLU $QFDN KHNLP ROPDN RUWDN SD\GDVÖ WHPHO DOÖQÖQFD ´VDøOÖN KL]PHWL UHWPHNµ GÖûÖQGD NDODQ HWNLQOLNOHUH EXUDGD \HU YHULOPH\HFHNWLU 'ROD\ÖVÖ\OD HøLWLP YH DUDûWÖUPD ER\XWODUÖQGD \DûDQDQ VRUXQODU LOH EX ER\XWODUÖQ HWLN DoÖGDQ HOH DOÖQPDVÖ EX \D]ÖQÖQ NRQXVXGHøLOGLU %XUDGD JQON WÖS X\JXODPDVÖQGD NDUûÖODûÖODQ YH KHNLP RGDODUÖQÖQ RQXU NXUXOODUÖQFD WDUWÖûÖODUDN VRQXoODQGÖUÖODQ ROD\ODU ]HULQGHQ |UQHNOHU YHULOHFHNWLU %XJQ KDQJLKHNLPH\OHPLQLQGHRQWRORMLNYHGDKDJHQLûDQODPGDGDHWLNDoÖGDQELUVXo\DGD HQ D]ÖQGDQ ROXPVX] EXOXQGXøXQD LOLûNLQ 7ÖEEL 'HRQWRORML 1L]DPQDPHVL 7'1 HOLPL]GHNL WHN oÖNÖû QRNWDVÖQÖ ROXûWXUPDNWDGÖU 6|] NRQXVX PHWLQ WDULKOLGLU YH GROD\ÖVÖ\OD ONHPL]LQ ·OL \ÖOODUÖQÖQ WÖS DQOD\ÖûÖQÖ \DQVÖWPDNWD KHPHQ VDGHFH PXD\HQHKDQH KHNLPOLøLQL YH GROD\ÖVÖ\OD WHGDYL HGLFL WÖEEÖ HNVHQLQH DOPÖû YH GRøDO RODUDN KHNLP KDVWD LOLûNLVLQL GH SDWHUQDOLVWELoLPGH WDQÖPOD\DQ ELU \DNODûÖPD VDKLSWLU %XJQ JQON WÖS X\JXODPDVÖQGD NDUûÖODûÖODQ YH ´HWLN GÖûÖµ NDEXO HGLOHQ NLPL GXUXPODUÖQ 7'1·GH \HUL \RNWXU E|\OH GXUXPODUGD W]N DoÖNoD \HWHUVL] NDOPDNWD ´ROVD ROVDµ PDQWÖøÖ LOH YDU RODQ PDGGHOHULQ UXKXQXQ LûDUHW HWWLøL YDUVD\ÖODQ ELoLPGH o|]P UHWLOPH\H oDOÖûÖOPDNWDGÖU g]HOOLNOH ·OL \ÖOODUGDQ EDûOD\DUDN 7'1·QLQ JQFHOOHûWLULOPHVLQH \|QHOLN GLOHNOHULQ V|] NRQXVX HGLOGLøLQL YH EX \|QGH 77%·QLQ EHOLUJLQELUoDEDLoHULVLQGHROGXøXQXJ|]OHPOHPHNPPNQGU $QNDUD7DELS2GDVÖ·QÖQKHNLPOHUKDNNÖQGD\ÖOODUÖQDDLWVRUXûWXUPDODUÖ\OD LOJLOLELUDUDûWÖUPDGDDoÖODQVRUXûWXUPDODUÖQûLND\HWVDKLSOHULQLHQID]ODRUDQÖQGD KDVWD YH KDVWD \DNÖQODUÖ JUXEXQXQ ROXûWXUGXøX VDSWDQPÖûWÖU 'DKD VRQUD PHVOHNWDûODUÖQ ELUELULQH \|QHOLN ûLND\HW EDûYXUXODUÖ YH DUGÖQGDQ 6DøOÖN %DNDQOÖøÖ KDVWDQHOHU YH NDPX NXUXPODUÖQÖQ ûLND\HWOHUL JHOPHNWHGLU <DNÖQPD EDûYXUXODUÖQÖQ RQD\VÖ] oDOÖûPD KDVWD\D N|W PXDPHOH GHRQWRORML W]øQH D\NÖUÖOÖN PDOSUDNWLV YH PHVOHNWDûD N|W PXDPHOH EDûOÖNODUÖ DOWÖQGD WRSODQGÖøÖ EHOLUOHQPLûWLU ´+DVWD\D N|W PXDPHOHµ LOH NDVWHGLOHQ |UQHNOHU DVNHUOH oDWÖûPÖû VL\DVL WXWXNOX\D WÖEEL KL]PHW YHUPHPHN KDVWD\Ö J|UPHNVL]LQ EDûNDODUÖQÖQ \D]ÖOÖ EDûYXUXODUÖQD GD\DQDUDN WHûKLV NR\PDN JLEL ROD\ODU \HU DOPÖûWÖU 0HVOHN LoL N|W GDYUDQÖû |UQHNOHUL DUDVÖQGD EX oDOÖûPDGD VDSWDQDQ VRUXûWXUPD NRQXODUÖ ´KHPûLUH\H YH PHVOHNWDûD WRNDW DWPDNµ ´PHVOHNWDû FDPLDVÖ LoLQGH DûDøÖOD\ÖFÖ GDYUDQÖûODUGD EXOXQPDNµ JLEL |UQHNOHUGLU 0DOSUDNWLV EDûOÖøÖ DOWÖQGD ´VQQHW VRQXFX VDNDW NDODQ oRFXNµ ´XOWUDVRQRJUDILN %HUQD$UGD³µùû$KODNÖµ$oÖVÖQGDQ7ÖS1HUHGH\L]"1HUH\H*LGL\RUX]" LQFHOHPHGH NDOS VHVOHUL VDSWDQPDVÖQD NDUûÖQ |O GRøDQ EHEHNµ EHQ]HUL GRV\DODU EXOXQPDNWDGÖU 7'1·\H D\NÖUÖOÖN EDûOÖøÖ DOWÖQGD GD ´PXD\HQHKDQHGH LODo VDWÖûÖµ ´\DSÖOPD\DQ WHWNLNOHULQ \DSÖOGÖ J|VWHULOHUHN NDPX NXUXPXQGDQ KDNVÖ] ND]DQo VDøODQPDVÖµ JLEL |UQHNOHU VDSWDQPÖûWÖU %XQXQ \DQÖQGD 77% <NVHN 2QXU .XUXOX GRV\DODUÖQÖQ LQFHOHQPHVL\OH ·GD \D\ÖQODQDQ ELU oDOÖûPDGD \ÖOODUD J|UH KHNLP VD\ÖVÖQGDNL DUWÖûD RUDQOD JHOHQ GRV\D VD\ÖVÖQÖQ ROGXNoD GûN EXOXQGXøX EX GRV\DODUD NRQX RODQ KHNLPOHULQ G|UWWH oQQ X]PDQ KHNLP ROGXøX YH oRøXQXQ PXD\HQHKDQHGH oDOÖûWÖøÖ HQ VÖN J|UOHQ ROJXODUÖQ GD ´GHRQWRORML\H D\NÖUÖ GDYUDQÖûODUµ ´Lû\HULKHNLPOLøLLOHLOJLOLROJXODUµ´DVJDULFUHWHX\PDPDµ´ELOLPGÖûÖDOGDWÖFÖQLWHOLNWH WDQÖYHWHGDYLµYH´\DûDPDYHVDøOÖøD|]HQYHVD\JÖJ|VWHUPHPHNµROGXøXVDSWDQPÖûWÖU &LYDQHU EX oDOÖûPDVÖQGD ROJXODUÖ JUXSODQGÖUDUDN LQFHOHGLøLQGH HQ VÖN ´WÖEEL HWLN LKODOOHULµ LOH NDUûÖODûÖOGÖøÖQÖ YH EXQODUÖQ LoLQGH GH HQ oRN ´KDVWD KDNODUÖ LKODOOHULµ LOH ´KDNVÖ] oÖNDUµ VDøODPD\D \|QHOLN KHNLPOHUH LOLûNLQ GRV\DODUÖQ EXOXQGXøXQX EHOLUOHPLûWLU ùOHUL\H<|QHOLNgQHULOHU +HUNHVGQ\D\ÖGHøLûWLUPHNWHQV|]HGHU KLoNLPVHNHQGLQLGHøLûWLUPHNOHEDûODPD] <XNDUÖGD|]HWOHQHQWDEOR\DEDNÖQFDJ|UGNOHULPL]L´L\Lµ\DGD´PHPQXQOXNYHULFLµ RODUDN WDQÖPOD\DELOLU PL\L]" ´<D NkUOÖOÖN G]HQL \D HWLNµ ELoLPLQH G|QûHQ ELU UHDOLWHQLQ YDUOÖøÖQÖ KHU JQ KLVVHGHUHN YH D\QÖ ]DPDQGD HQ ID]OD VDøOÖN KL]PHWL DOPD\Ö JHUHNWLUHQNHVLPLQEXONHQLQHQ\RNVXOLQVDQODUÖROGXøXQXGDNHVLQOLNOHELOHUHNVDøOÖN VLVWHPLQGHNL LûOHPH\LûOHUGHQ VÖNÖQWÖ GX\DQ KDVWDODUÖQ NDUûÖVÖQD KHGHI RODUDN oÖNPDN ]RUXQGD NDODUDN KHNLPOLN \DSPDQÖQ QH GHQOL Jo ROGXøX R NDGDU DoÖN NL 7ÖS DODQÖQGD \DûDQDQODUÖQ EHOLUOL LONHOHUL PHVOHN \DûDPÖQGD JHoHUOL YH X\JXODQÖU NÖODELOPHN YH EXQX GHQHWOH\HELOPHN DGÖQD EHQ]HUOHULQL |WHNL PHVOHNOHU LoLQ GH \DNODûÖN ELoLPGH EXODFDøÖPÖ]Ö WDKPLQ HGHELOLUL] $QFDN ELU EDûND DoÖ EL]OHUH EX ONHGH ´PDQ]DUD L XPXPLµQLQoRNGDKDN|WROGXøX|\OHG|QHPOHULQGH\DûDQPÖûROGXøXQXKDWÖUODWÖ\RU NL E|\OHFH XPXWVX]OXøD NDSÖOPDPÖ]Ö HQJHOOL\RU úX DQ LoLQGH EXOXQGXøXPX] WDEOR\X GDKDROXPOXELU\|QHoHNHELOPHNDGÖQDoÖNÖû\ROODUÖQÖQWP\OHNDSDOÖROPDGÖøÖQÖNHQGL EDNÖû DoÖPÖ]GDQ V|\OH\HELOLUL] +HNLPOHULQ YDU RODQ |]ON KDNODUÖQÖQ L\LOHûWLULOPHVL\OH oDOÖûPDNRûXOODUÖQÖQG]HOWLOPHVL\OHX\JXODPDODUÖQGDKDJ|]|QQGHRODFDøÖWRSOXPVDO VRUXPOXOXøXPX]XQ JLGHUHN GDKD GD VRUJXODQDFDøÖ DPD KHU GXUXPGD KHNLPOHULQ EX PHVOHøL \DSÖ\RU ROPDNWDQ GROD\Ö PHPQXQL\HW GX\DFDøÖ ELU XIND \HONHQ DoPDPÖ]ÖQ ]RUXQOXROGXøXJ|UO\RU7ÖEEÖQJHOLûPH\HG|QN\DSÖVÖYHWHNQRORMLDNWDUÖPÖQÖQoRN \RøXQ\DûDQÖ\RUROPDVÖ\DNÖQ]DPDQODUGD´ELOLPNXUJXµJLELDOJÖODGÖøÖPÖ]ROD\ODUÖQELU ´UHDOLWHµ RODUDN NDUûÖPÖ]D oÖNPDVÖ JLEL QHGHQOHUOH ´WÖEEÖQ HWLN DoÖGDQ VRUJXODQPDVÖµ NHQGLQH oRN JHUHNVLQLP GX\XODQ ELU NRQXGXU 8OXVDO G]H\GH ELU HWLN GDQÖûPD NXUXOXQXQROXûWXUXOPDVÖVWSROLWLNDODUROXûWXUDELOPHNLoLQJHUHNOLJ|UQPHNWHGLU 6LYLOWRSOXP|UJWOHULQLQJLGHUHN|QSODQGDHWNLVLQLKLVVHWWLUHQUROOHULQLQQHWOHûPHVL YH E|\OHFH Lû DKODNÖ NRQXVXQGD EHOLUOL ELU G]H\L \DNDOD\DELOPHQLQ KHNLPOHULQ PHVOHN |UJW RODUDN 7UN 7DELSOHU %LUOLøLQLQ \HWNLVLQGH YH GHQHWLPLQGH EXOXQDQ ELU DODQ RODUDNWDQÖPODQPDVÖ]RUXQOXOXNWXU+HNLPRODUDNoDOÖûDELOPHNLoLQ77%\HVLROPDQÖQ ]RUXQOXWXWXODFDøÖELUG]HQOHPHVHUEHVWoDOÖûDQODUGÖûÖQGDLVWH\HQKHNLPLQ\HROGXøX YH E|\OHFH GROD\OÖ ELoLPGH NHQGL PHVOHøLQH \DEDQFÖODûPD VRQXFXQX GD JHWLUHQ JQP] WÖS RUWDPÖQÖ GHøLûWLUPHNWH NDWNÖGD EXOXQDELOHFHN JLEL J|UQPHNWHGLU \ÖOÖQGD 77% 2ODøDQ *HQHO .XUXOX·QGD NDEXO HGLOHQ DQFDN JHUHNOL ´\DVDOµ VUHoOHUL 8OXVDO8\JXODPDOÖ(WLN.RQJUHVL KHQ] JHoPHPLû RODQ 7ÖS 0HVOHN (WLøL ùONHOHUL PHWQLQLQ W]N DGÖQÖ DOPDVÖ WDULKOL 7ÖEEL 'HRQWRORML 1L]DPQDPHVLQH J|UH JQP] WÖS X\JXODPDVÖQD oRN GDKD X\JXQJHUHNVLQLPOHUHNDUûÖGDKDGRQDQÖPOÖROPDPÖ]ÖVDøOD\DFDNWÖU 3HOOHJULQR·\D J|UH ´.LûLOHU PRUDO |]QHOHUGLU YH NHQGL GDYUDQÖûODUÖQGDQ VRUXPOXGXUODU $QFDN KHSLPL]LQ NHQGLPL]L SDUDQÖQ QQ JFQ YH SUHVWLMLQ EDûWDQ oÖNDUÖFÖ HWNLOHULQH NDUûÖ NRUXPD |GHYLPL] YDUGÖUµ %HOLUOL ELU PHVOHN JUXEXQXQ PHVOHøH LOLûNLQ ROXûWXUGXøX NRUXGXøX PHVOHN \HOHULQH HPUHGLFL YH RQODUÖ EHOLUOL ELU ûHNLOGH GDYUDQPD\D]RUOD\DQNLûLVHOHøLOLPOHULVÖQÖUOD\DQ\HWHUVL]YHLONHVL]\HOHULQLPHVOHNWHQ GÖûOD\DQ PHVOHN LoL UHNDEHWL G]HQOH\HQ YH KL]PHW LGHDOOHULQL NRUXPD\Ö DPDoOD\DQ PHVOHNLLONHOHUEWQRODUDNWDQÖPODQDQPHVOHNLHWLN\XNDUÖGDGLOHJHWLULOHQ|GHYLPL]L \HULQH JHWLUPHPL]H \DUGÖPFÖ RODFDNWÖU 0HVOHNL HWLN ELU PHVOHN JUXEXQXQ HVHUL RODUDN NDEXOHGLOHELOHFHøLQHJ|UHELUJUXSQHGHQOLJoONXUXOPXûLVHHWLNLONHOHULGHRGHQOL HWNLOLROPDNWDGÖU <XNDUÖGD WÖS HøLWLPL LoHULVLQGH WÖS HWLøLQLQ \HUL\OH LOJLOL VDSWDPDODU EDøODPÖQGD ONH G]H\LQGHWÖSHWLøLQHLOLûNLQELUoHNLUGHNPIUHGDWÖQEHOLUOHQPHVLELU]RUXQOXOXNRODUDN J|UOPHNWHGLU %X PIUHGDW LoHULVLQGH ROPD]VD ROPD]ODUÖQ VDSWDQPDVÖ oHUoHYHVLQGH WP WÖS IDNOWHOHULQGH EHQ]HU ELU SURJUDPÖQ \UWOPHVLGH JHUHNOLGLU %|\OHFH HQWHJUH ELU WÖS HøLWLPL \DNODûÖPÖQGD PH]XQL\HW |QFHVL ER\XQFD WÖS HWLøL LOH LOJLOL NRQXODUÖQ ELUELULQH NRûXW YH RODELOGLøLQFH LûOHYVHO ELoLPGH HOH DOÖQPDVÖ PPNQ RODELOHFHNWLU $\UÖFD KHNLPOHULQ HøLWLPLQLQ WÖS IDNOWHVL \ÖOODUÖ\OD VÖQÖUOÖ NDODPD\DFDøÖ KHS VDSWDQDJHOHQ ELU ROJXGXU +HNLPLQ PHVOHN \DûDPÖ ER\XQFD NHQGLQL \HQLOHPHN YH EXQXQ \DQÖ VÖUD ELOGLNOHULQL PHVOHNWDûODUÖQD |øUHWPHNOH GH ´\NPOµ ROGXøX GLOH JHWLULOPHNWHGLU 7RSOXPXQ KHNLPGHQ EHNOHQWLVL RQXQ ´QLWHOLNOLµ ROXûX ]HULQH RGDNODQPÖûWÖU %X QLWHOLN WHN ER\XWOX ROPD\ÖS KHP ´PRUDOµ KHP GH ´SURIHV\RQHOµ QLWHOLN ROVD JHUHNWLU %LU EDûND V|\OH\LûOH KHNLPGHQ PHVOHN X\JXODPDVÖQÖ GUVWoH JHUoHNOHûWLUPHVLYHRQDWLFDULELU|]HOOLNYHUPHPHVLQLQ\DQÖVÖUD\NVHNELOJLYHEHFHUL G]H\LQGH EXOXQPDVÖ GD EHNOHQPHNWHGLU %LU KHNLPLQ ´PRUDOµ YH ´SURIHV\RQHOµ QLWHOLNOL ROXûX RQXQ HUGHPLGLU +HNLP EX QLWHOLNOHULQL NRUXGXøX RQODUÖ \LWLUPHGLøL VUHFH WRSOXPXQ EHNOHQWLOHULQL NDUûÖOD\DELOHFHNWLU 2\VD NHQGLQL \HQLOHPH\HQ HGLQGLøL GHQH\LPOHUL ELU ELOJL VLVWHPDWLøL LoHULVLQGH EWQOHûWLUPH\HQ \HQL VRUXQODU NDUûÖVÖQGD \HQL DUD\ÖûODUD \|QHOPH\HQ KHNLP V|] NRQXVX QLWHOLNOHULQGHQ |GQOHUYHUHUHN ]DPDQOD ´HUGHPLQL \LWLUPHNµ QRNWDVÖQD JHOHFHNWLU +HNLPLQ JQON HWNLQOLøLQLQ NRQXVX JQP]H JHOLQFH\H NDGDU EWQ DKODN VLVWHPOHULQGH HQ \NVHN GHøHUOHULQ EDûÖQD \HUOHûWLULOHQ ´LQVDQµ GÖU +HNLPLQ ELOLPVHO PHVOHNL YH PRUDO QLWHOLNOHULQL KHS JQQ EHNOHQWLOHUL G]H\LQGH WXWPDVÖ LOH DQFDN EX \NVHN GHøHUH X\JXQ ELU KL]PHW UHWLPL PPNQGU%XDPDoVUHNOLX]XQVROXNOXELUoDED\ÖJHUHNWLUHFHNWLU .D\QDNoD $UGD % ´+HNLPLQ (øLWLPL YH .HQGLQL <HQLOHPH 6RUXPOXOXøXµ $QNDUD hQLYHUVLWHVL7ÖS)DNOWHVL0HFPXDVÖ $UGD % ´&XPKXUL\HW '|QHPL )DNOWH 7ÖS (øLWLPL <DNODûÖPODUÖµ 6DøOÖN %LOLPOHUL $UDûWÖUPD 'HUJLVL $QNDUD 7DELS 2GDVÖ \ÖOÖ $OWDQ*QDOS·OLN|GO %HUQD$UGD³µùû$KODNÖµ$oÖVÖQGDQ7ÖS1HUHGH\L]"1HUH\H*LGL\RUX]" $UGD % ´5RNHDFK 6NDODVÖ LOH ELU dDOÖûPD 7ÖS gøUHQFLOHULQLQ 0HVOHøH <|QHOLPOHULYH'HøHU6LVWHPOHULµ$QNDUDhQLYHUVLWHVL7ÖS)DNOWHVL0HFPXDVÖ $UGD%´7ÖEEL(WLN(øLWLPL(OHûWLUHOELU'HøHUOHQGLUPHµ7ÖEEL(WLN $UGD % ´(WLN $oÖGDQ +HNLP +DNODUÖµ $QNDUD hQLYHUVLWHVL 7ÖS )DNOWHVL %DûDUDQ ) ´hQLYHUVLWHOL *HQoOHULQ 'HøHUOHULµ 8OXVDO 6RV\DO %LOLPOHU.RQJUHVL &LYDQHU 0 ´7UN 7DELSOHUL %LUOLøL <NVHN 2QXU .XUXOX·QD <DQVÖ\DQ 0HFPXDVÖ V$QNDUD 2OJXODUGD 7ÖEEL (WLN ùKODOOHULQLQ ùQFHOHQPHVLµ 7ÖS (WLøL $UDûWÖUPDODUÖ %L\RHWLN 'HUQHøL<D\ÖQÖ1R(G%$UGDV$QNDUD 'RZQLH 5 6 0DFQDXJKWRQ - &OLQLFDO -XGJHPHQW (YLGHQFH LQ 3UDFWLFH 2[IRUG *|NVHO)$´+HNLP$QGÖµ7UNL\H.OLQLNOHUL 8QLYHUVLW\3UHVV *|NVHO)$'HRQWRORML5HSHWLWRU\XPX%DVÖP$QNDUD 7UN 7DELSOHUL %LUOLøL 0H]XQL\HW gQFHVL 7ÖS (øLWLPL 5DSRUX .DWNÖGD EXOXQDQODU $ND\GÖQ 0 $NVDNRøOX * $UGD % $UÖRøXO 2 %XOXW $ &RûNXQ % 'RøDQ < )LGDQ'.DODoDd.ÖOÖod2NWD\úg]WHN=6DoDNOÖRøOX)6D\HN)6D\HNù 7RSX]RøOX$(Gù6D\HN%.ÖOÖoVD\ID$QNDUD+D]LUDQ 7UN7DELSOHUL%LUOLøL0H]XQL\HWgQFHVL7ÖS(øLWLPL5DSRUX<D\ÖQDKD]ÖUOD\DQODU% .ÖOÖoù6D\HN77%\D\ÖQÖ$QNDUD gUV < ´*HoPLûWH YH *QP]GH +HNLP+DVWD ùOLûNLOHULµ 7ÖS 'Q\DVÖ g]WUN + $UGD % ´$QNDUD 7DELS 2GDVÖ·QÖQ G|QHPLQGHNL VRUXûWXUPD GRV\DODUÖ\OD LOJLOL DQDOLWLN ELU oDOÖûPDµ ,,, 7ÖEEL (WLN 6HPSR]\XPX %LOGLULOHUL%L\RHWLN'HUQHøL<D\ÖQÖV<g.0DWEDDVÖ$QNDUD g]WUN 2 ´+HNLPLQ .LPOLøLµ $72 +HNLPGHQ +HNLPH 1LVDQ+D]LUDQ 3HKOLYDQ ù ´<|QHWVHO gUJWVHO YH 0HVOHNL (WLN $oÖVÖQGDQ 7ÖEEL (WLN YH 7ÖS (WLøL (øLWLPLµ 7ÖS (WLøL $UDûWÖUPDODUÖ %L\RHWLN 'HUQHøL <D\ÖQÖ 1R (G % $UGDV$QNDUD 5H]OHU $* ´$WWLWXGH FKDQJHV GXULQJ PHGLFDO VFKRRO $ UHYLHZ RI WKH OLWHUDWXUHµ-RXUQDORI0HGLFDO(GXFDWLRQ 0HG\DGD.ODVLN(WLN.RGODU%LUùOO]\RQPX" 'Ro'U=DNLU$YûDU $PHULNDQ HGHEL\DWÖQGDQ GLOLPL]H DNWDUÖODQ +RUDFH 0F &R\·XQ ´*D]HWHFL·QLQ gOPµURPDQÖQGD URPDQÖQNDKUDPDQÖ0LNH'RODQ·ÖQûDKVÖQGDLONHOLELUJD]HWHFLQLQ |OPQH |OGUOPHVLQH NDGDU X]DQDQ PFDGHOHVL GLOH JHWLULOLU 0LNH 'RODQDQ JD]HWHFLOLN VHUYHQL EDWÖ WRSOXPODUÖQGD RUWD\D NRQXODQ JHUHN NODVLN YH JHUHNVH JQP] LOHWLûLP RUWDPÖQGDQ QHû·HW KHPHQ KHPHQ EWQ HWLN NRGODUÖQ LKODOL YH VDYXQPDVÖQD ELUHU FDQODQGÖUPDOÖ |UQHN JLEL JHoHU 5RPDQÖQ LON VD\IDODUÖ NDKUDPDQÖQ PHG\D \|QHWLFLOHUL WDUDIÖQGDQ ÖVUDUOD JL]OHQPHN LVWHQHQ ELU ´GRøUXµ KDEHULQ KDOND GX\XUXODELOPHVL LoLQ LûLQL ND\EHWPH\L GDKL J|]H DODFDN NDGDU LONHOL WDYÖUODUÖ LOH EDûODUNHQ WDKPLQ HGLOHFHøL ]HUH VRQ VD\IDODUÖ GD RQXQ \LQH ´NDWÖDKODNLµ GXUXûX QHGHQL\OH |OGUOPHVL\OH RUWD\D oÖNDU 5RPDQÖQ VRQXQGD DGHWD |OGUOHQVDGHFH 0LNH 'RODQGHøLOD\QÖ]DPDQGDPHG\DDKODNÖGÖU ùOHWLûLPWDULKoLVL%DOGLQL0F/XKDQ·GDQ2QJ·D,QQÖV·GHQ+DYHORFN·DNDGDULOHWLûLP VRUXQODUÖ\OD LOJLOHQPLû EWQ GûQUOHULQ LQVDQODUÖQ ELUELUOHUL LOH LOHWLûLP NXUGXNODUÖ PHG\DQÖQRQODUÖQGûQûELoLPOHULQLYHEXQXQVRQXFXRODUDNGRøUXGDQYH\DGROD\OÖ ELU ûHNLOGH LoLQGH \DûDGÖNODUÖ WRSOXPX HWNLOHGLNOHUL J|UûQGH ELUOHûWLNOHULQL DNWDUDUDN LOHWLûLP GQ\DVÖQÖQ \DNÖQ YH X]DN JHoPLûLQGH ]DPDQ LoHULVLQGH ELUELULQL L]OH\HQ o WHPHO GHYULPH LûDUHW HGHU %XQODU ´FKLRJUDILN GHYULPµ ùg <]\ÖOGD \D]ÖQÖQ EXOXQPDVÖQÖ L]OH\HQ ´*XWHQEHUJ GHYULPLµ <]\ÖO RUWDODUÖQGD PDWEDDQÖQ EXOXQPDVÖQÖL]OH\HQ´HOHNWULNHOHNWURQLNGHYULPLµGLU·O\ÖOODUÖQRUWDODUÖQDGRøUX WHOJUDI YH GDKD VRQUDVÖQGD UDG\R YH WHOHYL]\RQXQ EXOXQPDVÖ $QFDN NLWOH LOHWLûLP DUDoODUÖQÖQ\DGDPHG\DODUÖQRUWD\DoÖNÖûÖ\D\JÖQODûPDVÖYH|]HOOLNOH´JD]HWHFLOLNµDGOÖ ELU PHVOHøLQ GRøXûX YH |QHP ND]DQPDVÖ O \]\ÖOÖQ VRQX YH \]\ÖOÖQ EDûODUÖQD UDVWODU *D]HWHFLOLN PHVOHøLQLQ RUWD\D oÖNPDVÖ |QHP ND]DQPDVÖ YH JHOLûPHVL\OH ELUOLNWH EDûWD NXUXPVDOODûPD ROPDN ]HUH WHNHOOHûPH PHG\D VDKLSOHULQLQ PHG\D GÖûÖ LûOHUH JLUPHVL HNRQRPLN YH VL\DVL oÖNDU DODQODUÖQD \|QHOPHVL JLEL JHQHO YH \DODQ KDEHU PDQLSODV\RQ \|QOHQGLUPH DPDoOÖ KDEHU |]HO KD\DWODUÖQ JL]OLOLøLQLQ LKODOL NLûLVHO oÖNDUODU NDPX \DUDUÖQÖQ J|] DUGÖ HGLOPHVL YE JLEL ELU GL]L PHVOHøH |]HO VRUXQODU EDûJ|VWHUPLû EXQODUÖQ o|]P LoLQ |QFHOLNOH KXNXNL G]HQOHPHOHU DNOD JHOPLû \DSÖOPÖû EX G]HQOHPHOHULQ \HWHUVL]OLøL VDNÖQFDODUÖ YH |]HOOLNOHGH ¶EDVÖQ |]JUOø· NDYUDPÖHWUDIÖQGDHWLNNRGODUJHOLûWLULOPHVLJHUHøLRUWD\DoÖNPÖûWÖU0HG\DNXUXOXûODUÖQÖQ NHQGLOHUL YH\D VW PHVOHN NXUXOXûODUÖQÖQ RNXUXQ JYHQLQL ND]DQPDN YH NRUXPDN DPDFÖ\OD RUWD\D NR\GXøX ¶HWLN NRGODU· WHPHOGH JD]HWHFLOLN PHVOHøLQLQ NRUXQPDVÖ oDEDODUÖQGDQGRøPXûWXU (WLNNDYUDP0HVOHN$KODNÖYH¶0HG\D$KODNÖ(WLNL· 5DG\RYH7HOHYL]\RQhVW.XUXOXh\HVL +RUDFH0F&R\*D]HWHFLQLQgOPoHY$KPHW$OWDQ%LOJL<D\ÖQHYL$QNDUD 0DVVLPR%DOGLQLùOHWLûLP7DULKL$YFÖRO%DVÖQ<D\ÖQùVWDQEXO .RUNPD]$OHPGDU0HG\D*FYH'HPRNUDWLN.XUXPODU$ID<D\ÖQODUÖùVWDQEXOV 8OXVDO8\JXODPDOÖ(WLN.RQJUHVL $QODPÖ WRSOXPODUD KDWWD NLûLOHUH J|UH GHøLûPHNOH ELUOLNWH HWLN ELUH\ GDYUDQÖûODUÖ\OD LOJLOL NXOODQÖODQ DKODN WHULPOHULQL DKODNL \DUJÖODUÖ LQFHOHPHNWH ELUH\OHULQ DKODNL WXWXPODUÖQÖQ DUGÖQGD \DWDQ \DUJÖODUÖ HOH DOPDNWDGÖU /DWLQFH ¶HWKLFXV·WDQ JHOHQ V|]FøQ GLOLPL]GHNL NDUûÖOÖøÖ LVH ¶W|UHELOLP· RODUDN RUWD\D NRQPXûWXU EXQD J|UH ´7|UHELOLP L\LN|W \DUDUOÖ\DUDUVÖ] VRUXQODUÖ LQFHOH\HQ W|UHVHO ELU GDYUDQÖû \DVDVÖ JHOLûWLUHQLQFHOHPHGDOÖGÖUµ %LUEDûND\D]DULVHEXWDQÖPÖGDKDJHQLûELUoHUoHYHGHûX ûHNLOGH LIDGH HWPHNWHGLU ´ùQVDQ GDYUDQÖûODUÖQÖQ QDVÖO ROPDVÖ JHUHNWLøLQL LQFHOH\HQ GLVLSOLQµ $QFDN |]JO HWLN NXUDOODUÖ GDLPD ELU NOWUQ GLQL LQDQoODUÖQD VRV\DO QRUPODUÖQD WDULKL ûDUWODUÖQD YH HNRQRPL IHOVHIHOHULQH EDøÖPOÖGÖU %X QHGHQOHGLU NL HWLN LONHOHULQH J|QGHUPH \DSÖOÖUNHQ VWDQGDUGÖQ X\JXODQGÖøÖ VLVWHPL J|] |QQGH EXOXQGXUPDN E\N |QHPWDûÖPDNWDGÖU -RQDKWDQ *ORYHU LVH HWLN LONHOHUL ELU DQODPGD ELOLPVHO NXUDPODUD EHQ]HWPHNWH YH EHOOL ELU RWRULWH HOL\OH EHOLUOHQPHGLNOHULQH YXUJX \DSPDNWDGÖU ´%LOLP YH HWLN DODQÖQGDNL LONHOHU ELU \DQGDQ oRN |QHPOL VRQXoODU HOGH HGLOLUNHQ ELU \DQGDQ GD EX oDOÖûPDODUÖQ KHP ELU \DQÖOPD SD\ÖQÖQ ROGXøX KHP GH VRQVX]OXøXQXQ NDEXO HGLOGLøL ELU VUHoWH LQVDQ DNOÖQÖQ YH LQVDQ GHQH\LPOHULQLQ ELUELUOHULQL HWNLOHPH EHFHULOHUL \ROX\OD NHûIHGLOPHVLGLUµ $OWXQ LOHWLûLP HWLøLQL HOH DOÖUNHQ ROD\D ´PHVOHN DKODNÖµ SHQFHUHVLQGHQ \DNODûPDNWD YHPHVOHNPHQVXSODUÖQÖQX\PDN]RUXQGDROGXNODUÖSHNoRNNXUDOÖQ\DVDODUNDSVDPÖQGD EHOLUWLOHUHN PHVOHNOHULQ LFUDVÖ VÖUDVÖQGDNL GDYUDQÖûODUÖQ NDPX \DUDUÖ LoLQ NRQWURO DOWÖQD DOÖQPD\D oDOÖûÖOGÖøÖQÖ EXQXQ \DQÖ VÖUD ELU GH \D]ÖOPÖû YH\D \D]ÖOPDPÖû ROVD ELOH EDøOD\ÖFÖOÖøÖ\DVDODUG]H\LQGHROPD\DQNXUDOODUÖQEXOXQGXøXQXYHEXQODUÖPHVOHNDKODN NXUDOODUÖ PHVOHN LONHOHUL RODUDN WDQÖPOD\DELOHFHøLPL]L EHOLUWPHNWHGLU %X LONHOHULQ HQ HVNLVL YH HQ QOV NXûNXVX] NL KHNLPOLN PHVOHøLQH EDûODUNHQ GRNWRUODU WDUDIÖQGDQ HGLOHQ´+LSRNUDW\HPLQLµGLU 0HVOHNDKODNÖNRQXVXQGD(PLOH'XUNKHLP·ÖQJ|UûYHGûQFHOHULGHEXEDøODPGD |QHP WDûÖPDNWDGÖU 'XUNKHLP·H J|UH WRSOXPVDO KD\DWÖ G]HQOH\HQ DKODN YH KXNXN NXUDOODUÖQÖQRUWDNELUQRNWDVÖEXOXQPDNWDGÖUPH\\LGH\DSWÖUÖP0H\\LGHGHDKODNÖQ WHPHO XQVXUXGXU %X QRNWDGD ´$KODNÖQ |WHNL DODQODUÖQD J|UH PHVOHN DKODNÖQÖQ JHQHO |]HOOLøL QHGLU"µ YH ´+HU PHVOHN DKODNÖQÖQ NXUXOPDVÖ YH QRUPDO RODUDN LûOHPHVL LoLQ ]DUXUvRODQûDUWODUQHOHUGLU"µVRUXODUÖ]HULQGHGXUDQ'XUNKHLPPHVOHNDKODNÖQÖQWHPHO D\ÖUW HGLFL |]HOOLøLQLQ ´NDPX YLFGDQÖQÖQ RQD J|VWHUGLøL LOJLVL]OLNµ ROGXøXQX EHOLUWLU 'ROD\ÖVÖ\OD 'XUNKHLP·D J|UH ´PHVOHN DKODNÖ FHPL\HWLQ EWQ X]XYODUÖ DUDVÖQGD RUWDN ROPDGÖøÖLoLQEXNXUDOODUDX\XOPDPDVÖJHQHOWHSNLGRøXUPD]µ 7RSOXPXQLOJLVL]OLøLQH NDUûÖ EX NXUDOODUÖQ LûOH\LûLQH QH]DUHW HGHFHN ELU WDNÖP JUXSODUD LKWL\Do EXOXQPDNWDGÖU 1XWWDOO-RKQ$KODNh]HULQH7DUWLûPDODUoHY$EGXOODK<ÖOPD]$\UÖQWÖ<D\ÖQODUÖùVWDQEXO V 'HPLUD\.HPDO7HPHO7UNoH6|]ON%DVNÖùQNÖODS.LWDEHYLùVWDQEXOV %OEO$5ÖGYDQùOHWLûLPYH(WLN.RQ\DV 0DOWHVNL79+DEHUFLOLøLQGH(WLN<DSÖ.UHGL<D\ÖQODUÖùVWDQEXOV *ORYHU-RQDWKDQ&DXVLQJ'HDWKDQG6DYLQJ/LYHV+DUPRQGVZRUWK3HQJXLQV GHQ DNWDUDQ$QGUHY%HOVH\YH5XWK&KDGZLFN0HG\DYH*D]HWHFLOLNWH6RWXQODUoHY1XUoD\ 7UNRøOX$\UÖQWÖ<D\ÖQODUÖùVWDQEXOV $OWXQ$EGXUUH]]DN7UNL\H·GH*D]HWHFLOLNYH*D]HWHFLOHUd*'\D\ÖQÖ$QNDUDV 'XUNKHLP(PLOH0HVOHN$KODNÖoHY0HKPHW.DUDVDQ0(%\D\ÖQÖ$QNDUDV DNW$OWXQDJHV =DNLU$YûDU³0HG\DGD.ODVLN(WLN.RGODU%LUùO]\RQPX" $\QÖ PHVOHNWHQ ELUH\OHULQ YH\D NXUXOXûODUÖQ ELU DUD\D JHOPHVL\OH NXUXODQ PHVOHNL JUXSODUÖQ PHVOHN DKODN NXUDOODUÖQÖQ X\JXODQPDVÖQGD |QHPOL URO YDUGÖU %X NXUDOODU QH NDGDU VDøODP YH WHûNLODWOÖ NXUXOPXû ROXUODUVD PHVOHN DKODNÖ DoÖVÖQGDQ YLFGDQODU ]HULQGHNLRWRULWHVLGHRGHQOLID]ODROXUPHVOHNDKODNÖGDRNDGDUJHOLûLUYHVD\ÖOÖU *D]HWHFLOLøLQ \]\ÖOÖQ VRQX YH \]\ÖOÖQ EDûÖQGDQ LWLEDUHQ KHU JHoHQ JQ |QHPLQL DUWÖUDQ ELU PHVOHN RODUDN RUWD\D oÖNPDVÖ\OD ELUOLNWH LûLQ \DSÖOPDVÖ YH PHVOHN JUXEX \HOHULQLQ NHQGL DUDODUÖQGD YH PHVOHN JUXEXQXQ \HOHUL DUDVÖQGD WRSOXPXQ JHUL NDODQ E|OPOHUL LOH LOLûNLOHULQLQ G]HQOHQHELOPHVL LoLQ ELU WDNÖP NXUDOODUÖQ JHUHNOLOLøL ]HULQGH GXUXOPD\D EDûODQPÖûWÖU ùON NXUDO RODUDN WD NDPX DKODNÖQÖQ GD EDûWD JHOHQ NXUDOÖ RODQ ´GRøUXOXNGUVWONµ LONHVL RUWD\D NRQXOPXûWXU =H\QHS $OHPGDU EX LON NXUDOD LOLûNLQ RODUDN $%' JD]HWHFLOHULQLQ KDVVDVL\HWOHULQL LIDGH HGHUNHQ WDUWÖûPDODUGDQ X]DN NDOPDN LVWH\HQOHULQ NHVLQ RODUDN NDEXO HWWLNOHUL LNL DQD NXUDOÖQ GRøUXOXN YH KDNNDQL\HW ROGXøXQX YXUJXODU YH $VVRFLDWHG 3UHVV $MDQVÖ·QÖQ ûX WHPHO NXUDOÖQÖ KDWÖUODWÖU ´+DEHUL |QFH DO IDNDW RQGDQ |QFH GRøUX DO JHW LW ILUVW EXW ILUVW JHW LW ULJKWµ %XHOEHWWHNLRNDGDUNROD\ELUûH\GHøLOGLUDQFDNKHUJD]HWHFLYH\D\ÖQRUJDQÖ LoLQE\N|QHPWDûÖPDNWDGÖU*HOLûHQKDEHUOHUGHKDEHUL|QFHGHQDOPDQÖQKDWDSD\ÖQÖ DUWÖUGÖøÖ ]DPDQÖ GRøUX NXOODQDPDPDQÖQ GD KDEHUL DWODPD WHKOLNHVL \DUDWWÖøÖ JHUoHøLQH UDøPHQ GRøUXOXN YHKDNNDQL\HW NXUDOODUÖQÖQ LKODOL KDEHULQ GHøHULQLGûUHQ HQ |QHPOL IDNW|UOHURODUDNRUWD\DoÖNPDNODGÖU 0HG\DHWLøLYH\D|]GHQHWLPNRQXODUÖQD\DNODûÖPODUGDE|\OHELUVÖQÖUODPDQÖQ´EDVÖQ |]JUOøµ oHUoHYHVLQGH QH DQODPD JHOHFHøL EDVÖQ |]JUOøQQ JHOHQHNVHO VÖQÖUODPD oDEDODUÖQD ELU \HQLVL ROXS ROPDGÖøÖ WDUWÖûPDODUÖ \DûDQPDNWDGÖU $QFDN .RUNPD] $OHPGDU·ÖQ \DNODûÖPÖ\OD ´(WLN J|UHFH |]JU ELoLPGH oDOÖûDQ JD]HWHFLOHULQ DUWDQ oHûLWOL EDVNÖODUD NDUûÖ NHQGLOHULQL YH PHVOHNOHULQL NRUXPDN RNXUXQ JYHQLQL ND]DQPDN DPDFÖ\OD X\PD\D V|] YHUGLøL NXUDOODU RODUDN RUWD\D oÖNPÖûWÖU %DûND ELU GHøLûOH NLWOH LOHWLûLPL DODQÖQGDNL HWLN DQOD\ÖûÖ EDVÖQ |]JUOøQ JHOHQHNVHO RODUDN VÖQÖUODPD HøLOLPL LoHULVLQGHNL GHYOHWH NDUûÖ PFDGHOHGHQ GHøLO VHUPD\HQLQ DUWDQ HJHPHQOLøLQLQ \DUDWWÖøÖ VRUXQODUDNDUûÖJD]HWHFLOLNPHVOHøLQLQNRUXQPDVÖoDEDODUÖQGDQGRøPXûWXUµ %HVWH\YH&KDGYLFNPHG\DHWLøLNRQXVXQX\DNODûÖPODUÖQGD´NDOLWHµER\XWXQDYXUJX \DSPDNWDGÖUODU *D]HWHFLOLøLQ KDWDOÖ X\JXODPDODUÖQGDQ PHQ HGLOLS JD]HWHFLOHULQ \DSWÖNODUÖQGDQ VRUXPOX WXWXOPDODUÖQÖ VDøOD\DFDN ELU GDYUDQÖû NRGX ]HULQGH GXUPDQÖQ EDVÖQGD NDOLWHQLQ NRQWURO\OH LOJLOL ELU EDûODQJÖo RODELOHFHøL ]HULQGH GXUDQ \D]DUODU VRUXQXQ NRGXQ LoHULøLQLQ QH RODFDøÖ JHQLû ELU DODQD \D\ÖODQ LONHOHUOH PL RODFDøÖ \RNVD GDKDNDSDOÖD\UÖQWÖOÖWDQÖPODPDODUODPÖEHOLUOHQHFHøLROGXøXQXLIDGHHWPHNWHGLUOHU\DQL NÖVDFDVÖ VÖQÖU oL]JLVLQLQ QHUHGHQ JHoHFHøLQL PHUDN HWPHNWHGLUOHU <LQH \D]DUODUFD EX QRNWDGD VRUXQXQ ELU EDûND ER\XWX RODUDN GD ´NRGXQ ROXPOX PX ROXPVX] PX HWLN ROPD\DQ ELU GDYUDQÖûÖ |QOHPH\H PL \RNVD HWLN GDYUDQÖûÖQ JHOLûWLULOPHVLQH PL \|QHOLN RODFDøÖµ]HULQGHGXUXOPDNWDGÖUgUQHøLQ´\DODQV|\OHPHµLOH JHUoHøLV|\OHµ D\QÖûH\ 'XUNKHLPDJHV $OWXQDJHV $OHPGDU=H\QHS2\XQXQ.XUDOÖ%DVÖQGDg]GHQHWLP%LOJL<D\ÖQHYL$QNDUDV $OHPGDU.RUNPD]$JHV %HOVH\$&KDGZLFN50HG\DYH*D]HWHFLOLNWH(WLN6RUXQODUoHY1XUoD\7NRøOX$\UÖQWÖ <D\ÖQODUÖùVWDQEXOV 8OXVDO8\JXODPDOÖ(WLN.RQJUHVL GHøLOGLU 6HVVL] NDODUDN \RUXP \DSPD\DUDN NRQX\X GHøLûWLUHUHN \DODQ V|\OHPHNWHQ NDoÖQÖODELOLUDPD\DODQÖV|\OHPL\RUROPDNQHJQONKD\DWWDQHGHJD]HWHFLOLNWH\HWHUOL ELU LONHOLOLN RODUDN J|UOHPH] (Q VRQ RODUDN WDUWÖûÖODQ NRQX HWLN ELU GDYUDQÖû NRGXQXQ KDQJL WHPHOH GD\DQDFDøÖ ]HULQGH RGDNODQPDNWDGÖU <D]DUODUD J|UH ´HWLN \DOQÖ]ELUGDYUDQÖûNRGXGHøLOGLUDUWÖ\DGDHNVL\DSWÖUÖPODUÖRODELOLU<DOQÖ]FDL]OHQPHVL JHUHNHQ NXUDOODUGDQ GD LEDUHW GHøLOGLU 'DKD oRN LQVDQ GDYUDQÖûODUÖQÖQ GRøUXODUÖ YH \DQOÖûODUÖ\OD LOJLOL LONHOHULQ PDNXO NXUXPODUD GD\DQDUDN QHVQHOOLN YH WDUDIVÖ]OÖNOD X\JXODQPDVÖ\ODLOJLOLGLUµ %XEDøODPGD]LNUHGLOPHVLQGH\DUDUEXOXQDQELU|QHPOLoDOÖûPDGD6LHEHUW3HWHUVRQ YH 6FKUDP·ÖQ ´%DVÖQÖQ '|UW 7HRULVLµGLU WDULKOL EX HVHULQ |QHPL LOHWLûLP VLVWHPOHULQLQ GD\DQGÖUÖOGÖøÖ GûQVHO WHPHOOHULQ NDUûÖODûWÖUPDOÖ RODUDN LQFHOHQPHVL oDOÖûPDODUÖQÖQ HQ oRN ELOLQHQOHUGHQ ROPDVÖQGDQ YH VRQUDNLOHUH ND\QDNOÖN HWPHVLQGHQ GROD\ÖGÖU ùOHWLûLP VLVWHPOHULQLQ QRUPDWLI WHPHOOHULQL ´RWRULWHUµ ´OLEHUDOµ ´6RY\HW .RPQLVWµYH´WRSOXPVDOVRUXPOXOXNµNXUDPODUÖEDûOÖNODUÖDOWÖQGDG|UWDQDNDWHJRULGH GH DODQ 6LHKHUU YH DUNDGDûODUÖQÖQ EX \DNODûÖPÖ JHQHO RODUDN NDEXO J|UPûWU %X HNLSWH \HU DODQ 6FKUDPP·ÖQ 5LYHUV YH &KULVWLDQV·OD ELUOLNWH NDOHPH DOGÖNODUÖ .LWOH ùOHWLûLPLQGH6RUXPOXOXNDGOÖHVHUOHULGH\LQHD\QÖ\DNODûÖPÖWDûÖPDNODGÖU<D]DUODUDJ|UH ùON JD]HWHFLOHU RWRULWHU ELU WRSOXPGD IDDOL\HW J|VWHUPHN ]RUXQGD NDOPÖûODUGÖ %|\OH ELU VLVWHPGH LOHWLûLP DKODNÖQÖQ HVDVODUÖ VRQ GHUHFH DoÖNWÖU 2OXPVX] ELU LIDGH\OH RWRULWHOHULQ J|]QGH GHYOHWH YH YDWDQGDûODUÖQD ]DUDU YHUHELOHFHøL GûQOHQ KLo ELU HVHU \D\ÖQODQDPD]GÖ 'DKD ROXPOX ELU LIDGH\OH WP \D\ÖQFÖOÖN OWXINDU GHYOHWLQ E\NOøQH NDWNÖGD EXOXQPDN ]RUXQGD\GÖ YH EX VRQXo LWLEDUL\OH LQVDQÖQ D]DPL ID\GD\D YH PXWOXOXøD XODûPDVÖQÖ VDøOD\DFDNWÖ %HOLUJLQ RODQ ûH\ LQVDQÖQ NHQGL EDûÖQD NDUDU YHUPHPHVL\GL oQN KHU ]DPDQ RQXQ DGÖQD NDUDU YHUHFHNKDNHPJ|UHYLVWOHQHQELURWRULWHPHYFXWWX <LQH D\QÖ \D]DUODU JHOLûHQ WLFDUHW VRQXFXQGD \HQL ELU VÖQÖIÖQ GRøGXøXQX EX VÖQÖIÖQ HNRQRPLNJFGROD\ÖVÖ\ODVL\DVHWHRUWDNROGXøXQXGROD\ÖVÖ\ODGHPRNUDWLNNDWÖOÖPÖHVDV DODQ OLEHUDO ELU \DNODûÖPÖP RUWD\D oÖNWÖøÖQÖ V|\OHPHNWHGLU /LEHUDO \DNODûÖP ILNLUOHULQ GHYOHW NRQWURO ROPDNVÖ]ÖQ VHUEHVWoH LIDGH HGLOPHVL J|UûQGHGLU %XQD J|UH WRSOXPGDNL WP IDUNOÖ ILNLUOHU EDVÖQ \ROX\OD |]JUFH VHVOHULQL GX\XUDELOHFHNOHU YH EX ûHNLOGH IDUNOÖ EDNÖû DoÖODUÖQÖQ DoÖNoD oDUSÖûPDVÖ VRQXFX KDON GRøUX\X \DQOÖûWDQ D\ÖUW HGHELOHFHNWLU $QFDN·OÖ\ÖOODUGDQLWLEDUHQOLEHUDOEDVÖQWHRULVLoRN\RøXQHOHûWLULOHUOH\]\]H JHOPH\H EDûODPÖûWÖU 7HRULQLQ ûSKH\OH NDUûÖODQPDVÖQD NDGDU XODûDQ EX HøLOLPGH PHG\DGD WHNHOOHûPHOHULQ oRN |QHPOL URO ROPXûWXU g\OH NL EX WHRUL\H GX\XODQ \DNODûÖPODU X]DQWÖVÖ RODUDN NDEXO HGLOHQ GRøDO KXNXN \DNODûÖPÖQD GD J|OJH GûUPûWU $NLW VHUEHVWLVL \D GD VHUEHVW V|]OHûPH HVDVÖ ]HULQH NXUXOX GRøDO KXNXN \DNODûÖPÖYHOLEHUDOPRGHOVHUEHVWSL\DVDX\JXODPDVÖQDGD\DQDQELUDU]WDOHSGHQJHVLQL <DJHV <DJHV .D\D5DûLWùOHWLûLP6LVWHPOHUL$QNDUDV2NWD\0DKPXW.LWOHùOHWLûLP$UDoODUÖQÖQ 8OXVODUDVÖ6RUXPOXOXøXYHùOHWLûLP$KODN.XUDOODUÖùh6%(<D\ÖQODQPDPÖû'RNWRUD7H]LùVWDQEXO V 5LYHUV:6FKUDPP:&KULVWLDQV&*5HVSRQVLELOLW\LQ0DVV&RPPXQLFDWLRQ1HZ<RUN DNW02NWD\DJWV =DNLU$YûDU³0HG\DGD.ODVLN(WLN.RGODU%LUùO]\RQPX" |QJ|UPHNWH\GL 'ROD\ÖVÖ\OD DU] WDOHS PHNDQL]PDVÖQD GD\DQDQ VHUEHVW V|]OHûPH NXUDOÖ WP WRSOXPVDO VRUXQODUÖ o|]POHU YH DGLO ELU KXNXN G]HQLQH XODûPDPÖ]D YHVLOH ROXUGX %XQGDQ KDUHNHWOH EDVÖQGD JHUHN LûoL YH LûYHUHQ YH JHUHNVH SL\DVD ûDUWODUÖQÖQ D\QÖ HVDVD J|UH LûOHGLøL J|Uû LOHUL VUOPHNOH\GL 2OD\D PHG\D DKODNÖ SHQFHUHVLQGHQ EDNÖOGÖøÖ ]DPDQ VRPXWD LQGLUJHQHFHN GXUXP û|\OH\GL ´%LU WDUDIWDQ ILNLUOHULQ |]JU GRODûÖPÖ LOH GHPRNUDWLN oRøXOFXOXN VDøODQDFDN GLøHU \DQGDQ GD WRSOXPVDO LKWL\DoODUD FHYDS YHUPH\HQ JD]HWHOHU DU] YH WDOHS VLVWHPL JHUHøL GRøDO RODUDN SL\DVDGDQ oHNLOHFHNWLµ dDOÖQDQODUDoÖVÖQGDQGD\LQHoRøXOFXOXNYHSL\DVDûDUWODUÖLoHULVLQGHNHQGL J|UûOHULQH X\JXQ PHG\D RUJDQODUÖQGD oDOÖûPD YH DNLW VHUEHVWLVLQH GROD\ÖVÖ\OD Lû GHøLûWLUHELOPHKDNNÖQDVDKLSROPDKDNNÖGRøPDNWD\GÖ 1H YDU NL WRSOXPVDO \DSÖGDNL GHQJHVL]OLNOHU YH LûYHUHQLQ oDOÖûDQODUÖQD J|UH JoO NRQXPX VHUEHVW V|]OHûPH |]JU LUDGH\H GD\DQDQ DU] YH WDOHS GHQJHVL HûLWOLN YE NDYUDQÖODQ VRQ GHUHFH DQODPVÖ] NÖOPÖûWÖ %WQ EX JHOLûPHOHUGHQ GROD\ÖGÖU NL YDWDQGDûODUÖQD NDUûÖ \NPOONOHU WDûÖ\DQ ´PGDKDOHFLµ YH ´VRV\DO GHYOHWµ DQOD\ÖûÖQÖ GRøXUDQEXJHOLûPHOHUPHG\DDODQÖQGDGDNDUûÖOÖNEXOPDNWDJHFLNPHGL 0HG\D VHNW|UQGHNL WHNHOOHûPH HøLOLPOHUL GÖû HNRQRPLN YH PDGGL oÖNDUODU UHNODPFÖODUÖQHWNLVLE\NVHUPD\HQLQYDUOÖøÖQÖKLVVHWWLUPHVLYHEDVÖQÖGHQHWLPDU]XVX oRøXOFXOXN YH oDOÖûDQODU DoÖVÖQGDQ DNLW VHUEHVWLVLQL RUWDGDQ NDOGÖUPÖûWÖ /LEHUDO \DNODûÖPÖQ |QJ|UGø YH\D JHWLUGLøL WHGELUOHU GH ]DWHQ JHQHOOLNOH PHG\D VDKLSOHULQLQ KDNODUÖQÖ NROOD\DQ DPD EX DODQGD oDOÖûDQ JD]HWHFL YH oDOÖûDQODUÖQ VRUXQODUÖQD J|] \XPDQ RQODUÖQ |]JUONOHULQLQ NÖVÖWODQPDVÖQÖ FLGGL ELU SUREOHP RODUDN J|UPH\HQ ELU WHPHOH GD\DQÖ\RUGX %WQ EXQODU WHSNL RODUDN \HQL ELU \DNODûÖP ELoLPLQLQ RUWD\D oÖNPDVÖQD DUDFÖOÖN HWWL 6RV\DO VRUXPOXOXN DQOD\ÖûÖ RODUDN LIDGH HGHFHøLPL] EX VUHoWH LOHWLûLPL G]HQOH\HQ ELU WDNÖP NXUDOODUÖQ EDVÖQ NRQVH\OHULQLQ DQWLWU|VW \DVDODUÖQÖQ YH GHYOHWLQ DOGÖøÖ ED]Ö WHGELUOHULQ ROXûWXUXOPDVÖ KXVXVX JQGHPH JHOGL <ÖOÖQGD $PHULND %LUOHûLN 'HYOHWOHULQGH NXUXODQ +XWFKLQV .RPLV\RQX UDSRUXQGD \HU DOGÖøÖ ûHNOL\OHVRV\DOVRUXPOXOXNDQOD\ÖûÖQÖQDQDHVDVODUÖûXûHNLOGHLGL *HOHQHNVHO EDVÖQ |]JUOø GûQFHVL LOH RQXQ JHUHNOL NÖOGÖøÖ D\UÖOPD] SDUoDVÖRODQVRUXPOXOXNDUDVÖQGDELUoHOLûNLYDUGÖU 6RUXPOXOXN \DVDODUD VD\JÖ JLEL NHQGL EDûÖQD |]JUONOHU |QQGH ELU HQJHO GHøLOGLU 7DP WHUVLQH SR]LWLI ELU |]JUOøQ JHUoHN ELU LIDGHVL RODELOLU$QFDNEXVRUXPOXOXNND\ÖWVÖ]NDOPD|]JUOøQHWHUVGûHU 6|]GH EDVÖQ ROXûWXUGXøXQD |]JUOøQQ EX JQOHUGH EX WU oRN WRSOXPVDO VÖN WDQÖN VRUXPVX]OXN |UQHøL ROXQPDNWDGÖU %DVÖQ \DQOÖûOÖNODUÖQÖQ YH WXWNXODUÖQÖQ |]HW kOkQ GÖûÖQD WDûÖS NDPXVDO WHKOLNH KDOLQH JHOGLøLQL ELOPHOLGLU %DVÖQ \DQOÖû \DSDUVD DOGDWWÖøÖ NDPXR\XGXU .LûLOHUH WDQÖGÖøÖ JLEL EDVÖQD GD KDWD \DSPD KDNNÖQÖQ WDQÖQPDVÖ EXQGDQ E|\OHPPNQGHOLOGLU %XQD J|UH PHG\D VDKLSOHUL YH oDOÖûDQODUÖ WRSOXPXQ EHNOHQWLOHULQL \HULQH JHWLUPH\L ELU \NPOON RODUDN NDEXOOHQPHOLGLUOHU 6HUEHVW SL\DVD YH UHNDEHW ûDUWODUÖQGD <DJH 2NWD\0DJWV $NW5.D\DDJHV 8OXVDO8\JXODPDOÖ(WLN.RQJUHVL PH\GDQD JHOHELOHFHN DNVDNOÖNODU NDPXVDO LKWL\DoODUÖ NDUûÖOD\DFDN PHNDQL]PDODUOD G]HOWLOPHOLGLU 0HG\D\Ö WRSOXPVDO DPDoODUGDQ X]DNODûWÖUDQ EDVNÖODUÖ RUWDGDQ NDOGÖUDELOPHN LoLQ GHYOHULQ VHNW|UH PDOL YH HNRQRPLN \DUGÖPODU oRøXOFXOXøXQ VDøODQPDVÖQD KL]PHW HGHQ |]HO KL]PHW YH NROD\OÖNODUÖQ WHPLQL PHG\D RUJDQODUÖQD \|QHOLN |]HO WDULIHOHU |QFHOLNOHU YH D\UÖFDOÖNODU JHWLULOPHVL D\UÖFD PHG\DQÖQ YH oDOÖûDQODUÖQÖQ KDN YH |]JUONOHULQL NRUX\DQ |]HO NDQXQODU YH DQWLWHNHO NDQXQODUÖ oÖNDUÖOPDVÖ EDVÖQ NRQVH\OHULQLQ ROXûWXUXOPDVÖ |]HO NRPLV\RQODUÖQ YH SDUODPHQWR NRPLV\RQODUÖQÖQ G]HQOHQPHVL JLEL ELUoRN WHGELU VLVWHPLQ HVDVÖQÖ ROXûWXUPDNWDGÖU .H]DLOHWLûLPNXUXOXûODUÖQGDoDOÖûDQODUÖQPHVOHNLVWDQGDUWODUÖQÖQGD|]GHQHWLPHVDVODUÖ GDKLOLQGHRUWD\DNRQPDVÖGDEXQXQELUSDUoDVÖGÖU $JHH$XOWYH(UQHU\·QLQPHG\DGDVRV\DOVRUXPOXOXøXELoLPOHQGLULUNHQEHûNRQWURO PHNDQL]PDVÖ |QJ|UHQ \DNODûÖPODUÖ GD |QHP WDûÖPDNWDGÖU %X PHNDQL]PD VX\D DWÖODQ WDûODUÖQLoLFHKDONDODUoÖNDUPDVÖQGDROGXøXJLELELUELULQHGHøPHGHQLoLFHJHoPLûVRV\DO NRQWUROKDONDODUÖQGDQROXûPDNWDGÖU(QLoWHNLNoNKDONDELUH\OHULQ\DQL\D\ÖQFÖODUÖQ PXKDELUOHULQ HGLW|UOHULQ PHG\D VDKLSOHULQLQ KDEHU PGUOHULQLQ ILOP YH YLGHR HGLW|UOHULQLQ YE NLûLVHO PHVOHNL VWDQGDUWODUÖQÖ YH DKODNL WHFUEHOHULQL VLPJHOHPHNWHGLU .LûL KHU ûH\GHQ |QFH NHQGL YLFGDQÖQD YH LQDQoODUÖQD NDUûÖ VRUXPOXGXU %X NLPLOHULQ NHQGLOHULQL oHYUHOH\HQ GLøHU G|UW KDOND\Ö J|] |QQGH WXWPDVÖ JHUHNPHNWHGLU ùNLQFL KDOND\Ö WHNHU WHNHU PHG\D NXUXOXûODUÖQÖQ NHQGL NXUXPVDO YH |]HO VWDQGDUWODUÖ YH DKODNL NXUDOODUÖ ROXûWXUPDNWDGÖU +HU NXUXOXûXQ NHQGLOHULQH |]J NÖVWDVODUÖ YH GHøHUOHQGLUPH XVXOOHUL EXOXQPDNWDGÖU EXUDODUGD oDOÖûDQODU GD WDPDPÖ\OD EX NXUDOODUD EDøOÖ NDOPDOÖGÖU hoQF KDONDGD ONH G]H\LQGH \HUOHûLN PHVOHNL DKODN NXUDOODUÖ YDUGÖU 'RøDO RODUDN ONHGHEXNXUDOODU]HULQGHELUDQOD\ÖûELUOLøLEXOXQXU%XQDPHG\DVHNW|UQGHNLIDUNOÖ LOHWLûLP DUDoODUÖQÖQ UDG\R WHOHYL]\RQ JD]HWH GHUJL UHNODPFÖOÖN VLQHPD YH EHONL ûLPGLOHUGH ùQWHUQHW XOXVDO G]H\GH JHWLUGLNOHUL VSHVLILN VWDQGDUWODUÖ GD GDKLOGLU '|UGQF KDOND GHYOHWLQ YH VRV\DO VLVWHPLQ LOHWLûLPLQH LOLûNLQ WHPHO IHOVHIHOHUL YH KXNXNXQ NR\GXøX VÖQÖUODPDODUÖ J|VWHULU (Q GÖûWDNL KDOND LVH \DQL EHûLQFL KDOND LVH WRSOXPXQ QH WU KDEHUOHUH WROHUDQV J|VWHUHFHøLQL YH\D J|VWHUPH\HFHøLQL LIDGH HGHQ VÖQÖUODPDODUÖ LoHULU %LU |UQHNOH KHU WRSOXPGD PVWHKFHQOLN DQOD\ÖûÖ IDUNOÖOÖNODU DU] HWPHNWHGLU 0HG\D DKODN NRGODUÖ YH\D LONHOHUL LVH EX SHUVSHNWLIWHQ KDUHNHWOH JHQHO DQODPGD \DVDO G]HQOHPHOHUH WHNDEO HWVLQ YH\D HWPHVLQ PHVOHNWH RODQODUÖQ X\PDN GXUXPXQGD EXOXQGXøX GDYUDQÖû NXUDOODUÖQÖ LIDGH HWPHNWHGLU 'DU DQODPGD LVH PHVOHøLQ NHQGL NHQGLVLQH UHWWLøL YH \HOHULQLQ X\PDODUÖ JHUHNHQ NXUDOODU PDQ]XPHVLGLU %X NRGODUÖQ ND\QDøÖ PHVOHNL \HWHQHNOHU PDKNHPH NDUDUODUÖ EDVÖQ ûHUHI GLYDQODUÖ YH\D EDVÖQ NRQVH\OHUL YE PHVOHN |UJWOHUL ROGXøX JLEL EL]DWLKL PHG\D NXUXOXûODUÖQÖQ NHQGLOLNOHULQGHQVWOHQGLNOHUL\NPOONOHURODELOLU %DVÖQ DKODN NRGODUÖQÖ YH\D LONHOHULQL G|UW JHQHO NDWHJRUL LoHULVLQGH GHøHUOHQGLUPHN GHPPNQGU D +HU PHVOHNWH ROGXøX JLEL \DOQÖ]FD EDVÖQ PHVOHøLQGH RODQODUÖ YH PHVOHN |UJWOHULQL LOJLOHQGLUHQ NRGODUGÖU %XUDGD PHVOHN UQQQ \FHOWLOPHVL PHVOHN oÖNDUODUÖQÖQ NRUXQPDVÖ ILNUL KDNODUD VD\JÖ \D]Ö DûÖUPD \DVDøÖ YH RUWDN ]LKQL\HW J|VWHUPH ]RUXQOXOXøXJLELNXUDOODUÖVÖUDODQDELOLU 2NWD\0DJWV $NW2NWD\0DJWV =DNLU$YûDU³0HG\DGD.ODVLN(WLN.RGODU%LUùO]\RQPX" E +HU WUO LIVDW JLULûLPOHULQL UHGGHWPH JHUoHøLQ DUDQPDVÖ KDEHULQ \RUXPGDQ D\UÖOPDVÖ GRøUXROPD\DQKDEHUOHULQG]HOWLOPHVL]RUXQOXOXøXPDQHYLGLQLGX\JXODUDVD\JÖOÖROPD EDûNDODUÖQÖQKDNODUÖQDVD\JÖOÖROPDJLELKDONODLOLûNLOHULG]HQOH\HQNXUDOGÖU F .LûL\OH RODQ LOLûNLOHUGH X\JXODQDQ NXUDOODU +DNDUHW YH V|YPHQLQ GLQ ÖUN HWQLN N|NHQ VL\DVDOWHUFLKFLQVL\HWYEQHGHQOHUOHD\UÖP\DSÖOPDVÖQÖQ\DVDNODQPDVÖYV G 'HYOHW YH XOXVODUDUDVÖ WRSOXOXNOD LOLûNLOHUL EHOLUOH\HQ NXUDOODU %DVÖQ |]JUOøQ YH PHVOHNL VÖUODUÖ VDYXQPD LQVDQ KDNODUÖ EDUÖû XOXVODUDUDVÖ LûELUOLøL DQOD\ÖûÖQGDQ \DQD WDYÖU WDNÖQPDYE 0HG\D$KODNÖ%DøODQÖPGD(OH$OÖQDQ7HPHO6RUXQODU 0HG\D DKODNÖ DQOD\ÖûÖ LOH ELUOLNWH ´EDûWD NDPX \DUDUÖ NDYUDPÖQÖQ LoHULøLQLQ QH RODFDøÖ ROPDN ]HUH ´EDVÖQ |]JUOøµ PHG\D GHQHWLPLQGH KXNXNL YH |]GHQHWLP \ROODUÖ YH JQP]GH \HQL ELU \RO RODUDN EHOLUJLQOHûHQ ´RUWDN GHQHWLP EDEÖQGD WHNHOOHûPH YH PHG\D VDKLSOHULQLQ SDWURQODUÖQÖQ EDVÖQ GÖûÖ LûOHUGH IDDOL\HW J|VWHUPHVL NRQXODUÖVÖNOÖNODWDUWÖûÖOPD\DEDûODPÖûWÖU D.DPX<DUDUÖ .DPX \DUDUÖQÖQ QH ROXS ROPDGÖøÖ NDPX \DUDQPD KDQJL KDOOHUGH V|] NRQXVX HGLOHFHøL YH EX NDYUDPÖQ PHG\D HWLN NRGODQÖQ LKODO LoLQ \HWHUOL ELU JHUHNoH WHûNLO HGLS HWPH\HFHøL]HULQGHoRNGHULQYHDQODPOÖWDUWÖûPDODU\UWOPûWU %XNRQXGDNLWDUWÖûPDODUÖQLNLWHPHOER\XWXYDUGÖU%LULFLVLNLûLOHULQ|]HOKD\DWODUÖQD PGDKDOHLNLQFLVLLVHGHYOHWVÖUUÖQLWHOLøLQGHNLELOJLOHULQDNWDUÖOPDVÖGÖU g]HOOLNOH ELULQFL ER\XWOD LOJLOL RODUDN NDPX \DUDUÖQÖQ VÖQÖUÖQÖQ QHUH\H NDGDU RODFDøÖ NRQXVXQGD REMHNWLI ELU VÖQÖUODPD EXOXQPDPDNOD ELUOLNWH |]HO KD\DWD LOLûNLQ KDEHU \RUXP YH J|UQWOHULQ VXQXPXQGD JL]OL NDPHUD JL]OL VHV YH ND\ÖW G]HQL WHOH REMHNWLI YE \|QWHPOHUOH X]DNWDQ KDEHU YHUPHNVL]LQ J|UQW DOPDQÖQ YH GXGDN RNXPD \|QWHPL\OH NRQXûPDODUÖ DNWDUPDQÖQ JHQHO RODUDN HWLN GÖûÖ J|UOGø YH NLPL ONHOHUGH EXNRQXODUÖQKXNXNLG]HQOHPHOHUHNRQXROGXøXELOLQPHNOHGLU 'HYOHWVÖUODUÖQÖQLIûDVÖQRNWDVÖQGDGD\LQHKHPKXNXNLKHPGHHWLNNXUDOODUGHYUH\H JLUPHNOHGLU $QFDN \LQH EXUDGD GD QH\LQ KDQJL ûDUWODU DOWÖQGD GHYOHW VÖUUÖ NDEXO HGLOHFHøLGLU gUQHøLQ GHYOHWLQ NDQXQODUGD \HUL ROPD\DQ H\OHP YH LûOHPOHULQLQ EXOXQPDVÖ KDOLQGH JD]HWHFLOHU EXQX |øUHQGLNOHUL ]DPDQ WRSOXPD DNWDUDPD\DFDNODU PÖGÖU" %X EDøODPGD EDKVHGLOPHVL JHUHNHQ ELU GLøHU KXVXV LVH \D]PDPDQÖQ WHUVLQH ´PLOOL oÖNDUODU V|] NRQXVX ROGXøX ]DPDQ DFDED JD]HWHFLOHU R GRøUXOWXGD PÖ KDEHU \DSPDOÖGÖUODU"µVRUXVXQXQFHYDEÖGÖU E%DVÖQg]JUOø$FÖVÖQGDQ+XNXNLYH(WLN'HQHWLPg]GHQHWLPYH2UWDN 'HQHWLP 0HG\D GHQHWLPLQGH HWLN LONHOHULQ ELU \HUGH ´JD]HWHFLQLQ YH\D PHG\D RUJDQÖQÖQ NHQGL DU]XVXQD EÖUDNÖOPÖû ROPDVÖ LONHOHULQ PXWODN ELU \DSWÖUÖPÖ VDøOD\DPDPDVÖ oRøX NH] HWLN NRGODUÖQ KXNXNL PHWLQOHUGH GH NDUûÖOÖN EXOPDVÖ VRQXFXQX GRøXUPDNWDGÖU +XNXNL GHQHWLPGH \DSWÖUÖPODUÖQ NHVLQ YH ED]HQ GH DøÖU ROPDVÖ YH ED]Ö ]DPDQODUGD GD KNPHWOHUOH EDVÖQ DUDVÖQGDNL LOLûNLQLQ WDQ]LPLQGH NXOODQÖOPD LKWLPDOLQL GRøXUPDVÖ 'DQÖûPDQ$KPHWDJPDNW02NWD\DJWV 8OXVDO8\JXODPDOÖ(WLN.RQJUHVL PHG\DQÖQ |]JUON DODQÖQÖQ GDUDOWÖOGÖøÖ ELoLPLQGH \RUXPODQDELOPHNWHGLU *LUJLQ ELU KDEHULQYHULOPHVLQGHYHJD]HWHFLQLQKDEHUYHUPHKDNNÖQÖNXOODQPDVÖQGDNDPX\DUDUÖQÖ WHVSLWOH J|UHYOL \DUJÖFÖQ GDYD NRQXVX KDEHULQ RNX\XFXQXQ PDUD]L PHUDN GX\JXODUÖQÖ WDWPLQHPL\RNVDVWQDKODNLYHKXNXNLGHøHUOHULQNRUXQPDVÖQDPÖ\|QHOLNROGXøXQX DUDûWÖUPDN YH RQD J|UH NDPX \DUDUÖQÖQ ROXS ROPDGÖøÖ VRQXFXQD YDUPDN GXUXPXQGD EXOXQGXøXQXV|\OHPHNWHGLU ! +XNXNLG]HQOHPHOHUYHGROD\ÖVÖ\OD\DUJÖVDOGHQHWLPGHJHWLULOHQVWDQGDUWODUGDJHQHO RODUDN ´PHVDM LoLQ ELOJL WRSODQPDVÖQGD YH EX ELOJLOHULQ VHoLOHUHN PHVDM KDOLQH JHWLULOPHVLQGH X\XOPDVÖ JHUHNHQ SR]LWLI VWDQGDUWODUGÖUµ GL\HQ 9XUDO LOHWLûLPFLOHULQELOJL WRSODPD VÖUDVÖQGD VH\UHN WH ROVD ELOHUHN \D GD ELOPH\HUHN \DVD GÖûÖ GDYUDQÖûODUGD EXOXQGXøXQDGLNNDWoHNPHNWHYH´EXQODUNLûLKDNODUÖQDGRNXQPDKDWDOÖ\D\ÖQ\DSPD D\UÖFDOÖNKDNNÖQÖN|W\HNXOODQPDWLFDULJYHQOLøLVDUVPDoDOÖQPÖûGRNPDQNXOODQÖPÖ EDûNDVÖQÖQ HVHULQL NHQGLVLQH PDO HWPH \D GD |\OH ELU GRNPDQÖ NXOODQPD KDEHU ND\QDøÖQÖ NDQÖWOD\DPDPD SURJUDPODUÖQ ûLGGHW YH VHNV LoHUPHVL JLEL GDYUDQÖûODUµ ! RODUDNVÖUDODPDNWDGÖU gWH \DQGDQ KXNXNL G]HQOHPHOHU YH \DUJÖVDO GHQHWLP GÖûÖQGDNL \ROODU LVH ]DWHQ PHG\DQÖQ NHQGLVL WDUDIÖQGDQ KHP RNX\XFX NLWOHVL\OH LOLûNLOHULQL L\LOHûWLUPHN YH KHP GH PHG\DQÖQ PGDKDOH DOWÖQGD NDOPDVÖQÖ |QOHPHN DPDFÖ\OD JHOLûWLULOPLû \ROODU RODUDN RUWD\D oÖNPÖûWÖU *QP]GH |]GHQHWLP \DQL \D\ÖQ NXUXOXûXQXQ WRSOXPVDO VRUXPOXOXN GRøUXOXN JHUoHNoLOLN KDNNDQL\HW REMHNWLIOLN YH WDUDIVÖ]OÖN J|UHYOHUL X\DUÖQFD \|QHWLPLQL NHQGLVLQLQ EHOLUOH\HFHøL NDPXVDO \D\ÖQFÖOÖN YH ONHVLQLQ NDQXQODUÖ YH WDUDI ROGXøX XOXVODUDUDVÖ \DVDO G]HQOHPHOHUH WHUV GûPHPHN LoLQ KDEHU SURJUDP YH\D GLøHU \D\ÖQODUÖQÖ J|]HWOHPH NRQWURO YH G]HQOHPH VRUXPOXOXøXQXQ \DQÖ VÖUD ELU GH RUWDN GHQHWLP RODUDN LIDGH HGHELOHFHøLPL] \D\ÖQ NXUXOXûX LOH \D\ÖQ NXUXOXûXQXQ GÖûÖQGDNL ELU RUJDQ NRQVH\ NXUXO YH\D VLYLO WRSOXP NXUXOXVX WDUDIÖQGDQ \D\ÖQODUÖQ LoHULNOHULQH LOLûNLQ NRQWURO G]HQOHPH YH J|]HWOHPH VRUXPOXOXøX DQOD\ÖûÖ JHOLûPLûWLU %XUDGD JHQHO RODUDN NDPX NXUXPODUÖ XODûÖODFDN KHGHIOHUL WD\LQ HWPHNWH YH EX GRøUXOWXGD JHUHNOL GHWD\ODUÖQ WHVSLW YH UHWLOPHVL VHNW|U oDOÖûDQODUÖQD YH\D GLøHU LOJLOL WDUDIODUDEÖUDNÖOPDNWDGÖU F0HG\DGD7HNHOOHûPH<RøXQODûPD0HG\DQÖQYH3DWURQODUÖQÖQ%DVÖQ'ÖûÖ ùûOHUL 0HG\DGD WHNHOOHûPH YH\D \RøXQODûPD IDUNOÖ PHG\D VHNW|UOHULQGH D\QÖ JUXS YH\D ûLUNHW oÖNDUODUÖQÖQ ELULNPHVLQL LIDGH HWPHNWHGLU *HQHOOLNOH LNL ûHNLOGH ROPDNWDGÖU %LULQFLVL NHQGL \D]Ö LûOHUL NDGURVXQD VDKLS PHG\D RUJDQÖ VD\ÖVÖQGD D]DOPD LNLQFLVL LVH ELUGHQoRNPHG\DQÖQNRQWUROQQELUNLûLYH\DELUJUXSHOLQHJHoPHVLGLU ! ùNLQFLJUXS LVH NHQGL LoHULVLQGH IDUNOÖ ELoLPOHUGH WH]DKU HGHELOPHNWHGLU dDSUD] VDKLSOLN FURVV RZQHUVKLS RODUDN LIDGH HGHELOHFHøLPL] EDVÖQ UDG\R YH WHOHYL]\RQ VHNW|UOHUL DUDVÖQGD KLVVHDOÖPÖVDWÖPÖDNWDUÖPÖQÖQ\DQÖVÖUD\DWD\HQWHJUDV\RQKRUL]RQWDOLQWHJUDWLRQ\ROX\OD ELUûLUNHWYH\DJUXEXQD\QÖPHG\DVHNW|UQGHELUGHQoRN\D\ÖQRUJDQÖQÖNRQWUROHWPHVL YH\D GLNH\ HQWHJUDV\RQ YHUWLFDO LQWHJUDWLRQ LOH ELU ûLUNHWLQ YH\D JUXEXQ PHG\D VHNW|UQGH GDøÖWÖPGDQ UHWLP VUHFLQH NDGDU GHøLûLN E|OPOHUL NRQWURO HWPHVL \D GD *LUJLQ$WLOOD<D]ÖOÖ%DVÖQGD+DEHUYH+DEHUFLOLN(WLNLùQNÖODS<D\ÖQHYLùVWDQEXOV 9XUDO6DFLGH.LWOHùOHWLûLPGH'HQHWLP6WUDWHMLOHUL%LOLP<D\ÖQODUÖ$QNDUDV .RUNPD]$OHPGDU´%DVÖQGD7HNHOOHûPH)UDQVDgUQHøLµ$ù7ù$ùOHWLûLP'HUJLVLV =DNLU$YûDU³0HG\DGD.ODVLN(WLN.RGODU%LUùO]\RQPX" oRN WDUDIOÖ PHG\D HQWHJUDV\RQX PXOWLPHGLD LQWHJUDWLRQ \ROX\OD ELU ûLUNHW YH\D JUXEXQ ELUoRNPHG\DVHNW|UQGHSD\YHV|]VDKLELROPDVÖELoLPLQGHJHUoHNOHûHELOPHNWHGLU *D]HWHOHULQ WHOHYL]\RQ YH UDG\RODUÖQ HNRQRPLN ûDUWODUD D\DN X\GXUPDGD oHNWLNOHUL JoONOHU \D\ÖQ KD\DWODUÖQÖ VUGUPHOHULQL GRøDO RODUDN HWNLOHPHNWH |]HOOLNOH GH \D]ÖOÖ EDVÖQGD ELU WDNÖP JD]HWHOHU \D NDSDQPDNWD YH\D HO GHøLûWLUPHNWHGLU %X HO GHøLûLPOHUL JHQHOOLNOH EDûND \D\ÖQ RUJDQODUÖQD GD VDKLS RODQ ´SDWURQODUDµ GRøUX ROPDNWD EX SDWURQODU JD]HWHOHULQ YH\D GLøHU PHG\DODUÖQÖQ PHYFXW \|QHWLP YH \D]Ö LûOHUL NDGURODUÖQÖ PXKDID]D HWPHN \HULQH ´KDYX]µ VLVWHPL LOH EWQ \D\ÖQ RUJDQODUÖQÖ ´EHVOHPHNWHGLUµ'ROD\ÖVÖ\OD\D\ÖQRUJDQODUÖQGDKDEHUOHUGHQ\D\ÖQSROLWLNDODUÖQDNDGDU SHNoRNEHQ]HUOLNOHUGRøPDNWDGÖU 7HNHOOHûPHQLQ LON HWNLVL GRøDO RODUDN EDVÖQ oDOÖûDQODUÖQD NDUûÖ GRøPDNWDGÖU 7HNQRORML\H G|QN E\N \DWÖUÖPODU \DSÖOÖUNHQ EDVÖQ oDOÖûDQODUÖQÖQ VD\ÖODUÖQGD VUHNOL ELUD]DOWPD\ROXQDJLGLOPHNWHGLU 0HG\D LûOHWPHFLOLøLQLQ GH GLøHU LûOHWPHOHU JLEL NkUOÖOÖN YH YHULPOLOLN HVDVÖ ]HULQGH \DûÖ\RU ROPDVÖ WHNQRORMLN YH PDOL UHNDEHW RUWDPÖQGD ´JD]HWHFL PHG\D SDWURQXµ WLSLQL GH WHKGLW HGHQ ELU XQVXU RODUDN NDUûÖPÖ]D oÖNPDNWDGÖU gWH \DQGDQ PHG\DQÖQ NDPXR\X YH LNWLGDUODU QH]GLQGH E\N ELU Jo ROXûWXUPDVÖ GD \HQL HNRQRPLN DQOD\Öû oHUoHYHVLQGH ´SDWURQODUÖQµ PHG\D\D EDNÖûÖQÖ GHøLûWLUPLûWLU ´3DWURQODUµ SHN oRN ´ûH\LQµ \DQÖQGD ELU GH ´PHG\D SDWURQXµ ROPD\Ö UHNDEHW YH Jo R\XQXQXQ ELU SDUoDVÖ RODUDN J|UPH\H EDûODPÖûODUGÖU %X ûHNLOGH GQ\DQÖQ ELUoRN ONHVLQGH ROGXøX JLEL 7UNL\H·GHGHPHG\DSDWURQOXøX\HULQL´SDWURQXQPHG\DODUÖQDµEÖUDNPÖûWÖU $QFDN PHG\D LûOHWPHFLOLøLQLQ KHU ûH\H UDøPHQ SDKDOÖ ELU XøUDû ROPDVÖ PHG\D VDKLSOHULQLQ\HU\HUSUDWLNo|]POHUEXOPDODUÖQÖQ\ROXQXDoPÖûWÖU %XQODUÖQ EDûÖQGD ORWDU\D X\JXODPDVÖ JHOPHNWHGLU *D]HWH\L JD]HWH RODUDN YH\D WHOHYL]\RQX WHOHYL]\RQ RODUDN L]OHWWLUPHGH RUWD\D oÖNDQ JoONOHU EHOOL VD\ÖODUGD NXSRQ NDUûÖOÖøÖ\DQLRVUHoWHJD]HWH\LYH\DV|]NRQXVXPHG\D\ÖWDNLSHWPH]RUXQOXOXøXHY DUDED ELOJLVD\DU YH\D EDûND oHNLOLûOHUOH KHGL\H GDøÖWDUDN VDøODPD JLEL SUDWLN ELU o|]P ELoLPL JHOLûWLUPLûWLU ! 5DG\R YH WHOHYL]\RQODUGD ELU WDNÖP oHNLOLûOHU QHWLFHVLQGH NDWÖOÖQDQ YH ND]DQÖOGÖøÖ WDNGLUGH E\N PDGGL |GOOHU YHULOHQ SURJUDPODU GD EX NDSVDPDGDKLOHGLOHELOLU %LU GLøHU ´oÖOJÖQµ X\JXODPD LVH SURPRV\RQODUGÖU 3URPRV\RQ X\JXODPDODUÖQGD RNX\XFX L]OH\LFLQLQ \LQH NXSRQ ELULNWLUPH YE \NPOONOHUL EXOXQPDNOD ELUOLNWH oHNLOLû YH NXUD ROPDNVÖ]ÖQ KHUNHVLQ ´KHGL\HOHULQLµ DOPD ûDQVÖ EXOXQPDNWDGÖU %X X\JXODPDGD ELU G|QHP EWQ GQ\D\Ö VDUPÖû DQFDN SHN oRøX KXNXNL G]HQOHPHOHU ROPDN]HUHEXoÖOJÖQOÖøÖQ|QQQDOÖQPDVÖLoLQoDEDJ|VWHULOPLûWLUhONHPL]GHGH VD\ÖOÖ 7NHWLFLQLQ .RUXQPDVÖ +DNNÖQGD .DQXQ·OD SURPRV\RQX\JXODPDODUÖQDVÖQÖUOÖOÖNODUJHWLULOPLûWLU ELUOLNWH PHG\D RUJDQODUÖQÖQ gWH\DQGDQPHG\DQÖQWHNEDûÖQDELUJoROPDVÖELUoRNONHGHEXJFHVDKLSRODQ SDWURQODUD EDVÖQ ROXûWXUPXûWXU GÖûÖ $QFDN VHNW|UOHUGH ELUoRN NROD\ ONH YH EDVÖQ UDNLSVL] Lû SDWURQODUÖQÖQ \DSDELOPH EDVÖQ GÖûÖ LPNDQODUÖ VHNW|UOHUH 7UNL\H·GHGHJHoWLøLPL]\ÖOODUGDoÖOJÖQOÖNER\XWXQDYDUDQEXWUX\JXODPDODUROPXûWXU%X NRQXGDEN]7XWDU+LOPL<]\ÖOGD7UN%DVÖQÖ$QNDUD .ÖOÖQo7DQÖO%DVÖQGD3URPRV\RQ8\JXODPDOUÖù72<D\ÖQÖ 8OXVDO8\JXODPDOÖ(WLN.RQJUHVL DoÖOPDODUÖQÖQ YH |]HOOLNOH GH GHYOHW LOH EX WU LOLûNLOHUH JLUPHOHULQLQ |QQ WÖND\DQ KXNXNLG]HQOHPHOHUHJLWPLûWLU 0HG\D$KODNÖh]HULQH']HQOHPHOHUGH*HQHO.DEXO*|UPûùONHOHU.ODVLN ùONHOHU %LOLQHQ LON \D]ÖOÖ EDVÖQ DKODN \DVDODUÖ RODQ )UDQVD YH ùVYHo·WHNL G]HQOHPHOHULQ DNDELQGH ELUoRN ONHGH EDVÖQÖQ NHQGL NHQGLVLQL NRQWURO YH GHQHWLPLQL YH PHVOHNL JHOLûPH\L KHGHIOH\HQ NXUDOODU RUWD\D NRQPXûWXU ! %XJQ KHPHQ KHPHQ EWQ ONHOHUGHPHG\DQÖQX\PDVÖJHUHNHQELUWDNÖP´HWLNNRGODUµPHYFXWEXOXQPDNODGÖU %X HWLN NRGODUÖQ X\JXODQÖS X\JXODQPDGÖøÖ YH\D LKODOLQL WHVSLW YH JHUHNOL WHGELUL DOPDNOD J|UHYOL RODQ LNL WHPHO PHVVHVH EXOXQPDNWDGÖU %XQODUGDQ LONL EX HWLN NXUDOODUÖQ SHN oRøXQX RUWD\D NR\DQ YH NDEXO HGHQ PHVOHNL |UJWOHU JHQHOOLNOH LOHWLûLP NRQVH\OHUL ELU GLøHUL LVH PHG\D RUJDQODUÖQÖQ NHQGL LoOHULQGH X\JXODPD\D NR\GXNODUÖ RPEXGVPDQX\JXODPDVÖGÖU *HUHN PHVOHNL |UJWOHQPHOHU RODQ LOHWLûLP NRQVH\OHUL YH EHQ]HUL \DSÖODQPDODUÖQ JHUHNVH PHG\D RUJDQODUÖQÖQ NHQGLOHULQLQ E\N |OoGH NDPXR\X EDVNÖVÖ ûLND\HWOHUL YH PHPQXQL\HWVL]OLNOHUL GLNNDWH DOÖQDUDN YH \DûDQDQ VRUXQODUÖQ ÖûÖøÖQGD RUWD\D NR\GXNODUÖ LONHOHU HWLN NRGODU DUDVÖQGD E\N |OoGH EHQ]HûPHOHU EXOXQPDNWDGÖU hONHOHULQ VRV\DO HNRQRPLN VL\DVDO YH NOWUHO IDUNOÖOÖNODUÖQD UDøPHQ PHG\DODUÖQÖQ EX NDGDU EHQ]HûLN HWLN NRGODU HWUDIÖQGD EXOXûDELOPHOHUL PHG\DQÖQ HWNLOHULQLQ YH VRUXQODUÖQÖQ EHQ]HûLNOLøLGûQFHVLQLGHEHUDEHULQGHJHWLUPHNWHGLU%\N|OoGHRUWDNRODQEXHWLN NRGODUÖQEHOOLEDûOÖODUÖûXûHNLOGHGLU D'RøUXOXN'UVWON.XUDOÖ %DVÖQ DKODNÖQD LOLûNLQ G]HQOHPHOHULQ KHPHQ KHSVLQGH HQ |QFH VÖUDODQDQ LONH KDEHUOHULQ GRøUX YH GUVW ELU ûHNLOGH VXQXOPDVÖGÖU +DEHULQ ED]Ö XQVXUODUÖQÖQ DWODQÖODUDNYH\DNDVÖWOÖELUûHNLOGHHNVLNEÖUDNÖODUDNYH\D\DQOÖû\|QOHQGLULOHUHNYHULOPHVL HWLN NXUDOODUOD EDøGDûPDPDNWDGÖU gQHPOL JHUoHNOHUL KDVÖU DOWÖ HWPHPHN NDGDU EL]GH ´DVSDUDJDVµ RODUDN LIDGH HGLOHQ ´X\GXUPDµ KDEHU GH KRûJ|UOHPH] *D]HWHFLQLQ KDEHUL LOH LOJLOL XQVXUODUÖ NHVLQ ELU ûHNLOGH GRøUXODPDNVÖ]ÖQ \D]PDVÖQÖQ VRQXFXQGD E\NPDøGXUL\HWOHURUWD\DoÖNPDNWDGÖU $PHULNDQ *D]HWH (GLW|UOHUL &HPL\HWL·QLQ \ÖOÖQGD NDEXO HWWLøL ´*D]HWHFLOLN .XUDOODUÖQGDµ ´2NX\XFX\D JYHQ WHONLQ HWPHN WP QLWHOLNOL JD]HWHFLOLN ELoLPOHULQLQ WHPHOLQL WHûNLO HGHU ù\L QL\HW NXUDOÖQÖQ JHUHøL JD]HWH GUVW ROPD\D PHFEXUGXU %LU gUQ)UDQVÖ]%DVÖQ$KODN<DVDVÖ·GHNDEXOHGLOGL8OXVDO*D]HWHFLOHU6HQGLNDVÖ WDUDIÖQGDQNDEXOHGLOHQEX\DVDYH·GDLNLNH]J|]GHQJHoLULOHUHNGHøLûWLULOGL<LQH ùVYHo·WH8OXVDO%DVÖQ.XOXE·WH<D\ÖQ.XUDOODUÖDGÖDOWÖQGDELUDKODNYHGDYUDQÖû\DVDVÖ RUWD\DNR\GX$PHULND*D]HWH(GLW|UOHUL&HPL\HWL\ÖOÖQGD´*D]HWHFLOLN.XUDOODUÖµDGÖ DOWÖQGDHWLNNRGODUÖRUWD\DNR\DUNHQ%UH]LO\D·GDD\QÖ\ÖO8OXVDO*D]HWHFLOHU.RQJUHVLWDUDIÖQGDQ |QHULOHQEDVÖQ\DVDVÖNDEXOHGLOPHGL$%'·GHD\UÖFD·WH8OXVDO<D\ÖQFÖODU%LUOLøLNXUXOGX %XELUOLN·GDELU´8\JXODPD6WDQGDUWODUÖpKD]ÖUODGÖYH\ÖOÖQGD\HQLGHQJ|]GHQ JHoLULOHUHN´5DG\R.RGHNVLµDGÖQÖDOGÖ·GHELUOLN´7HOHYL]\RQ.RGHNVLµQLKD]ÖUODGÖ \ÖOÖQGD)LQODQGL\D·GD%DVÖQúHUHI'LYDQÖNÖVDELUDKODN\DVDVÖNDEXOHWWL\ÖOÖQGD\HQLELU DKODN\DVDVÖNDEXOHGLOGLYH.LWOHùOHWLûLP.RQVH\LNXUXOGX.RQVH\·HKHPJD]HWHFLOHUYH \D\ÖQFÖODUYHKHPGH)LQODQGL\D5DG\R79NXUXOXûXLûWLUDNHWWLùWDO\D·GD·GH8OXVDO%DVÖQ .RQVH\LWDUDIÖQGDQPDGGHOLN´0HVOHN$KODNÖ3UHQVLSVLSOHULµROXûWXUXOGX)$OPDQ\D·GD ·GH'HUJL<D\ÖQFÖODUÖ'HUQHøLELUEDVÖQDKODN\DVDVÖRUWD\DNR\GX7UNL\H·GHLVH \ÖOÖQGD%DVÖQúHUHI'LYDQÖ·QÖNXUDUDNLONNH]ELUEDVÖQDKODN\DVDVÖROXûWXUXOGX =DNLU$YûDU³0HG\DGD.ODVLN(WLN.RGODU%LUùO]\RQPX" JD]HWHQLQGLNNDWYHWLWL]OLNJ|VWHUPHGHNLYH\DEXWHPHOQLWHOLNOHUHRODQKDNLPL\HWLQGHNL EDûDUÖVÖ]OÖøÖDVODDIIHGLOHPH]µ GHQPHNWHGLU <LQH $PHULNDQ 3URIHV\RQHO *D]HWHFLOHU ´&HPL\HWL 6LJPD 'HOWD &KLµQLQ NR\GXøX LONHOHU GH EX EDNÖPGDQ E\N |QHP WDûÖPDNWDGÖU ´.HVLQOLN YH QHVQHOOLNµ EDûOÖøÖ DOWÖQGD ´7RSOXPX NDUûÖ L\L QL\HW YH LQDQo JD]HWHFLOLøLQ WHPHOLGLUµ GL\H EDûOD\DQ EX LONH ûXûHNLOGHGLU *HUoHN HQ |QHPOL DPDoWÖU +DEHU YHUPHGH QHVQHOOLN EDûND ELU DPDoWÖU %X XODûPD\D oDEDODGÖøÖPÖ] ELU VWDQGDUWWÖU %DûDUDQODUD VD\JÖ GX\DUÖ] +DWD YH \DQOÖûOÖN |]U NDEXO HWPH] *D]HWH \|QHWLFLOHUL \D\ÖQODGÖNODUÖ KDEHULQ LoHULøLQGHQ WDPDPHQ KDEHUGDU ROPDOÖGÖU )RWRøUDI YH J|UQWOHU ROD\Ö WDP RODUDN \DQVÖWPDOÖ NRQX\OD LOJLVL] D\UÖQWÖ\Ö |QH oÖNDUPDPDOÖGÖU +DEHU LOH J|UûOHULQ DoÖNODQPDVÖ ELUELULQGHQ D\UÖOPDOÖGÖU +DEHU WP |]QHO J|UûOHUGHQ D\UÖOPÖû ROPDOÖ YH ROD\ÖQ KHU \|QQ VHUJLOHPHOLGLU *HUoHøLQ ELOLQoOL RODUDN oDUSÖWÖOGÖøÖ SDUWL]DQ \D\ÖQFÖOÖN$PHULNDQJD]HWHFLOLNUXKXQDD\NÖUÖGÖU*D]HWHFLOHUWRSOXPVDO ROD\ODU YH NRQXODU ]HULQGH o|]POHPH \RUXP YH \D\ÖQ \DSPD VRUXPOXOXNODUÖQÖ NDEXO HGHUOHU <LQH EX NRQXODUGD V|] VDKLEL ROGXøXQX ELOGLNOHUL NLûLOHULQ J|UûOHULQL DNWDUPD\Ö NDEXO HGHUOHU 6DYXQPD \D GD \D]DUÖQNHQGL\RUXPODUÖQDD\UÖODQ\D]ÖODUGDEXGXUXPEHOLUWLOPHOLGLU 0HG\DQÖQ VHEHEL KHU ROXUVD ROVXQ \DODQ \DQOÖû YH \|QOHQGLUPH DPDoOÖ KDEHU J|UQW YE \D\ÖQODUÖQGD EWQ KDWDODUÖQÖ \DQOÖûODUÖQÖ NDEXO HGHUHN G]HOWPH\H JLWPHVL YH D\UÖFD VRUXPOXODU KDNNÖPOD JHUHøLQL \DSPDVÖ RUWDN ELU LONH RODUDN RUWD\D oÖNPDNWDGÖU E7DUDIVÖ]YH2EMHNWLI2OPD.XUDOÖ +DEHUOHULQ VXQXPXQGD PXKDELULQ YH\D HGLWRU\DQÖQ NLûLVHO YH\D NXUXPVDO \DNODûÖPODUÖQÖQ URO R\QDPDPDVÖ E\N |QHP WDûÖPDNWDGÖU +DEHU LOH GûQFH DUDVÖQGDNLIDUNÖQQHWELUûHNLOGHRUWD\DNRQPDVÖEXLONHDoÖVÖQGDQGDYD]JHoLOPH]GLU h]HULQGH HQ ID]OD WDUWÖûÖODQ EX LONH LOH LOJLOL RODUDN 6LJPD 'HOWD &KL |UJWQQ \XNDUÖGD ]LNUHGLOHQ J|UûQH HN RODUDN )UDQVÖ] /H 0RQGH·QLQ oDOÖûDQODUÖQD \DQVÖ] YH REMHNWLIRODELOPHOHULLoLQûDUWNRûWXøXKLoELUSDUWL\H\HROPDPDLONHVLGLNNDWoHNLFLGLU dQN JD]HWHQLQ PXKDELU \D]DU YH\D HGLW|UOHULQ ELU SDUWLQLQ \HVL ROPD GXUXPXQGD VL\DVL KDEHU YH \RUXPODUÖQGD REMHNWLI RODPD\DFDNODUÖ JLEL ELU HQGLûHVL EXOXQPDNWDGÖU %XHQGLûH\LWDûÖ\DQJD]HWHQLQ\D\ÖQoL]JLVLYHKLWDSHWWLøLRNX\XFXSURILOLLWLEDUL\OHEHOOL ELU VL\DVL WHUFLKLQLQ EXOXQGXøX GD GLNNDWH DOÖQÖUVD EX NXUDOÖQ WDûÖGÖøÖ DQODPÖ NDYUD\DELOPHNNROD\ODûÖU gWH \DQGDQ NXUDOD LOLûNLQ RODUDN (GJDU ´*D]HWHFLOLN QHVQHO RODPD] dQN JD]HWHFLOLøLQ QHVQHO RODELOPHVL ELU H\OHP ELoLPLQGHNL ROD\ÖQ KDEHU RODUDN DNWDUÖOPDVÖQGDQ |QFH ER]XODPD\DFDN ELoLPGH \RUXPODQPÖû ROPDVÖ JHUHNLUµ J|UûQ LOHUL VUPHNWHGLU dQN 2·QD J|UH KDEHU DNWDUÖPÖ ELU WRSOXPVDO ROD\ÖQ DQODPÖQÖ VDSWDU KHU QH NDGDU EX DQODP NHVLQOH\LFL ROPDVD GD KDEHU DNWDUÖPÖ ELU \RUXPODPD VUHFLQGHNL XøUDNWÖU YH VHoLOHQ |]JO \RUXP JD]HWHFLOHULQ YH RNX\XFXODUÖQ XIXNODUÖ 2NWD\0DJWV $OHPGDU=H\QHSDJHV 8OXVDO8\JXODPDOÖ(WLN.RQJUHVL JHUHøLQFH ´\DQOÖµGÖU +DEHU \DSÖODQ H\OHPLQ LFUDFÖODUÖ H\OHPLQ \RUXPODQPDVÖQGD EHOOL ELU URO R\QDUODU DPD \RUXPODUÖ D\UÖFDOÖNOÖ GHøLOGLU <LQH EX EDøODPGD 7DOX ´EDVÖQ WDULKLQLQ HQ HVNL PLWOHULQGHQ ELUL RODUDNµ EHOLUWWLøL REMHNWLIOLN NRQXVXQGD ´J|UPH ELoLPLQLQ V|] NRQXVX ROGXøX KHU GXUXPGD LVH ¶J|UQHQGHQ ID]ODVÖ· YH\D ¶J|UQHQGHQ EDûNDVÖ· \D GD ¶J|UQHQLQ |WHVL· YDUGÖUµ GHUNHQ LODYH HWPHNWH ´VDGHFH R NDGDU GHøLO *|UPH %LoLPLQLQ NDUGHûL J|VWHUPH ELoLPLGLU g\OH\VH ¶J|VWHULOHQGHQ ID]ODVÖ J|VWHULOHQGHQ EDûNDVÖ J|VWHULOHQLQ |WHVL· ROPDOÖGÖUµ %X J|UûOHULQL VÖUDODGÖNWDQ VRQUD ´REMHNWLIOLN N|NHQLQGHNL \DQVÖ]OÖN WDUDIVÖ]OÖN PDGGLOLN QHVQHO YDUOÖN ûH\OHUL ROGXøX JLELJ|UPHNJLELPDQDODUÖDoÖVÖQGDQELUPHG\DSDODYUDVÖQGDQEDûNDELUûH\GHøLOGLU%LU J|UPH ELoLPL RODUDN LVH GRøUX 0HG\D KHU ELU \D\ÖQ RUJDQÖ KHU JD]HWHFL R PDQDGD REMHNWLIWLUµ V|]OHUL\OH ROD\ÖQ LURQLN \|QQ YH REMHNWLIOLøLQ ´J|UPHPH ELoLPLµQL |]HOOLNOH7UNEDVÖQÖDoÖVÖQGDQHOHDOVDJHUHNRUWD\DNR\PDNWDGÖU <DQOÖ KDEHUFLOLN JHOPHNWHGLU 'Öû JHQHOOLNOH SROLWLNDODUD GÖû KDEHUOHUGH X\XPOX RODUDN YH VL\DVL KD]ÖUODQDQ KDEHUOHUGH KDEHUOHULQ JQGHPH WHPHOLQGH HNRQRPLN LGHRORMLN YH VL\DVL oÖNDUODU V|] NRQXVXGXU 8OXVODUDUDVÖ KDEHU GDøÖOÖPÖQÖQ GHQJHVL]OLøLDoÖVÖQGDQROD\DEDNÖOGÖøÖ]DPDQ JHOLûPLûONHOHUGHQD\QÖ]DPDQGDKDEHU YH KDEHUOHûPH WHNHOLQL HOLQGH WXWDQ EDøÖPOÖ ONHOHUH \|QHOLN ELU \|QOHQGLULFL YH \DQOÖû ELOJL GLVLQIRUPDWLRQ YH oDUSÖWPD GLVWRUWLRQ J|UOPHNWHGLU %XQODU GDKD oRN VDYDû WHU|UL]PVDOJÖQKDVWDOÖNGRøDODIHWKDEHUOHULQGH\DûDQPDNWDGÖU gWH \DQGDQ Lo KDEHUOHUGH ELOKDVVDVL\DVL YH LNWLVDGL SL\DVDODUGD \DQOÖ KDEHUFLOLN V|] NRQXVXRODELOPHNWHGLU %X EDøODPGD KDEHULQ LoHULøLQH PGDKDOH \ROX LOH PDQLSXOH HGLOPHVLQH GH GHøLQPHNOH \DUDU EXOXQPDNWDGÖU 0DQLSODV\RQ KHP EDVÖQ HWLøL KHP GH EDVÖQ |]JUOø LOH oHOLûPHNWHGLU dQN X\JXODPDGD JHQHOOLNOH \D KDEHUL \D]DQ PXKDELUH YH\D YHUHQ NXUXOXûD HWNL V|] NRQXVXGXU 0HG\DGD WHNHOOHûPH V|] NRQXVX ROGXøX GXUXPODUGD PHG\D SDWURQ YH \|QHWLFLOHULQLQ HPLU YH J|UûOHUL GRøUXOWXVXQGD JHUoHNOHûHQ YH VÖNOÖNOD |UQHNOHULQH UDVWODQDELOHFHN EX LKODOLQ EDVÖQ |]JUOøQH NDUûÖ GLUHN ELU PGDKDOH ROGXøX GD NXûNXVX]GXU %OEO PDQLSODV\RQX ELU QHYL |UWO VDQVURODUDNGDLIDGHHWPHNWHGLU F+DEHUYH<RUXP$\UÖPÖ.XUDOÖ +DEHU YH \RUXPODU DUDVÖQGD ELU D\UÖPÖQ ROPDVÖ ]RUXQOXOXøX EXOXQPDNWDGÖU %X GD KDEHUOHULQ \DQOÖ \D]ÖOGÖøÖQD \|QHOLN NXûNXODUD VHEHS ROPDNWDGÖU %X NRQXGD $YUXSD .RQVH\L 3DUODPHQWHUOHU 0HFOLVL WDUDIÖQGDQ NDEXO HGLOHQ %DVÖQ 0HVOHN ùONHOHUL·QGH G]HQOHPHOHUJHWLULOPLûWLU%XQDJ|UH 0DGGH *D]HWHFLOLøLQ WHPHO DKODNL \NPOONOHULQGHQ ELULVL KDEHU LOH \RUXP DUDVÖQGD EHOLUJLQ ELU D\UÖP oL]LOPHVL YH EXQODUÖQ NDUÖûWÖUÖOPDVÖQÖQ $QGUHZ(GJDU1HVQHOOLN<DQOÖOÖNYH+DNLNDW$%LOVH\(&KDGZLFNDJHV 7DOX8PXU'LSVL].X\XùOHWLûLP<D\ÖQODUÖùVWDQEXOV7DOX3DXO0*/HY\·QLQ ¶6DP<DIHV.RPSOHNVL·QLGH]LNUHWPHNWHGLU(IVDQH\HJ|UH+]1XK·XQ\D]DU¶*HPLFL1XK· GL\HDNWDUPÖûRøXOODUÖQGDQ+DPRQXELUJQoÖUÖOoÖSODNX\XUNHQJ|UU.DUGHûOHUL6DP·OD <DIHV·HKDEHUYHULU%XLNLVLEDEDODUÖQÖ|\OHJ|UPH\LUHGGHGHUOHURQDEDNPDGDQJHULJHUL \U\HUHN]HULQHELUûH\DWDUYHoÖSODNOÖøÖQÖ|UWHUOHU/HY\EX¶J|UPHELoLPL·QH¶6DPYH<DIHV .RPSOHNVL·DGÖQÖYHUPHNWHGLU %XNRQXGDEN]=H\WLQOL0XUDW8OXVODUDUDVÖ+DEHU'HQJHVL]OLøL5HEHO<D\ÖQFÖOÖNùVWDQEXO %EO5ÖGYDQDJHV =DNLU$YûDU³0HG\DGD.ODVLN(WLN.RGODU%LUùO]\RQPX" |QOHQPHVLGLU+DEHUJHUoHNOHUHYHYHULOHUHGD\DOÖELOJLOHQGLUPHGLU<RUXP LVH\D]DQÖQ\D\ÖQOD\DQÖQYH\DPHG\DûLUNHWLQLQGûQFHOHULQLLQDQoODUÖQÖ YH NLûLVHO \DUJÖODUÖQÖ LoHULU 0DGGH +DEHU \D\ÖPÖ JHUoHNOHUH GD\DQGÖUÖOPDOÖ YH GRøUXOXøX LVSDWODQDELOLU ROPDOÖGÖU +DEHULQ VXQXPXQGD YH EHWLPOHPHVLQGH WDUDIVÖ] GDYUDQÖOPDOÖGÖU +DEHU EDûOÖNODUÖ YH |]HWOHUL PPNQ ROGXøX NDGDU HOGHNL YHULOHUL \DQVÖWPDOÖGÖU 0DGGH <RUXPODU JHQHOGûQFHOHUYH\DJQONROD\ODU]HULQH\DSÖODELOLU <RUXPVEMHNWLI ROGXøX LoLQ GRøUXOXøX ]HULQH HOHûWLUL \DSÖODPD] %XQXQ \HULQH EL]OHU \RUXPODUÖQ GUVW YH DKODNL ROPDVÖQÖ VDøODPDOÖ\Ö] 0DGGH .LûL YH NXUXOXûODUOD LOJLOL ROD\ODU ]HULQH \DSÖODQ \RUXPODU JHUoHNOHUL YH YHULOHUL oDUSÖWPDPDOÖYHJL]OHPHPHOLGLU $%' 3URIHV\RQHO *D]HWHFLOHU 'HUQHøL·QLQ \DNODûÖPÖ GD \XNDUÖGDNL G]HQOHPH\OH SDUDOHOOLNDU]HWPHNWHGLU'HUQHøLQHWLNNRGODUÖDUDVÖQGD´JD]HWHFLOHUKDEHUYH\RUXPX ELUELULQGHQ D\ÖUPDOÖGÖU $QDOL] YH \RUXPODU DoÖNoD EHOLUWLOPHOL YH EXQODU JHUoHøL YH\D KDEHULQEDøODPÖoDUSÖWÖOPDPDOÖGÖUµGHQLOPHNWHGLU G0HVOHN6ÖUUÖ+DEHU.D\QDøÖQD6D\JÖYH6DGDNDW.XUDOÖ *D]HWHFLQLQ KDEHU ND\QDøÖ LVWHPHGLøL YH L]LQ YHUPHGLøL PGGHWoH RQXQ NLPOLøLQL DoÖNODPDPDVÖ LOH LOJLOL LONHGLU +DWWD ED]Ö ONHOHUGH EX DODQGDNL G]HQOHPHOHU HWLN NRGODUÖQ oRN oRN |WHVLQH WDûÖQPÖû NDQXQODUOD YH\D ùVYHo·WH ROGXøX JLEL DQD\DVD LOH WHPLQDW DOWÖQD DOÖQPÖûWÖU $\UÖFD JD]HWHFL\H KDEHU ND\QDNODUÖ WDUDIÖQGDQ JL]OL NDOPDVÖ YH\DEHOOLELUVUHLoLQDoÖNODQPDVÖJHFLNWLULOPHVLLoLQYHULOHQELOJLOHUGHGHEXHWLNNXUDO JHoHUOLGLU *D]HWHFLOHULQ PDKNHPH YH\D EDûND ELU WDKNLN PHYNLL |QQGH GDKL JL]OL NDOPDVÖ ND\GÖ\ODYHULOHQELOJLOHULYH\DND\QDøÖQÖDoÖNODPDVÖKRûJ|UOPHPHNWHGLU <LQH JD]HWHFLQLQ Lû GHøLûWLUPHVL GXUXPXQGD HVNL SDWURQXQD Lû\HULQH YH oDOÖûPD DUNDGDûODUÖQD DLW VÖUODUÖ GD VDNODPDVÖ EX HWLN NRG HWUDIÖQGD G]HQOHQPLûWLU %X EDøODPGD $PHULNDQ *D]HWHFLOHU &HPL\HWL WDUDIÖQGDQ RQD\D NRQXODQ HWLN NRG ûX ûHNLOGHGLU ´*D]HWHFLOHU PDKNHPHGH YH\D GLøHU DGOL YH\D WDKNLNDW PHUFLL |QQGH PDKUHP ND\GÖ\OD YHULOHQ ELOJLOHUL YH\D JL]OL ELOJLOHULQ ND\QDNODUÖP DoÖNODPD\Ö UHGGHFHNOHUGLU *D]HWHFLQLQJL]OLOLøH VD\JÖ J|UHYL Lû GHøLûWLUPHVLGXUXPXQGD GDKL HVNL SDWURQX\ODSD\ODûWÖøÖVÖUODUÖGDNDSVDPDNWDGÖUµ %D]Ö ONHOHUGH LVH ELOJLOHULQ N|W\H NXOODQÖOPDVÖ EX HWLN NRGXQ LKODOL DQODPÖQÖ WDûÖPDNWDGÖU *D]HWHFLQLQ \D]Ö LOH YH\D EDûND ELU \ROOD ûDKVD |]HO RODUDN YHULOPLû YH\D VDGHFH JD]HWH \|QHWLPLQLQ ELOPHVL JHUHNHQ ELOJLOHQ DoÖNODPDVÖ YH KDWWD EXQX VDGHFH JD]HWH GDKLOLQGH \DSPÖû ROPDVÖ ELOH HWLN NRGXQ LKODOL RODUDN GHøHUOHQGLULOPHNWHGLU <LQH JD]HWHFLQLQ ELU GHYOHW VÖUUÖQÖ \DSÖODQ J|UHYOH LOJLOL JL]OL KXVXVODUÖ HQGVWUL\HO VÖUODUÖYH\D NLûLVHO|]JUON DODQÖQD JLUHQPDKUHP NRQXODUÖ \D\ÖQODPDVÖ YH\D EDûND ELU \ROODDoÖNODPDVÖGDJL]OLOLøLLKODOLOHULVLQHJLUPHNWHGLU H0DKUHPL\HWYH\Dg]HO+D\DWÖQ*L]OLOLøLQH6D\JÖ.XUDOÖ $NWDUDQùUYDQ6DJP 2NWD\0DJWV %XNRQXGDHQLOJLoHNLFLYHoDUSÖFÖ|UQHN0DFDULVWDQ$KODN<DVDVÖ·GÖU 8OXVDO8\JXODPDOÖ(WLN.RQJUHVL 3HN oRN ONH |]HO KD\DWÖQ JL]OLOLøLQL NDQXQODUOD WHPLQDW DOWÖQD DOÖQPÖûWÖU %XQD UDøPHQ ELUoRN ONHGH PHG\D HWLN NRGODUÖ RUWD\D NRQXOXUNHQ |]HO KD\DWÖQ JL]OLOLøLQLQ NRUXQPDVÖSUHQVLELQH|QFHOLNYHULOPLûWLUg]HOKD\DWÖQJL]OLOLøLQLRUWDGDQNDOGÖUDFDNWHN LVWLVQD´NDPX\DUDUÖµQÖQEXOXQGXøXGXUXPODUGÖU $QFDN ´NDPX \DUDUÖµ NDYUDPÖQGDQ KDUHNHWOH JHWLULOHQ LVWLVQDGDQ GROD\ÖGÖU NL PHG\D NDUûÖVÖQGD LQVDQODUÖQ |]HO KD\DWÖQÖQ JL]OLOLøL NXUDOÖ |QHPOL |OoGH ]HGHOHQPHNWHGLU%XUDGD|QSODQDoÖNDQVRUXûXROPDNWDGÖU$FDEDNDPX\DUDUÖQÖQYH |]HOKD\DWÖQJL]OLOLøLQLQVÖQÖUÖQHGLU" $YUXSD .RQVH\L 3DUODPHQWHUOHU 0HFOLVL WDUDIÖQGDQ NDEXO HGLOHQ ´%DVÖQ 0HVOHN ùONHOHULµQLQ PDGGHVL ´.LûLOHULQ |]HO KD\DWODUÖQÖ VDNOÖ WXWPD KDNNÖQD VD\JÖ J|VWHULOPHOLGLU 'HYOHW LOH LOJLOL LûOHUGH J|UHYOL LQVDQODU GHYOHW LûOHULQL HWNLOHPHGLøL VUHFH |]HO KD\DWODUÖQÖ JL]OL WXWPD KDNNÖQD VDKLSWLUOHU %X JLEL LûOHUGH J|UHYOL EXOXQDQ LQVDQODU VÖUI EX \]GHQ |]HO KD\DWODUÖQÖ JL]OL WXWPD KDNNÖQGDQ PDKUXP NDODPD]ODUµ GHUNHQ ùQJLOWHUH·GH %DVÖQ úLND\HWOHULQL L]OHPH .RPLV\RQX %DVÖQ .RQVH\L \HULQH NXUXOPXûWXUGD|]HOKD\DWDLOLûNLQRODUDN´%LUH\LQNHQGLL]QLROPDNVÖ]ÖQ|]HOKD\DWÖQD GLO X]DWPDN YH EX NRQXGD VRUJXODPDN |]HO PHNkQODUÖQGDQ WHOH REMHNWLIOH UHVLP oHNPHN JHQHOGH \DNÖûÖNVÖ] NDEXO HGLOPHNOH EX WU ELU GDYUDQÖû DQFDN NDPX oÖNDUÖ V|] NRQXVX ROGXøXQGD KDNOÖ NÖOÖQPDNWDGÖUµ .RPLV\RQ·D J|UH ELUH\LQ HYL YH RQXQ ELU SDUoDVÖ RODQ EDKoH YH HN \DSÖODU |]HO PHNkQ RODUDN NDEXO HGLOPHNWH \DQÖQGDNL DODQ \D GD SDUN EXQXQ GÖûÖQGD NDOPDNWDGÖU $\UÖFD RWHO YH KDVWDQHOHULQ RGDODUÖ GD |]HO PHNkQ NDSVDPÖQGD EXOXQPDNWDGÖU /DG\ 'LDQD·QÖQ \ÖOÖQGD SDSDUD]]L GL\H DQÖODQ JD]HWHFLOHUGHQ NDoDUNHQ WUDILN ND]DVÖ JHoLULS |OPHVL ]HULQH DQÖODQ .RPLV\RQ |]HO KD\DWDODQÖQÖGDKDGDJHQLûOHWHQNDUDUODUDOPÖûWÖU%XQDJ|UH ,VUDUOÖ WDNLS VRQXFX HOGH HGLOHQ IRWRøUDIODU \D\ÖQODQPDPDOÖGÖU (GLW|UOHULQVHUEHVWoDOÖûDQJD]HWHFLYHIRWRøUDIoÖODUGDQJHOHQPDO]HPHQLQ KDQJL \ROGDQ JHOGLøLQL |øUHQPHOHUL JHUHNPHNWHGLU 0HG\DWLN ELU ROD\ PH\GDQD JHOGLøLQGH JHUHNWLUGLøLQGHQ ID]OD JD]HWHFLOHU ROD\ NDOPDPDOÖGÖU \HULQGH *HQo NDPX oÖNDUÖQÖQ LQVDQODU PHG\DQÖQ VDOGÖUÖVÖQD PDUX] NDOPDGDQ HøLWLPOHULQL UDKDWOÖNOD \DSDELOPHOLGLU 5ûWQ LVSDW HWPHPLû NLûLOHULQ KLND\HOHULQH EDVÖQ WDUDIÖQGDQ SDUD |GHQPHPHOLGLU %LU oRFXøXQ |]HO KD\DWÖ\OD LOJLOL KDEHU \D\ÖPODQDELOLU DQFDN EXQXQ VRPXW ELU QHGHQL ROPDOÖGÖU (øHU WHN QHGHQ oRFXøXQ DQQH \D GD EDEDVÖQÖQ QO ELU NLûL ROPDVÖ\VD KDEHU \D\ÖQODQPDPDOÖGÖU .LûLOHULQ |]HO DODQODUÖQD WHFDY] HGLOHPH] h]QW DQODUÖQGD NLûLOHUOH LOJLOL\D]ÖODFDNKDEHUOHULQLQFHOLNOHNDOHPHDOÖQPDVÖJHUHNLU %X EDøODPGD JL]OL NDPHUD JL]OL VHV ND\GÖ YH KDWWD LQVDQODUÖ X]DNWDQ NDPHUD\D ND\GHGHUHN DUDODUÖQGDNL NRQXûPDODUÖ RUWD\D oÖNDUPDN LoLQ GXGDN RNXPD \ROXQD JLWPH JLEL \|QWHPOHUH EDûYXUXOPDVÖ GD PHG\D HWLøL oHUoHYHVLQGH KRû NDUûÖODQDPD] %LOKDVVD ONHPL]GH |]HO WHOHYL]\RQODUÖQ VDQVDV\RQHO KDEHU \DSDELOPHN LoLQ EDûYXUGXøX JL]OL NDPHUD \|QWHPL\OH LOJLOL $PHULNDQ 3URIHV\RQHO *D]HWHFLOHU 'HUQHøL·QLQ J|Uû |QHPOLGLU %XQD J|UH ´ (OGH HGLOHFHN HQIRUPDV\RQ oRN E\N ELU |QHPH VDKLSVH KD\DWL ELU NDPX oÖNDUÖ V|] NRQXVX LVH YH KDONÖ |QHPOL ELU ]DUDUGDQ NRUX\DFDNVD %X KDEHUL HOGH HGHELOPHN LoLQ GLøHU WP DUDûWÖUPD \|QWHPOHUL NXOODQÖOPÖû LVH YH EDûDUÖVÖ] ROXQPXû LVH (QIRUPDV\RQXQ DoÖøD oÖNDUÖOPDVÖ\OD |QOHQHQ ]DUDU EX \|QWHPOH YHULOHQ]DUDUGDQGDKDE\NVHµJL]OLNDPHUDNXOODQÖPÖELU|OoGHKRûNDUûÖODQPDNWDGÖU ùUYDQ6OH\PDQ0HG\DYH(WLNKWWSZZZELDQHW2UJDUDVWÖUPDKWP =DNLU$YûDU³0HG\DGD.ODVLN(WLN.RGODU%LUùO]\RQPX" $QFDN ùUYDQ·ÖQ GHGLøL JLEL JL]OL NDPHUD NXOODQÖPÖ DUDûWÖUPDFÖ JD]HWHFLOLN |GO ND]DQPDN UHNDEHWWH |QH JHoPHN YH E\N UDWLQJ \DSPDN KDEHUL ]DPDQGDQ YH SDUDGDQ WDVDUUXI HWPHN LoLQ NXOODQÖOPDPDOÖGÖU +DEHUH NRQX NLûLOHULQ \DSWÖNODUÖQÖQ DKODNLROPDPDVÖJD]HWHFLOHULQDKODNROPD\DQ\|QWHPOHUNXOODQPDODUÖQÖKDNOÖoÖNDUPD] H(OHûWLUL6ÖQÖUÖQÖ$ûPDPDùIWLUD+DNDUHW.|WOHPHYH0HVQHWVL] ùGGLDODUGDQ.DoÖQPD.XUDOÖ 0HG\DQÖQ KDEHU YH \RUXPODUÖQGD NLûLQLQ RQXUXQX \D GD DKODNL NDUDNWHULQL KHGHI DODQ GD\DQDNVÖ] VXoODPDODUD \HU YHUPHPHOLGLU <LQH NDVÖWOÖ LIWLUD NDUDODPD YH NoOWF LIDGHOHU NXOODQPD YH WHPHOVL] LWKDPODUGD EXOXQPD HQ FLGGL PHVOHN HWLN LKODOOHULDUDVÖQGD\HUDOPDNWDGÖU %LULQFL 8OXVDO YH 3DQ$PHULNDQ %DVÖQ .RQJUHVL·QLQ \ÖOÖQGD NDEXO HWWLøL ´*D]HWHFLQLQ 2Q (PULµQGH ´$GÖQD OD\ÖN ELU JD]HWHFL LIWLUD NDUDODPD RQXU NÖUÖFÖ VXoODPDODU YH WHPHOVL] LWKDPODUÖ HQ FLGGL PHVOHNL VXoODU RODUDN NDEXO HGHUµ GHQLOPHNWHGLU%XNXUDOSHNoRNONHQLQHWLNNRGXQGD\HUDOPÖûEXOXQPDNWDGÖU I&HYDSYH']HOWPH+DNNÖQD6D\JÖ.XUDOÖ 0HG\D RUJDQODUÖ KDNNÖQGD ELUWDNÖP LGGLDODU RUWD\D DWÖODQ VXoODPDODUGD EXOXQXODQ NLPVHOHUH ´FHYDS KDNNÖ YH G]HOWPH KDNNÖµ WDQÖPDN ]RUXQGDGÖU %X NXUDO DVOÖQGD GRøUXOXNGUVWON NXUDOÖ REMHNWLI YH \DQVÖ] ROPD NXUDOÖ YH HOHûWLUL VÖQÖUÖQÖ DûPDPD LIWLUD KDNDUHW YH PHVQHWVL] LGGLDODUGDQ NDoÖQPD NXUDOÖ LOH GH GRøUXGDQ LOJLOLGLU &HYDS KDNNÖ ELUH\OHULQ NHQGLOHUL LOH LOJLOL LGGLD YH LWKDPODUD NDUûÖ \DNODûÖPÖP YH WHN WDUDIOÖ ELOJLOHQLOPHVLQLQ |QOHQPHVLQL LIDGH HGHUNHQ G]HOWPH KDNNÖ GD KDNNÖQGD \DODQ YH\D \DQOÖûELOJLOHUKDEHUOHUYHULOHQLQVDQODUÖQEXQDPXNDELOGRøUXODUÖDQODWDELOPHVLKDNNÖQÖ NDSVDU %X KDNODU ELUH\OHULQ JoO ELU EDVÖQD NDUûÖ VDKLS ROGXøX HQ HWNLOL VLODK RODUDN NDEXOHGLOPHNWHGLU &HYDS YH G]HOWPH KDNODUÖQÖQ NXOODQÖOPDVÖ NRQXVXQGD G]HQOHPHOHU oRN HVNL WDULKOHUH GD\DQPDNWDGÖU &HYDS YH G]HOWPH KDNNÖQÖQ WDQÖQPDVÖ LOH LOJLOL LON WDOHSOHUH )UDQVÖ] ùKWLODOL·QLQ KHPHQ DNDELQGH \D\ÖQ RUJDQODUÖQÖQ KHUNHVOH LOJLOL RODUDN LVWHGLNOHUL JLEL \D]ÖS oL]PHVL ]HULQH )UDQVÖ] 0LOOL 0HFOLVL·QH VXQXODQ ELU NDQXQ |QHULVLQGH UDVWODQPDNWDGÖU $QFDN 0HFOLV EX WDOHEL NDEXO HWPHPLû NDQXQXQ oÖNPDVÖ WDP \ÖO VRQUD \ÖOÖQGD JHUoHNOHûPLûWLU gWH \DQGDQ PHVOHN DKODN NRGODUÖ DUDVÖQDJLUPHVLLVHEXWDULKWHQGDKDVRQUD\DUDVWODPDNWDGÖU3UDJ·GD\ÖOÖQGDNDEXO HGLOHQ8OXVODUDUDVÖ%DVÖQ'HUQHNOHUL%LUOLøL,83$$KODN<DVDVÖ·QDJ|UH´ùVPLQHOD\ÖN ELU JD]HWHFL VRQUDGDQ JHUoHN YH\D GRøUX ROPDGÖøÖ DQODûÖODQ KDEHUOHUL J|QOO RODUDN G]HOWPHNOH \NPOGUµ GHQLOPLûWLU <LQH %LUOHûPLû 0LOOHWOHU WDUDIÖQGDQ ùUYDQ6DJP :DVKLQJWRQ3RVWHGLW|UOHULQGHQ%HQMDPLQ%UDGOHHJL]OLNDPHUDODUVHVYHND\ÖWFLKD]ODUÖ NXOODQDUDNJHUoHNOHûWLULOHQELUKDEHUHQLoLQ3XOLW]HUgGOYHULOPHGLøLQL´'UVWROPD\DQ \|QWHPOHUOHKDEHUWRSOD\DQJD]HWHOHUGUVWONDGÖQDVDYDûWÖNODUÖQÖQDVÖOV|\OH\HELOLUOHU"3ROLVOHU JD]HWHFLNLPOLøLQHJLUGLNOHULQGHRQODUÖDøÖUELUûHNLOGHHOHûWLUL\RUX]SHNLD\QÖ\|QWHPLEL]QLoLQ NXOODQPÖ\RUX]µV|]OHUL\OHDoÖNODPDNWDGÖU$NWDUDQ6,UYDQDJP 2NWD\0DJWV ùoHO.D\ÖKDQ.LWOH+DEHUOHûPH+XNXNXùVWDQEXOV 2NWD\0DJWV 8OXVDO8\JXODPDOÖ(WLN.RQJUHVL \ÖOÖQGDNDEXOHGLOHQELUXOXVODUDUDVÖDQODûPDGDEXOXQPDNWDGÖU%XDQODûPDQH\D]ÖN NL EXJQHNDGDUVDGHFHRQGHYOHWWDUDIÖQGDQLP]DODQPÖûWÖUYHEXQODUGDQGD\DOQÖ]FDLNLVL $YUXSD ONHVLGLU )UDQVD YH <XJRVODY\D $QFDN DUDODUÖQGD 7UNL\H·QLQ GH EXOXQGXøX ELUoRN ONHGH FHYDS YH G]HOWPH KDNNÖQÖQ HWLN NRGODU DUDVÖQGD EXOXQXOPDVÖ\OD \HWLQLOPHPLûYHD\UÖFDNDQXQODG]HQOHQPLûWLU $PHULNDQ 3URIHV\RQHO *D]HWHFLOHU 'HUQHøL·QLQ HWLN NRGODUÖQGD ´+DEHU PHG\DVÖ VXoODQDQDFHYDSKDNNÖYHUPHNVL]LQNLûLQLQRQXUXQX\DGDDKODNLNDUDNWHULQLKHGHIRODQ GD\DQDNVÖ]VXoODPDODUD\HUYHUPHPHOLGLUµ GHQPHNWHGLU J.LûLVHOdÖNDUODUÖQYHdHN'HIWHUL*D]HWHFLOLøLQLQ5HGGL.XUDOÖ %WQ GQ\DGD PHVOHN |UJWOHUL WDUDIÖQGDQ RUWD\D NRQXODQ HWLN NRGODU LoHULVLQGH \HU DODQ NXUDOODUGDQ ELULVL GH SDUDOÖ KDEHUFLOLN EDûWD ROPDN ]HUH |]HO YH W]HO NXUXOXûODUGDQ KDEHU \DSPD PXNDELOL KHGL\HOHU YH\D VH\DKDW LPNDQODUÖ HOGH HGLOPHVLQH L]LQYHULOPHPHVLGLU g]HOYHW]HONLûLOHUGHQJD]HWHFLOHUHJHOHQKHGL\HVH\DKDWYEûH\OHULQDVOÖQGDRNLûL YH\D NXUXPOD LOJLOL RODUDN PHG\DGD ROXPOX ELU KDEHU VDWÖQ DOPD\Ö KHGHIOHGLøL WDUDIVÖ] ROPDODUÖJHUHNHQJD]HWHFLOHULQEXWUoÖNDUODUÖNDEXOHWPHNOHELUOLNWHWDUDIVÖ]OÖNODUÖQDGD J|OJH GûUPû RODFDNODUÖ JLEL ELU HQGLûH KHPHQ EWQ GQ\DGD HWLN NXUXOODU WDUDIÖQGDQSD\ODûÖOPDNWDGÖU $%' 3URIHV\RQHO *D]HWHFLOHU 'HUQHøL WDUDIÖQGDQ EX KXVXVWD JHOLûWLULOHQ LONH û|\OHGLU ´*D]HWHFLOHU DUPDøDQODUÖ L\LOLNOHUL EHGDYD JH]LOHUL YH |]HO PXDPHOHOHUL UHGGHWPHOLYHJD]HWHFLGUVWOøQ]HGHOH\HFHNLNLQFLLûVL\DVDOEDøODQWÖNDPXJ|UHYL YHVLYLOWRSOXPNXUXOXûODUÖQGDKL]PHWJLELLûOHUGHQNDoÖQPDOÖGÖUµ %DWÖ PHG\DVÖQÖ X]DQ VUH NHPLUHQ SDUDOÖ KDEHUFLOLN dHN 'HIWHUL *D]HWHFLOLøL LVH KDEHU ND\QDNODUÖQD NRQXûPDODUÖ YH ELOJL YHUPHOHUL NDUûÖOÖøÖ SDUD |GHQPHVL DQODPÖQD JHOPHNWHGLU %XQXQ HQ E\N VDNÖQFDVÖ KDEHULQ SDUD LOH HOGH HGLOHQ ELU PHWD KDOLQH G|QûWUOPHVLGLU ùQJLOWHUH %DVÖQ úLND\HWOHUL .RPLV\RQX EX NRQXGD D\UÖFD ELU VÖQÖUODQGÖUPD JHWLUPLûWLU .RPLV\RQ VXo LûOHPLû NLûLOHUH YH\D EXQODUÖQ \DNÖQODUÖQD DQODWDFDNODUÖ |\NOHU YHUHFHNOHUL HQIRUPDV\RQ YH IRWRøUDIODU LoLQ SDUD |GHQPHPHVLQL LVWHPHNWHGLU úD\HW LOJLOL PDWHU\DOLQ NDPX oÖNDUODUÖ DoÖVÖQGDQ PXWODN \D\ÖQODQPDVÖ LFDS HGL\RUVDYHEXQXQLoLQSDUDWDOHSHGLOL\RUVD|GHPH\DSÖODELOHFHøLQLV|\OHPHNWHGLU +DEHUH GRøUXGDQ NRQX RODQODUD KLo ELU ûHNLOGH |GHPH \DSÖOPDPDVÖ DPD KDEHUL \RUXPOD\DQ NRQXPGDNL X]PDQODUD YH GHYOHWWH J|UHY \DSPÖû NLûLOHULQ DQÖODUÖQD EHOLUOL RUDQGD|GHPH\DSÖODELOHFHøL\ROXQGDJHQHOELUNDQDDWEXOXQPDNWDGÖU K.XUXPVDO3DWURQdÖNDUODUÖQ*HUoHNOHULQgQQH*HoLULOPHPHVL.XUDOÖ *QP]GH ELUoRN ONHGH PHG\D SDWURQODUÖ PHG\D GÖûÖQGD LûOHUOH GH XøUDûPDNWDGÖU %XQODUÖQ ]DPDQ ]DPDQ VDKLS ROGXNODUÖ PHG\D RUJDQODUÖ DUDFÖOÖøÖ\OD PHG\D GÖûÖQGDNL LûOHULQH NROD\OÖN VDøODPD \ROXQD JLWWLNOHUL GH ELOLQHQ ELU JHUoHNWLU %XQXQLoLQGLUNLJ|UHYL\DOQÖ]FDNDPXQXQELOPHKDNNÖQDKL]PHWRODQJD]HWHFLOHULQEX WULOLûNLOHUHJLUPHPHOHULJHUHNPHNWHGLU <LQH EX EDøODPGD UHNODP YHUHQOHULQ oÖNDUODUÖ GRøUXOWXVXQGD KDEHU \DSÖOPDVÖ YH\D JHUoHNOHULQ JL]OHQPHVL GH HWLN NRGODUOD EDøGDûPDPDNWDGÖU %X NRQXGD \LQH $%' 3URIHV\RQHO *D]HWHFLOHU &HPL\HWL·QLQ ]LNUHGLOPHVLQGH \DUDU EXOXQDQ ELU LONHVL YDUGÖU %XQDJ|UH´*D]HWHFLOHUUHNODPFÖODUÖQYH|]HOoÖNDUoHYUHOHULQLQNHQGLOHKOHULQGHKDEHU ùUYDQ6DJP %N]ùUYDQ6DJP =DNLU$YûDU³0HG\DGD.ODVLN(WLN.RGODU%LUùO]\RQPX" EHNOHQWLOHULQL UHGGHWPHOL EXQODUÖQ KDEHUOHU ]HULQGH HWNLGH EXOXQPDODUÖQD NDUûÖ NR\PDOÖGÖUODUµ %X NXUDOODUD UDøPHQ QH \D]ÖN NL PHG\DGD UHNODP NDUûÖOÖøÖ KDEHU \D\JÖQGÖU +DWWD \LQH NDQXQL G]HQOHPHOHUOH \DVDN ROPDVÖQD UDøPHQ PHG\DGD ´JL]OL UHNODPµ YH\D ´|UWOUHNODPµGHGLøLPL]KDEHUIRUPDWÖQGDUHNODP\D\ÖQODPDDOÖûNDQOÖøÖYH\D\|QWHPL RUWDGDQNDOGÖUÖODPDPDNWDGÖU Ö7HU|UL]PúLGGHWYH3RUQRJUDIL\H.DUûÖ7DYÖU$OPD.XUDOÖ 7HU|U WHU|UL]P VXo YH VXo |UJWOHUL\OH LOJLOL KDEHUOHULQ VXQXPXQD LOLûNLQ RODUDN ELUoRN ONHGH JHUHN PHVOHN |UJWOHULQLQ HWLN NRGODUÖ YH JHUHNVH KXNXNL G]HQOHPHOHU \ROX\ODVÖQÖUOÖOÖNODUYHVRUXPOXOXNODUJHWLULOPLûWLU $%' 3URIHV\RQHO *D]HWHFLOHU &HPL\HWL 6LJPD 'HOWD &KL ´VXo \D GD N|W GDYUDQÖûODUD |]HQGLULFL \D\ÖQ \DSÖOPDPDOÖGÖUµ LONHVL\OH JHQHO ELU VÖQÖUODPD JHWLULUNHQ EX ONHQLQ HQ E\N NLWOH LOHWLûLP JUXSODUÖQGDQ ELULVL RODQ &%6 1HZV WHU|U ROD\ODUÖQÖQ NDPXR\XQD GX\XUXOPDVÖ LOH LOJLOL NHQGL SHUVRQHOLQLQ X\PDVÖ JHUHNHQ NXUDOODUÖ RUWD\D NR\PXûWXU$QDKDWODUÖ\ODEXNXUDOODU D7HU|UH\OHPOHULQLQ\DQVÖWÖOPDVÖVÖUDVÖQGDWHU|ULVWOHULQWDOHSOHULPPNQ ROGXøXQFD EDVÖQ PHQVXSODUÖQÖQ V|]OHUL LOH DNWDUÖOPDOÖGÖU 'RøUXGDQ GRøUX\DWHU|ULVWLQDø]ÖQGDQYHULOPHPHOLGLUE=RUXQOXOXNGRøXUDQKDOOHU GÖûÖQGDNXUXOXûXQEDûNDQYH\D\DUGÖPFÖVÖQÖQX\JXQJ|UPHVLGXUXPXQGD PDOXP NDoÖUPD YH DOÖNR\PD ROD\ODUÖ FDQOÖ \D\ÖQOD DNWDUÖOPDPDOÖGÖU F %DVÖQ PHQVXSODUÖ WHU|ULVWOHULQ UHKLQHOHUL EXOXQGXUGXNODUÖ \HUL ELOPHOHUL KDOLQGH H\OHPFLOHUOH WHPDVD JHoPH\H oDOÖûPDPDOÖ EX JLEL oDOÖûPDODUÖQ NDPX J|UHYOLOHULQFH \HULQH JHWLULOPHVLQH \DUGÖPFÖ ROPDOÖGÖUODU G %DVÖQ PHQVXSODUÖ LOH SROLV ROD\ÖQ KHPHQ EDûÖQGD NDUûÖOÖNOÖ RODUDN JHUHNWLøL ]DPDQ EDûYXUXODFDN \HWNLOL LVLPOHUL YHUPHOLGLUOHU H +HUKDQJL ELU WHU|U ROD\ÖQÖQ \DQVÖWÖOPDVÖ R JQQ GLøHU KDEHUOHULQL RUWDGDQ NDOGÖUPD\DFDN ûHNLOGHGHQJHOLRODUDNDNWDUÖOPDOÖGÖU $%' YH EDûWD ùQJLOWHUH ROPDN ]HUH ELUoRN %DWÖ ONHVLQGH WHU|U KDEHUOHULQLQ VXQXPXQD LOLûNLQ RODUDN \DûDQDQ GHQH\LPOHUGHQ ND\QDNODQDQ |QHPOL ELU KDVVDVL\HW EXOXQPDNWDGÖU ùQJLOWHUH·QLQ HVNL %DûEDNDQODUÖQGDQ 0DUJDUHW 7KDWFKHU·ÖQ PHG\DQÖQ WHU|ULVWOHULQ UHNODP LoLQ LKWL\Do GX\GXøX RNVLMHQL VDøODPD HøLOLPLQGH ROGXøX LGGLDVÖ EWQ GQ\D NDPXR\XQGD \DQNÖODQPÖû YH oRN |QHPOL WDUWÖûPDODUÖ EHUDEHULQGH JHWLUPLûWLU *QP]GH PHG\D HWLøL EDøODPÖQGD HQ ID]OD WDUWÖûÖODQ NRQXODUGDQ ELU GLøHULQL LVH JHQHO RODUDN ûLGGHW |]HOGH LVH NDGÖQODUD YH oRFXNODUD \|QHOLN ûLGGHW ROXûWXUPDNWDGÖU <HQL PHG\D WHNQRORMLOHUL VRQXFXQGD NODVLN PHG\DODU GÖûÖQGD ùQWHUQHW YLGHR R\XQODUÖ LQWHUDNWLI WHOHYL]\RQ YE \HQL LOHWLûLP RUWDPODUÖQGD ûLGGHW VHNV YH SRUQRJUDIL LoHUHQ \D\ÖQODUÖQ KÖ]OD DUWWÖøÖ EXQXQ oRFXNODUÖQ VDøOÖNOÖ JHOLûLPLQLQ \DQÖ VÖUD DLOH NXUXPXQX WHKGLW HGHU ELU PDKL\HW ND]DQGÖøÖ VÖNoD GLOH JHWLULOPH\H EDûODQPÖûWÖU ùVYHo .OWU ùUYDQ6DJP %N]$YûDU=DNLU.LWOHùOHWLûLP$UDoODUÖYH7HU|U.DPHU<D\ÖQODUÖùVWDQEXO 6FKOHVLQJHU3KLOLS0HG\D'HYOHWYH8OXV6L\DVDOúLGGHWYH.ROOHNWLI.LPOLN$\UÖQWÖ<D\ÖQODUÖ ùVWDQEXOV 8OXVDO8\JXODPDOÖ(WLN.RQJUHVL %DNDQOÖøÖ YH $YUXSD .RPLV\RQX 6WRFNKROP·GH G]HQOHQHQ ùûELUOLøL LOH úXEDW WDULKOHULQGH <HQL 0HG\D dDøÖQGD dRFXNODU YH *HQoOHUµ NRQXOX X]PDQODUNRQIHUDQVÖQGDROXûWXUXODQoDOÖûPDJUXSODUÖQÖQNRQXODUÖELOHEXoHUoHYHGHELU ILNLUYHUHELOPHNWHGLU *UXS dRFXNODUÖQ YH JHQoOHULQ ùQWHUQHW ELOJLVD\DU YLGHR R\XQODUÖQGD \HUDODQ]DUDUOÖLoHULNOHUGHQNRUXQPDVÖ1HOHUGHQNLPWDUDIÖQGDQYHKDQJL PHWRWODUOD" *UXS dRFXNODUÖQ YH JHQoOHULQ VD\ÖVDO \D\ÖQFÖOÖN YH NUHVHOOHûPHoDøÖQGDWHOHYL]\RQODUGD\HUDODQ\DUDUOÖLoHULNWHQNRUXQPDVÖ 1HOHUGHQ NLP WDUDIÖQGDQ YH KDQJL PHWRWODUOD" *UXS dRFXNODUÖ KHGHI DODQWHOHYL]\RQUHNODPFÖOÖøÖdRFXNODUÖQVXLVWLPDOLQDVÖO|QOHQHELOLU" 7DUWÖûPDYHoDOÖûPDJUXSODUÖQÖQRUWDNODûDXODûWÖøÖNDQDDWEX\HQLRUWDPGDYDURODQ G]HQOH\LFLYH\D\ÖQFÖNXUXOODUÖQVRUXPOXOXNODUÖQÖQGDKDGDDUWWÖøÖEXQODUÖQoDEDODUÖQÖQ EXQD UDøPHQ \HWHUOL RODPD\DFDøÖ YH |]HOOLNOH VD\ÖVDO \D\ÖQODUÖQ NÖVPHQ GH ROVD EDûODGÖøÖ IDNDW WPWHNQLN LPNDQODUÖQ \D\JÖQODûPDGÖøÖ YH ELOKDVVD ILOWUHOHPH ûLIUHOHPH JLEL \|QWHPOHULQ JHOLûPHGLøL EX VUHoWH |]GHQHWLPLQ HQ |QHPOL YH HWNLOL GHQHWLP \|QWHPLRODFDøÖGÖUµ <LQH EX QRNWDGDQ KDUHNHWOH |]HOOLNOH \HQL PHG\D RUWDPODUÖQD LOLûNLQ RODUDN VLPJH YH VHPERO NXOODQÖPÖQÖQ \D\JÖQODûWÖUÖOPDVÖ YH ]RUXQOX KDOH JHWLULOPHVL JQGHPGHNL \HULQL DOPÖû EXOXQPDNWDGÖU ´$YUXSD 6ÖQÖU gWH\L 7HOHYL]\RQ 6|]OHûPHVLµ YH ´$YUXSD %LUOLøL 'LUHNWLIOHULµ ELUoRN ONHGH \D\ÖQODUGD NRUX\XFX VLPJH YH VHPERO NXOODQÖPÖQÖ YH\D KD]ÖUOÖN oDOÖûPDODUÖQÖ EDûODWPÖûWÖU .RUX\XFX VLPJH FLQVHOOLN ûLGGHW UNQW \DUDWDFDN J|UQWOHU JLEL ROXPVX] XQVXUODUÖ EDUÖQGÖUDQ WHOHYL]\RQ SURJUDP YH ILOPOHULQLQ L]OH\LFLOHUL V|]O YH\D \D]ÖOÖ X\DUÖODUD HN RODUDN J|UVHO VHPERO YH\D VLPJHOHUOHELOJLOHQGLUPHYH\DX\DUPDDQODPÖQDJHOPHNWHGLU 57h.·WHKD]ÖUODQDQUDSRUúXEDW 57h.\DJUDSRU $YUXSD%LUOLøL·QGH|]HOOLNOHWHOHYL]\RQYHUDG\R\D\ÖQODUÖQD\|QHOLNFLGGLVÖQÖUODPDODUYH \DSWÖUÖPODUEXOXQPDNWDGÖU$YUXSD6ÖQÖUgWHVL7HOHYL]\RQ6|]OHûPHVL·QLQ7770DGGHVL ´3URJUDPKL]PHWOHULQLQVXQXûYHLoHULNEDNÖPÖQGDQEWQXQVXUODUÖLQVDQRQXUXQDYHWHPHO LQVDQKDNODUÖQDVD\JÖOÖRODFDNWÖU3URJUDPKL]PHWOHUL|]HOOLNOHD(GHEHD\NÖUÖROPD\DFDNYH SRUQRJUDILLoHUPH\HFHNEúLGGHWHøLOLPLQLN|UNOHPH\HFHNYH\DÖUNoÖQHIUHWGX\JXODUÖQÖ NÖûNÖUWÖoÖQLWHOLNWHROPD\DFDNWÖU*HQoOHULQYHoRFXNODUÖQIL]LNVHO]LKLQVHOYHDKODNLJHOLûLPLQL ]HGHOH\HELOHFHNWUGHQSURJUDPKL]PHWOHULEXQODUÖQVH\UHGLOHELOHFHøL]DPDQYHVDDWOHUGH \D\ÖQODQPDPDOÖGÖU<D\ÖQFÖKDEHUOHUGHJHUoHNOHUYHROD\ODUÖQGRøUXRODUDNVXQXOPDVÖQÖ VDøOD\DFDNYH|]JUFHNDQDDWROXûXPXQXWHûYLNHGHFHNWLUµ%XV|]OHûPHLOHX\XPOXYH$% ONHOHULQFHX\JXODQDQ7UNL\H·QLQWDUDIROPDGÖøÖ$%'LUHNWLIL·QLQ0DGGHVLGHEXNRQXGD oRN|QHPOLELUG]HQOHPHGLU%XQDJ|UH´0DGGHh\HONHOHU\HWNLOHULGDKLOLQGHNL \D\ÖQFÖODUÖQWHOHYL]\RQ\D\ÖQODUÖQGDoRFXNODUÖQIL]LNVHO]LKLQVHOYH\DDKODNLJHOLûLPOHULQLFLGGL ûHNLOGHROXPVX]HWNLOH\HELOHFHNSURJUDPODUD|]HOOLNOHSRUQRJUDILYH\DûLGGHWLoHUHQ SURJUDPODUD\HUYHUPHPHOHULQLVDøODPDNLoLQX\JXQ|QOHPOHULDODFDNODUGÖU3DUDJUDI·GH DOÖQDELOHFHN|QOHPOHUoRFXNODUÖQIL]LNVHO]LKLQVHOYHDKODNLJHOLûLPOHULQLHWNLOHPHVLPXKWHPHO GLøHUSURJUDPODUDGDX\JXODQDELOLUYHEX|QOHPOHU\D\ÖQÖQ\DSÖOGÖøÖE|OJHGHEXOXQDQoRoXNODUÖQ EXWU\D\ÖQODUÖJ|UPHOHULQHYH\DGX\PDOUÖQDHQJHORODELOPHNLoLQ\D\ÖQVDDWLEHOLUOHPHVLYH\D WHNQLNDUDoODUÖQNXOODQÖOPDVÖûHNOLQGHRODELOLU%XQDLODYHWHQEXWUSURJUDPODUÖQûLIUHVL] \D\ÖQODQDPVÖKDOLQGH\HONHOHUEXSURJUDPODUGDQGDKD|QFHV|]OELUX\DUÖQÖQ\DSÖOPDVÖQÖ YH\D\D\ÖQVUHVLQFHJ|UVHOELUVHPEROOHWDQÖPODQPDVÖQÖVDøOD\DFDNWÖU0DGGHDh\HONHOHU ÖUNFLQVL\HWGLQYH\DPLOOL\HWoLOLNED]ÖQGDNLQYHQHIUHWGX\JXODUÖQDVHYNHGHQXQVXUODUD \D\ÖQODUGD\HUYHULOPHPHVLQLWHPLQHGHFHNOHUGLUµ =DNLU$YûDU³0HG\DGD.ODVLN(WLN.RGODU%LUùO]\RQPX" %X WU G]HQOHPHOHULQ GÖûÖQGD $%' YH ELUoRN $YUXSD ONHVLQGH KHU WUO LOHWLûLP RUWDPÖQGD oRFXN YH KD\YDQ FLQVHOOLøL YH oRFXNODUD YH KD\YDQODUD \|QHOLN ûLGGHW J|UQWOHULQHNDUûÖoRNFLGGLKXNXNL\DSWÖUÖPODUEXOXQPDNWDGÖU 6RQXo 0HG\DQÖQ HWLN GHQHWLPL NRQXVXQXQ NLWOH LOHWLûLP DUDoODUÖQÖQ YH ´JD]HWHFLOLNµ PHVOHøLQLQ YH GROD\ÖVÖ\OD ´KDEHUFLOLNµLQ RUWD\D oÖNÖûÖQD NDGDU X]DQDQ ELU JHoPLûL EXOXQPDNWDGÖU %DûWD KXNXNL YH LGDUL G]HQOHPHOHUOH EHOOL NXUDOODU oHUoHYHVLQH RWXUWXOPDN LVWHQHQ ´JD]HWHFLOLNµ PHVOHøL EDVÖQ |]JUOø NDYUDPÖQÖQ GRøXûX YH JHOLûPHVL\OHELUOLNWHNHQGLPHVOHNHWLøLQLROXûWXUPDNYH|]JUOøQGHYOHWWHQJHOHFHN RODQODU GD GDKLO ROPDN ]HUH KHU WUO GÖû PGDKDOHGHQ NRUXPDN LVWHPLûWLU =DPDQ LoHULVLQGH ONHGHQ ONH\H ED]Ö IDUNOÖOÖNODU J|VWHUPHNOH ELUOLNOH |QHPOL |OoGH GH EHQ]HûHQPHG\DHWLNNXUDOODUÖRUWD\DoÖNPÖûWÖU *QP]GH JHQHOOLNOH ONHOHULQ EDVÖQ NRQVH\OHUL FHPL\HWOHUL JLEL PHVOHN |UJWOHQPHOHULQLQ HQ VWQGH \HU DODQ NXUXOXûODU WDUDIÖQGDQ ]DPDQ ]DPDQ J|]GHQ JHoLULOHUHN JQFHOOHûWLULOHELOHQ ´HWLN NRGODUµ \D\JÖQODûPÖûWÖU +DWWD ED]Ö ONHOHUGH PHG\D RUJDQODUÖQÖQ JHQHO PHVOHN HWLN NXUDOODUÖQÖQ GÖûÖQGD NHQGLOHULQL VÖQÖUOD\DQ YH\D ND\ÖWOD\DQ ´NXUXP LoL PHVOHN NXUDOODUÖµ NR\GXNODUÖQÖ YH EX NXUDOODUD X\XOPDVÖQGD VÖNÖ ELUGHQHWLPPHNDQL]PDVÖROXûWXUGXNODUÖJ|UOPHNWHGLU *HUHN PHVOHN VW NXUXOXûODUÖQÖQ HWLN NRGODUÖQÖQ YH JHUHNVH PHG\D RUJDQODUÖQGD NXUXP LoL |]HO G]HQOHPHOHUOH JHWLULOHQ NXUDOODUÖQ HQ |QHPOL JHUHNoHVLQL |QFHOLNOH ´RNX\XFXQXQ GLQOH\LFLQLQ L]OH\LFLQLQµ JYHQ YH WHUFLKLQL VUHNOL NÖOPDN VRQUD ONH LQVDQODUÖQÖQJYHQYHWHUFLKLQLHOGHHWPHNROXûWXUPDNWDGÖU 0HG\D GHQHWLPLQLQ VDOW KXNXNL YH EXQXQ X]DQWÖVÖ RODUDN LGDUL PHNDQL]PDODU DUDFÖOÖøÖ\OD JHUoHNOHûWLULOL\RU ROPDVÖQÖQ EDVÖQ |]JUOøQH \|QHOLN ELU WHKGLW RODUDN DOJÖODQPDVÖ QH NDGDU GRøDOVD GHQHWLPVL]OLøLQ GH EDVÖQ |]JUOøQQ \DQÖ VÖUD GHPRNUDVLQLQ YH EWQ |]JUONOHULQ |QQGHNL HQ E\N WHKGLW RODUDN DOJÖODQPDVÖQÖQ ]RUXQOXOXøXGDRNDGDUJHUoHNWLU 0HG\DQÖQ WDULKVHO VUHo LoHULVLQGH JHoLUGLøL HYULPOHU EL]LP EX \DUJÖPÖ]Ö GRøUXOD\DFDNSHNoRN|UQHNOHGROXGXU 7HNQRORMLN JHOLûPHOHUOH ELUOLNOH \HQL RUWD\D oÖNDQ ELUoRN LOHWLûLP RUWDPÖQÖQ LVH KkOk QDVÖO GHQHWOHQHELOHFHøLQH GDLU G]HQOHPHOHU \DSÖODPDPÖûWÖU %X RUWDPODUGDNL GHQHWLPVL]OLN PHG\DQÖQ ûD\HW ELU ´HWLNµL ROPDVD oRøX ]DPDQ HWLN·LQLQ YDUOÖøÖQD UDøPHQDVOÖQGDLQVDQKDNYH|]JUONOHULQLQ|QQGHQHNDGDUE\NELUWHKOLNHRODUDN GXUDELOHFHøLQLJ|VWHUPHVLDoÖVÖQGDQ|QHPWDûÖPDNWDGÖU <LQH EX oHUoHYHGH PHG\D HWLøL YH GHQHWLPLQLQ \DOQÖ]FD ´LoHULNµ DoÖVÖQGDQ GHøLO \DSÖVDO RODUDN GD ]RUXQOXOXøXQXQ J|UOPHVL JHUHNPHNWHGLU *QP]GH JHUHN XOXVDO YH JHUHNVH XOXVODUDUDVÖ RUWDPODUGD PHG\DGD WHNHOOHûPHQLQ \RøXQODûPDQÖQ YH KDEHU GRODûÖPÖGHQJHVL]OLøLQLQPHG\DHWLøLQL\ÖNDQHQ|QHPOLIDNW|UOHUROGXøXDoÖNWÖU%XWU RUWDPODUGD KHU WUO PDQLSODV\RQ \|QOHQGLUPH \DQOÖû YH oDUSÖWÖFÖ ELOJL DNWDUÖPÖ PPNQROPDNWDPHG\DE\NoÖNDUODUÖQDUHQDVÖQDG|QûHELOPHNWHGLU1LWHNLPVRQ \ÖOODUÖQ PHG\D HWLøL DODQÖQGD HQ |QHPOL WDUWÖûPD D\DNODUÖQGDQ ELULVLQL GH XOXVDO |OoHNWH PHG\DGD WHNHOOHûPH ROXûWXUPDNWDGÖU YH XOXVODUDUDVÖ |OoHNWH GH KDEHUOHULQ GHQJHVL] GRODûÖPÖ 8OXVDO8\JXODPDOÖ(WLN.RQJUHVL +HU QH NDGDU EX WDUWÖûPD VDKDODUÖQGD ´PHG\D HWLøLµ GDKLOLQGH ELU QHWLFH DOÖQPDVÖ PPNQ J|]NPHVH GH ONHOHULQ PHG\D NXUXOXûODUÖQÖQ VW RUJDQODUÖ YH\D EL]DWLKL NHQGLOHULWDUDIÖQGDQRUWD\DNRQXODQ HWLNNRGODUµYDVÖWDVÖ\ODGRøXUDELOHFHøLVDNÖQFDODUÖQ HQD]DLQGLULOPHVLJLELELULKWLPDOGHV|]NRQXVXRODELOPHNWHGLU *QP]GH GHøLûHQ YH JHOLûHQ LOHWLûLP WHNQRORMLOHULQLQ YH EXQD EDøOÖ RODUDN LOHWLûLP RUJDQODUÖQÖQ JHUHN KXNXNL YH JHUHNVH PHVOHNL NXUDOODUOD GHQHWLPLQGHNL JoONOHULQRUWD\DoÖNDUGÖøÖ\HQLELUGHQHWLP\ROXRODQ´RUWDNGHQHWLPµ\|QHWLPLQLQLVH QH NDGDU HWNLOL RODFDøÖQD GDLU KHQ] FLGGL ELU EXOJX YH KDWWD L]OHQLP GH EXOXQPDPDNWDGÖU dQN EDVÖQ NXUXOXûODUÖQÖQ KXNXNL GHQHWLPL EDVÖQ |]JUOøQ NÖVÖWOD\ÖFÖ |QOHPOHU RODUDN GHøHUOHQGLUPHOHULQH PXNDELO NHQGL RUWD\D NR\GXNODUÖ HWLN NXUDOODUDX\PDKXVXVXQGDGDSHNID]ODLVWHNOLJ|UQPHGLNOHULGHELUJHUoHNWLU $UWÖN HQ NODVLN HWLN NRGODU KDOLQH JHOPLû EXOXQDQ GRøUXOXNGUVWON \DQVÖ]OÖN REMHNWLIOLN JLEL NXUDOODUD X\XOPDVÖ YH\D LVWHQPH\HUHN GH ROVD LKODOLQGH FHYDS YH G]HOWPH KDNODUÖQÖQ NXOODQGÖUÖOPDVÖQGD ELOH GQ\DQÖQ SHN oRN ONHVLQGH VÖNÖQWÖODU ROXûPDNWD LNHQ \HQL \HQL ûHNLOOHQPHNWH RODQ RUWDN GHQHWLP \|QWHPLQLQ GH EDûDUÖOÖ RODELOHFHøLQHLQDQPDNELUKD\OLJoOHûPHNWHGLU 0HG\D VHNW|UQGH GH NkUOÖOÖN YH YHULPOLOLN LONHVLQLQ LûOHWPHOHULQ YDUOÖøÖQÖQ GHYDP HWWLUHELOPHVL LoLQ ]DUXUL RODUDN J|UOPHVLQLQ \DQÖ VÖUD PHG\D SDWURQODUÖQÖQ EDVÖQ GÖûÖ VHNW|UOHUH ND\DELOPHVL YH KDWWD EDVÖQ GÖûÖ VHNW|UOHUGHQ JHOL\RU ROPDVÖ JD]HWHFLOLøLQ GHøLûLN |]HO oÖNDU DODQODUÖQÖQ VDYXQXFXVX GXUXPXQD GûPHVLQL GH EHUDEHULQGH JHWLUPHNWHGLU %LUoRN ONHGH JD]HWHFLOLN PHVOHøLQLQ ]LUYHVLQGH RODQODUÖQ EDûWD VL\DVL PDNDPODUOD NROD\ YH VÖNÖ GL\DORJ RUWDPÖ ROXûWXUDELOPHOHUL E\N WLFDUL ROXûXPODUÖQ J|EHøLQGH \HU EXODELOPHOHUL HWLN RODUDN GRøUX NDEXO HGLOPHPHNOH ELUOLNWH QH \D]ÖN NL |QOHQHPHPHNWHGLUGH %X WU LOLûNLOHULQ X]DQWÖVÖ RODUDN KDEHU YH \RUXP D\UÖPÖQÖ |QHPVHPH\HQ YH KDWWD EX NXUDOÖ NDVÖWOÖ RODUDN LKODO HGHQ NXUXPVDO oÖNDUODUÖ JD]HWHFLOLN PHVOHøLQLQ YH WRSOXPVDO GHøHUOHULQ ]HULQGH WXWDQ YH EXQODUÖ \DSDUNHQ GH ´NDPX \DUDUÖµ NDYUDPÖQÖQ LoLQLERûDOWÖQELUDQOD\ÖûGDYDUOÖøÖQÖVUGUHELOPHNWHGLU g]HO KD\DWODU oRøX NH] JL]OLOLN LONHVL ELU NHQDUD EÖUDNÖODUDN GLGLN GLGLN HGLOHELOPHNWH VWHOLN EX \DSÖOÖUNHQ JHUHN KXNXNL YH JHUHNVH HWLN VÖQÖUODPDODUOD PHQ HGLOHQJL]OLNDPHUDVHVND\GÖYH\DGXGDNRNXPDJLEL\|QWHPOHUX\JXODQPDNWDGÖU 0F /XKDQ·ÖQ EHQ]HWPHVL\OH LOHWLûLP RUWDPODUÖ LOH ELUOLNWH JOREDO ELU N|\H G|QûHQ GQ\DPÖ]GD KHUKDQJL ELU LQVDQÖQ ´QHµ NDYXûPDVÖ GLøHU LQVDQODUD ´WDQÖGÖNµ YH\D ´DûLQDµELULVLGXUXPXQDJHOPHVLLoLQDUWÖNVDQL\HOHU\HWPHNWHGLU%XDQODûÖOPDVÖYHL]DKÖ Jo ´GXUXPµD ELU GH EXOXQGXøX NRQXP LWLEDUL\OH ´PHG\DµQÖQ GRøDO LOJL RGDøÖQGD EXOXQDQ LQVDQODU HNOHQGLøL ]DPDQ JHUoHNWHQ LoLQGHQ oÖNÖOPDVÖ ]RU ´PHG\DWLN DODQµ GRøPDNWDGÖU 6RUXQ EX PHG\DWLN DODQGD ûX YH\D EX ûHNLOGH \HU DODQ LVWHNOL YH\D LVWHNVL]EXOXQDQLQVDQODUÖQPHG\DDoÖVÖQGDQQHROGXøXGXU 0HG\DQÖQ NHQGLVLQL DVOÖQGD FDQOÖ GLUL YH VUPHNWH RODQ EX GRøDO VUHFLQ GÖûÖQGD YH\D ]HULQGH DPD PXWODND D\UÖ ELU \HUGH J|UPHVLQLQ YH EXQD J|UH KDUHNHW HWPHVLQLQ QHVQHO WHPHOLQLQ ´NDPX \DUDUÖµ YH\D ´KDONÖQ ELOJLOHQPH |]JUOøµ JLEL PXøODN NDYUDPODU]HULQH|U\RUROPDVÖQÖQQHUH\HNDGDUJHoHUOLOLøLQLNRUX\DFDøÖYHûXYH\DEX ûHNLOGH RUWD\D NRQXODQ ´HWLN NRGODUÖQµ VRUXQX o|]PHGH QH NDGDU \DUGÖPFÖ ROGXøX RODFDøÖGDD\QÖûHNLOGHWDUWÖûPDOÖKDOHJHOPHNWHGLU 0HG\DQÖQNHQGLOHULWDUDIÖQGDQ´PKLPVHWLOHQµLQVDQODUÖVDOW´KDEHUOLNµPDO]HPHOHU GXUXPXQD LQGLUJHPHVLQLQ YH\D LoLQGH YDU ROGXøX NDPXQXQ RUWDN GHøHUOHULQL ELU =DNLU$YûDU³0HG\DGD.ODVLN(WLN.RGODU%LUùO]\RQPX" ´KDEHUµ LoHULøLQGH ELWLUPHVLQLQ ED]HQ oRN LURQLN YH WUDMLN VRQXoODUÖ LOH NDUûÖODûPDN DUWÖN EL]L ûDûÖUWPDPDNWDGÖU 0DDOHVHI EX LKODOOHU ´NDPX \DUDUÖµ ´KDONÖQ ELOJLOHQPH KDNNÖµ YH\D ´EDVÖQ |]JUOøµ NDYUDPODUÖ JLEL JD]HWHFLOLN PHVOHøL oHUoHYHVLQGH L]DKÖ VRQ GHUHFH VD\JÖGHøHU RODQ NDYUDPODUD \DVODQÖODUDN JHUoHNOHûWLULOPHNWHGLU 2\VD NL QLWHOLøL LWLEDUL\OH ´NDPXVDO ELU J|UHYµ ROPDNOD ELUOLNWH JD]HWHFLOLN PHVOHøLQGH HOGH HGLOHQELOJLOHULQKDQJLOHULQLQNDPX\DUDUÖQDROGXøXQXYH\DKDQJLOHULQLQROPDGÖøÖQÖQHW ELU ûHNLOGH EHOLUOH\HFHN ELU |OoWQ EXOXQPDGÖøÖ GROD\ÖVÖ\OD EX NDYUDPÖQ VRQ GHUHFH WDUWÖûPDOÖ ROGXøX GD ELOLQHQ ELU JHUoHNWLU $\UÖFD EX ´NDPX \DUDUÖµQÖQ oRøX ]DPDQ LQVDQODUÖQ LVWHNOHUL GÖûÖQGD NHQGL GRøDO KDN YH |]JUONOHULQLQ KLODIÖQD QDVÖO NXOODQÖODELOGLøLQLQWXWDUOÖELUDoÖNODPDVÖGDQH\D]ÖNNL\DSÖODPDPDNWDGÖU <LQHEHQ]HULELUVRUXQWHU|UûLGGHWYHFLQVHOOLNJLELNRQXODUGD´NDPXQXQ|]JUFH ELOJLOHQPHVLµ JHUHNoHVL\OH WRSOXPVDO VRUXPOXOXN LONHVLQLQ J|] DUGÖ HGLOL\RU ROPDVÖGÖU .H]D ONH oÖNDUODUÖ GHYOHW VÖUUÖ JLEL KXVXVODUGD GD V|] NRQXVX ´KDEHUµ ROXQFD ELU GX\DUVÖ]OÖNYH\DXPDUVÖ]OÖNODNDUûÖODûÖODELOPHNWHGLU %XUDGD ´HWLN NRGODUÖQµ \DUDUVÖ]OÖøÖQGDQ EDKVHWWLøLPL] JLEL DQODPD VRUXQXQXQ GD oÖNPDPDVÖ HQ E\N GLOHøLPL] ROPDNOD ELUOLNOH EL]OHU DoÖVÖQGDQ FHYDEÖ DUDQPDVÖ JHUHNHQ HQ WHPHO VRUX KHUKDOGH ûX ROPDOÖGÖU *D]HWHFL UXKX \UHøL GHøHUOHUL DOÖQPÖû YHGQ\DGDROXSELWHQKHUûH\LVDOWKDEHURODUDNJ|UHQGHøHUOHQGLUHQ\D]DQYHRNX\DQ ELUURERWPXGXU"%XVRUX\DHNRODUDNVRUXOPDVÖJHUHNHQELUGLøHUVRUXLVHKHUKDOGHûX ROPDOÖGÖU <RNVD EXUD\D NDGDU DNWDUGÖøÖPÖ] EWQ EX HWLN NRGODU ELU LOO]\RQ PXGXU" +HPQL\HYDUODUYHKHPQL\H\RNODU" 7ÖS(WLøLQGH7HPHOùONHOHU 'Ro'U(UGHP$\GÖQ 7ÖS DODQÖQGDNL HWLN GHøHUOHULQ \DûDPD JHoLULOPHVL YH EX GHøHUOHULQ DQDOL] HGLOPHVL VRQ \ÖOODUGD VD\ÖODUÖ DUWDQ HWNLQOLNOHU DUDFÖOÖøÖ\OD L]OHQPHNWHGLU *QP]GH KHNLP KDVWD LOLûNLVL WÖS LOH WRSOXP LOLûNLVL VDøOÖN KL]PHWOHUL \D GD GLøHU ELUoRN WÖEEL ROJX HWLN GHøHUOHULPL] HGLOPHNWHGLU \|QQGHQ 'LøHU VRUJXODQPDNWD \DQGDQ GD EX YH JHOHQHNVHO NRQXODUD GHøHUOHU LOLûNLQ \HQL \HQLGHQ HWLN DQDOL] \DNODûÖPODU JHOLûWLULOPHNWHGLU 7RSOXP LoLQGH \DûDPDPÖ]GDQ GROD\Ö EL]OHUL ELU WU ´EDVNÖGHQHWLPµ DOWÖQGD WXWDQ |øHOHUGHQ ELUL GH HWLN GHøHUOHULPL]GLU ùQVDQOÖøÖQ EHQLPVHGLøL HWLN GHøHUOHU oHûLWOL ELoLPOHUGH JQON KD\DWÖPÖ]D JLUPHNWH YH R GHøHUOHUH X\XPOX ROPDN WRSOXP WDUDIÖQGDQ \FHOWLOLUNHQ DNVL \|QGH GDYUDQÖOPDVÖ KDOLQGH R ELUH\OHU \HULOPHNWH YH DûDøÖODQPDNWDGÖU 7XWXP YH GDYUDQÖûODUÖPÖ]GD HWLN X\XP EL]OHU LoLQ VÖUDGDQODûWÖøÖ LoLQ JQON KD\DWÖPÖ]ÖQ VUHNOL ELU HWLN JHUHNOLOLNOHUL NDUûÖODPD ûHNOLQGH VUGøQQ oRN D] IDUNÖQGDROXUX] (WLN GHøHUOHULPL]L oHûLWOL ELoLPOHUGH LIDGH HGHELOLUL] %XQODUGDQ ELUL GH ´LONHOHUµGLU ùONHOHU LQVDQ LOLûNLOHULQLQ QLWHOLøLQL EHOLUOH\HQ NDYUDPODUGÖU ùQVDQ LOLûOHULQLQ EHOOL ELU ELoLP YH \|QHOLP ND]DQPDVÖ LONHOHU DUDFÖOÖøÖ\OD ROXU %LU LONH GDYUDQÖû ELoLPLQL EHOLUOHPH] IDNDW NLûLVHO VRUXPOXOXøXQ DOWÖQÖ oL]HU $\QÖ LONH\H EDøOÖ NDODUDN D] \D GD oRN IDUNOÖ GDYUDQÖûODU J|VWHUPHN PPNQGU ùONHOHU LQVDQODUD GHøHUOHQGLUPH \DSPD YH \DUJÖGD EXOXQPD IÖUVDWÖQÖ YHULUOHU 2\VD ´NXUDOODUµGDQ V|] HWWLøLPL]GH RQODU NLûL\H VHoPH\DGD\DUJÖODPDIÖUVDWÖYHUPH]OHU.LûL|QFHGHQWHVSLWHGLOPLûNXUDODWPKDOL\OH X\PDNOD \NPOGU YH NXUDOODU WHN WHN GXUXPODUROJXODU ]HULQH RGDNODQPDNWDGÖU (WNL DODQODUÖ V|] NRQXVX RODQ WHNLO GXUXPROJXODU LOH VÖQÖUOÖGÖU ùONHOHU LVH EX \|Q\OH NXUDOODUGDQ D\UÖOÖU ùONHOHU GDKD JHQHO YH GDKD WHPHO QLWHOLNWHGLUOHU ùONHOHULQ NXUDOODUÖ GHøHUOHQGLUPHGRøUXODPD\HWNLQOLøLQHVDKLSROPDJLEL|]HOOLNOHULGHEXOXQPDNWDGÖU *HQHOLQVDQLOLûNLOHULQGHROGXøXJLELWÖSHWLøLDODQÖQGDNLGHøHUOHQGLUPHOHUGHGHEHOOL HWLNLONHOHULQYDUOÖøÖNDoÖQÖOPD]GÖUg]HOOLNOHVRQRQOX\ÖOODUGD\DûDQDQJHOLûPHOHUGHHWLN LONHOHULQ YDUOÖøÖ YH WDUWÖûPDVÖ ELU KD\OL |QHPOL ELU HWNLQOLN DODQÖ KDOLQH JHOPLûWLU *QP] WÖS HWLøLQGH oHûLWOL VD\ÖGD LONHOHUGHQ V|] HGLOVH GH JHQHO HøLOLP RODUDN G|UW D\UÖ LONHQLQ YDUOÖøÖQGDQ V|] HGLOHELOLU %XQODU ´\DUDUOÖOÖNµ ´]DUDU YHUPHPHµ ´|]HUNOLøH VD\JÖµYH´DGDOHWµLONHOHULGLU <DUDUOÖOÖNùONHVL <DUDUOÖ ROPDN HGLPL WÖS HWLøL LoHULVLQGH EDûNDODUÖQD \DUGÖP HWPH\L YH \DUDUOÖ ROPD\Ö \NPOON GXUXPXQD JHWLUHQ ´\DUDUOÖOÖN LONHVLµ ELoLPLQGH NDUûÖPÖ]D oÖNPDNWDGÖU 7ÖS HWLøLQGH\DUDUOÖROPDNNÖVDFDVDøOÖNXøUDûODUÖQGDKDVWD\D|QFHOLNOHYHKHUûH\LQ]HULQGH \DUDUOÖ ROPD\Ö |QJ|UPHNWHGLU *HOHQHNVHOWÖS HWLøLQLQ KDVWDQÖQ L\LOLN YH \DUDUÖQÖ ELULQFLO GHøHU RODUDN J|UPHVLQL KHNLPLQ \DUDUOÖOÖN LONHVLQH ]DUDU YHUPHPH NDYUDPÖ\OD ELUOLNWH X\JXQGDYUDQÖûÖRODUDNDoÖNOÖ\RUX] +DFHWWHSHhQLYHUVLWHVL7ÖS)DNOWHVL'HRQWRORML7ÖEEL(WLNYH7ÖS7DULKL$QDELOLP'DOÖ 8OXVDO8\JXODPDOÖ(WLN.RQJUHVL 7DULKVHO ND\QDøÖ DoÖVÖQGDQ \DUDUOÖOÖN LONHVLQLQ +LSRNUDW·WDQ JHOGLøL V|\OHQHELOLU +LSRNUDWLN HWLNWH \HU DODQ DûDøÖGD WHNUDU GHøLQHFHøLPL] ´gQFHOLNOH ]DUDU YHUPHµ SULPXP QRQ QRFHUH LONHVL ELUDoÖGDQ \DUDUOÖ ROPD\ÖKHGHIOHU 6|] NRQXVX EX \NPOON NDSVDPÖQGD DPDoODQDQûH\ ELU H\OHPLQ RODVÖ ROXPOXVRQXoODUÖQÖQ ROXPVX]VRQXoODUÖQD DøÖU EDVPDVÖ \D GD HQ D]ÖQGDQ EHOOL ELU GHQJHGH WXWXODELOPHVLGLU %|\OHFH ELUH\VHO H\OHPOHULQ QLWHOLøLQGH \DUDU \|QQGHNL ROXPOX VRQXoODU DUWÖû J|VWHULUNHQ ]DUDU YHULFL ROXPVX] VRQXoODUÖ LVH RODELOGLøLQFH D]DODFDNWÖU %XQXQOD ELUOLNWH ELUH\LQ H\OHPOHUL QH NDGDUROXPOXYH\DUDUOÖVRQXoODUDNRûXOODQPÖûROXUVDROVXQEX\DUDUOÖVRQXoODU\DQÖQGD ROXPVX] LVWHQPH\HQ VRQXoODU GD PH\GDQD oÖNDELOLU %XQD J|UH EX LONH oHUoHYHVLQGHNL WXWXP YH GDYUDQÖûODUÖPÖ] ´PXWODN \DUDUOÖ ROPDNµ LOH ´\DUDU YH ]DUDUÖQ GHQJHOHQPHVLµ NRûXOODUÖ\ODûHNLOOHQHELOLU =DUDU9HUPHPHùONHVL =DUDU YHUPHPH LONHVLQLQ ND\QDøÖQÖ +LSRNUDWLN WÖS HWLøLQGH DUDPDN JHQHO ELU DOÖûNDQOÖNWÖU ùOJLOL E|OPGH GH GHøLQGLøLPL] JLEL KDVWDOÖøÖQ GRøDO VH\ULQL HWNLOHPH JD\UHWL LoHULVLQGH KHNLPLQ KDVWDVÖQD ]DUDU YHUPHGHQ ELU PGDKDOHGH EXOXQDELOPHVLQLQ |Q NRûXOX /DWLQFH ´3ULPXP QRQ QRFHUHµ ûHNOLQGH GLOH JHWLULOHQ ´gQFHOLNOH ]DUDU YHUPHµ LONHVLGLU+LSRNUDWLNJHOHQHNWHGRøDQÖQGHYLQLPVHO\DSÖVÖLoHULVLQGHKDVWDEHONLL\LOHûPH RODQDøÖ EXOPD RODVÖOÖøÖ LoLQGH LNHQ KHNLPLQ JHUHNVL] PGDKDOHVL\OH EX RODVÖOÖøÖQ GD ND\EROPDVÖ YH EDûND HN ]DUDUODUD \RO DoDELOHFHN ROPDVÖ EXUDGDNL DQOD\ÖûÖQ WHPHOLQL WHûNLOHWPHNWHGLU ùQVDQD]DUDUYHUPHPHNJHUoHNWHWPLQVDQOÖNLoLQJHoHUOLELUGHøHUGLUùQVDQD]DUDU YHUPHN ELU H\OHPOH RODELOHFHøL JLEL ELU LKPDO LOH GH JHUoHNOHûWLULOHELOLU %XUDGD ´]DUDU YHUPHPHNµLOH´N|WON\DSPDPDµNDYUDPODUÖDUDVÖQGDNL´QDQVODUµGDQV|]HGLOVHELOH EXQODUÖ WHPHOGH D\QÖ \|QHOLPLQ GHøLûLN LIDGHOHUL RODUDN J|UHELOLUL] ùONH RODUDN ]DUDU YHUPHPHNN|WON \DSPDPDN EDûNDODUÖQD N|WON \DSPDPDPÖ]Ö YH ]DUDU]L\DQ YHUPHPL]JHUHNWLøLQLEHOLUOHU =DUDU YHUPHPHN LONHVL NXûNXVX] ELU QRNWDGD \DUDUOÖ ROPDN LONHVL\OH SDUDOHOOLN J|VWHULUdRN]DPDQKHULNLVLQLD\QÖSHUVSHNWLIWHQGHøHUOHQGLUPHNPPNQGU<DUDUOÖ ROPDN ]DUDU YHUPHPH\L GH LoHUHELOLU \D GD ]DUDU YHUPHPHN \DUDUOÖ ROPDN RODUDN GD DOJÖODQDELOLU g]HUNOLøH6D\JÖùONHVL 7ÖS HWLøLQGHNL \DUDUOÖOÖN LONHVLQLQ HQ E\N HWLN GHøHU ROGXøXQXQ NDEXO \]\ÖOODUFD YDUOÖøÖQÖ VUGUGNWHQ VRQUD ·ODUÖQ VRQODUÖQGDQ LWLEDUHQ \DYDû \DYDû HWNLVLQL D]DOWPD\D EDûODPÖûWÖU 2UWD\D oÖNDQ \HQL GXUXPGD KHNLP KDVWDVÖQÖQ \DOQÖ]FD WÖEEL \|QGHQ\DUDUÖQÖ|QJ|UPH\HFHNRQD|]HUNELUNLûLROPDVÖQGDQND\QDNODQDQKDNODUÖQÖGD NXOODQDELOPH IÖUVDWÖ WDQÖ\DFDNWÖU NL EX ROJX ´|]HUNOLøH VD\JÖ LONHVLµ RODUDN WDQÖPODQPDNWDGÖU %X LONHQLQ KHNLP WDUDIÖQGDQ OD\ÖNÖ\OD X\JXODQPDVÖQÖQ DQODPÖ WÖEEL ELU PGDKDOH VÖUDVÖQGD KDVWDQÖQ ELUH\VHO KDNODUÖQD GLNNDW HGLOPHVL YH WÖEEL NDUDUD KDVWDQÖQ GD NDWÖOÖPÖQÖQ VDøODQPDVÖGÖU %|\OHOLNOH KHP KDVWDQÖQ WÖEEL PGDKDOHGHQ GROD\Ö XøUD\DELOHFHøL ]DUDU ULVNL D]DOWÖOPDNWD KHP GH KHNLPKDVWD LOLûNLVL LoHULVLQGHNL KDVWDKDNODUÖQÖQWHPHOOHQGLULOPHVLVDøODQPÖûROPDNWDGÖU 7DULKVHO \|QGHQ WÖS HWLøLQLQ ]DPDQ LoHULVLQGH GLNNDW oHNHQ |QHPOL ED]Ö QRNWDODUÖQGDQ V|] HGLOHELOLU $QFDN KHNLPKDVWD LOLûNLVLQH KDVWD |]HUNOLøL NDYUDPÖQÖQ \HUOHûPHVL VDQÖUÖ] LOHULGH WÖS HWLøLQLQ HQ |QHPOL WDULKVHO G|QHPHoOHULQGHQ ELUL RODUDN DQÖODFDNWÖU +DVWD VDøOÖøÖ LOH LOJLOL ELU UDKDWVÖ]OÖøÖQÖQ JLGHULOPHVL DPDFÖ\OD KHNLPH EDûYXUGXøXQGDKHNLPLOHKDVWDDUDVÖQGDVW|UWNGHROVDELUWU´V|]OHûPHµGXUXPX (UGHP$\GÖQ³7ÖS(WLøLQGH7HPHOùONHOHU RUWD\DoÖNDU$GÖNRQVXQNRQPDVÖQEXV|]OHûPHGRøUXOWXVXQGDKDVWDQÖQ\DUDUJ|UPHVL YD]JHoLOHPH] |øHGLU $QFDN KDVWDQÖQ \DUDUÖ NRQXVX JQP] GHøHUOHUL LoHULVLQGH \HQLER\XWODULoHULVLQGH\RUXPODQPDNWDGÖU $øUÖDFÖGDQNXUWXOPDVÖVDNDWOÖNWDQoÖNPDVÖL\LOHûLS\DûDPÖQÖVUGUPHVLNRQXVXQGD KDVWDODUÖQÖQ DGÖQD GRøUXGDQ VRUXPOXOXN DOPDODUÖ KHNLPOLøL WRSOXP \DûDPÖQGD EDûND |UQHøL NROD\ NROD\ J|UOHPH\HFHN ELU PHVOHN JUXEX KDOLQH JHWLUPLûWLU +HNLP KDVWDVÖQÖQ PXWODN RODUDN \DUDUÖQD YH L\LOLøLQH RODFDN ûHNLOGH GDYUDQPDN GXUXPXQGDGÖU +LSRNUDWLN HWLøLQ HQ |QHPOL EHOJHOHULQGHQ RODQ +LSRNUDW $QGÖ·QGD KHNLP´.HQGLKNPYH\HWHQHNELOJLVLGRøUXOWXVXQGDKDVWDQÖQ¶\DUDUÖ·QDRODFDNGL\HW X\JXOD\DFDøÖPµ GHPHNWHGLU %X LIDGHQLQ JHQHO \RUXPX KDVWD LoLQ QH\LQ \DUDUOÖ RODFDøÖQÖ KHNLPLQ ELOHELOHFHøL YH EX NRQXGDNL VRUXPOXOXøXQXQ KHNLPH DLW ROGXøX ûHNOLQGHGLU +HNLPLQ KDVWDVÖQD \DUDUOÖ ROPDN LoLQ oDEDODPDVÖ ELU LONH RODUDN EXJQ GH YDUOÖøÖQÖ VUGUPHNWHGLU $QFDN GHøLûHQ GQ\D NRûXOODUÖ YH GHøHUOHUL oHUoHYHVLQGH EX LONH\H PXWODN EDøOÖOÖN DUWÖN \HWHUOL JHOPHPHNWHGLU *|UOPHNWHGLU NL \HQL LONH YH GHøHUOHU KHNLPKDVWD LOLûNLVLQLQ HWLN ER\XWXQGD NHQGLQL J|VWHUPHNWH \HQL HWLN NDYUDPODU LODYH ROPDNWDGÖU +HNLPKDVWD LOLûNLVLQGH KDVWD \DUDUOÖOÖøÖ WÖS HWLøLQGH WHN YH PXWODN ELU LONH ROPDNWDQ oÖNPD VUHFLQH JLUPLûWLU <DUDUOÖOÖN LONHVL JQP]GH DUWÖN |WHNL LONHOHUOH ´\DUÖûDQµELULONHGLU ùQJLOL]FH·GH |]HUNOLN DQODPÖQGD NXOODQÖODQ ´DXWRQRP\µ (VNL <XQDQFD·GDQ JHOPH ELU V|]FNWU %X V|]FN <XQDQFD·GD ´NHQGLNHQGLQHµ DQODPÖQD JHOHQ ´DXWRVµ LOH NXUDO \|QHWLP \D GD \DVD DQODPODUÖQD JHOHQ ´QRPRVµ V|]FNOHULQLQ ELUOHûPHVLQGHQ PH\GDQD JHOPLûWLU g]HUNOLN V|]FøQQ EXJQ DQODGÖøÖPÖ] DQODPGD NXOODQÖOPDVÖQÖQ WDULKVHO LON |UQHNOHULQL HVNL <XQDQ NOWUQGH J|U\RUX] %XUDGD |]HUNOLN <XQDQ ûHKLU GHYOHWOHULQLQ KHUKDQJL ELU GÖû EDVNÖ DOWÖQGD NDOPDGDQ NHQGL NXUDO YH \DVDODUÖQÖ \DSDELOPH \D GD NHQGL NHQGLQL \|QHWHELOPHOHUL DQODPÖQGD NXOODQÖOPDNWD\GÖ g]HUNOLN NDYUDPÖQÖQ EXJQ NXOODQÖP DODQODUÖQGDQ ELUL ´KDVWD |]HUNOLøLQH VD\JÖµ LONHVL oHUoHYHVLQGHWÖSHWLøLDODQÖGÖU g]HUNOLN NDYUDPÖQÖQ WÖS HWLøLQH JLUPHVL WHVDGIL \D GD ELOLQoOL ELU GDYUDQÖû VRQXFX GHøLO LQVDQ LOLûNLOHULQLQ JQP]GH YDUGÖøÖ QRNWDQÖQ ELU VRQXFXGXU %DWÖ GQ\DVÖQGD LQVDQ KD\DWÖQD YHULOHQ |QHP YH NLûLOLN KDNODUÖQÖQ JHOLûPHVL EXQGD HQ |QHPOL oÖNÖû QRNWDVÖGÖU %X GHøLûLP VUHFL %DWÖ GQ\DVÖQGD EDûODPÖû GDKD VRQUD GLøHU GQ\D ONHOHULQH \D\ÖOPÖûWÖU %X GHøLûLPH \RO DoDQ HWPHQOHU DUDVÖQGD GHPRNUDWLN NDWÖOÖP oRøXOFXOXNPHG\DQÖQNDWNÖVÖ\DûDPÖQKHUDODQÖQGDNLRWRULWHUHøLOLPOHUHNDUûÖEHVOHQHQ NXûNXFXOXN YH GDKD EDûNDODUÖ \DQÖQGD WÖS ELOLP YH WHNQRORMLVLQGHNL E\N JHOLûPHOHU VD\ÖODELOLU %X EDøODPGD KHU WUO WRSOXP YH HWNLQOLN ELULPOHULQGHNL \HWNL YH Jo VDKLSOHULQLQ NLûLOHULQ |]HUNOLøLQH VD\JÖ J|VWHUPHOHUL YH NRUXPDODUÖ EHNOHQLU KDOH JHOPLûWLU %LU NLûLQLQ ´|]HUNOLøLµQGHQ V|] HWPHN R NLûL DoÖVÖQGDQ VHUEHVWoH YH NHQGL |]XVVDO \HWLOHULLOHVHoPHYHGDYUDQÖûWDEXOXQDELOPHDQODPÖQDJHOHELOLUg]HUNOLNELUH\|]JUYH KHUKDQJL ELU GÖû EDVNÖ DOWÖQGD NDOPDGDQ EDøÖPVÖ] RODUDN NHQGL EDûÖQD GûQHELOPH NHQGL KDNNÖQGD NDUDU YHUHELOPH YH EX NDUDUD GD\DQDQ ELU H\OHPGH EXOXQDELOPH \HWHUOLOLøL\HWNLQOLøL LoHULVLQGHGLU \DVDO VÖQÖUODU LoHULVLQGH %X \HWHUOLOLN YH \HWNLQOLN oHUoHYHVLQGH \DSÖODQ H\OHP YHVHoLPOHU \DQL |]HUN H\OHP YHVHoLPOHU oDøGDû GQ\D LQVDQÖQGD EXOXQPDVÖ EHNOHQHQ ELUH\VHO GHøHUOHULQ |Q NRûXOODUÖQGDQ ELUL RODUDN NDEXOHGLOPHNWHGLU 8OXVDO8\JXODPDOÖ(WLN.RQJUHVL %XQXQOD ELUOLNWH oHYUH NRûXOODUÖ LoHULVLQGH LQVDQÖQ HWNLOHQPHGHQ EXQX QDVÖO JHUoHNOHûWLUHELOHFHøL WDUWÖûÖOÖU ELU NRQXGXU $QFDN HQ D]ÖQGDQ |]HUN ELU NLûLGHQ V|] HGHELOPHN LoLQ RQXQ VHUEHVWoH YH NHQGL XVX LOH GDYUDQGÖøÖQÖ YDUVD\PDPÖ] JHUHNPHNWHGLU .LûL |]HUNOLøL WDUWÖûPDVÖ LoHULVLQGH ELU EDûND |øH ´\HWHUOLOLNµWLU FRPSHWHQFH <HWHUOLOLN EX oHUoHYHGH GÖû ELU EDVNÖ]RUODPD DOWÖQGD NDOPDGDQ VHUEHVW YH XVVDO GDYUDQDELOPH \HWHQHøL DQODPÖQD JHOPHNWHGLU %X NRûXOODUGDNL ´\HWHUOLµ ELU NLûLQLQ|]HUNOLøLQGHQV|]HGHELOLUL] $GDOHWùONHVL *QP]GH WÖS HWLøL DODQÖQGD |QGH JHOHQ LONHOHUGHQ ELUL DGDOHW LONHVLGLU %LOLQGLøL JLEL DGDOHW NDYUDPÖQÖQ \D\JÖQ ELoLPGH NXOODQÖPÖ GDKD oRN KXNXN DODQÖQGD ROPDNWDGÖU %XQXQODELUOLNWHDGDOHWL\DOQÖ]FDEXDODQDDLWELUNDYUDP RODUDNGûQHPH\L]ùQVDQYH WRSOXP \DûDPÖ HQ LQFH D\UÖQWÖODUÖQD NDGDU EX NDYUDPÖQ |UJV LOH |UOPûWU *QP]GH DGDOHW NDYUDPÖQÖQ \D\JÖQ RODUDN NXOODQÖOPD\D EDûODQGÖøÖ DODQODUGDQ ELUL VDøOÖNXøUDûODUÖQGDGHøHUVRUXQODUÖQÖQHOHDOÖQGÖøÖWÖSHWLøLDODQÖGÖU $GDOHW V|]FøQQ WDûÖGÖøÖ DQODP \N ´GRøUXOXNµ ´KDN HWPHµ ´KDN ND]DQPDµ JLEL DQODWÖPODUOD GLOH JHWLULOHELOVH GH JHUoHNWH EXQODU DUDVÖQGD D] \D GD oRN DQODP D\UÖOÖNODUÖV|]NRQXVXGXU%XQODUGDQKHUELULQLQDGDOHWNDYUDPÖQÖQWDPNDUûÖOÖøÖROGXøX V|\OHQHPH] 6DøOÖN DODQÖQGD DGDOHW LONHVL WÖEEL ND\QDNODUÖQ DUDoJHUHoWHQ KHU WUO KL]PHWH NDGDU JHUHNVLQLPOHUH J|UH HûLW YH GUVWoH GDøÖOPÖû ROPDVÖQÖ EHNOHU %X LONH VDøOÖN oDOÖûDQODUÖQÖQ oDOÖûPDODUÖQGD NDUûÖODûÖ\RU ROGXNODUÖ ND\QDNODUÖQ GDøÖOÖPÖ\OD LOJLOL HWLN VRUXQODUD\DUGÖPFÖRODFDNED]Ö\DQÖWODUJHWLULU $GDOHW LONHVLQLQ VDøOÖN XøUDûODUÖQGD \DûDPD JHoLULOPHVL NXûNXVX] LON EDûWD PHYFXW ND\QDNODUÖQ VDøOÖN XøUDûODUÖQGD DGLO NXOODQÖOPDVÖQD LOLûNLQGLU %XUDGD HWLN \|QQGHQ VRUXQVDORODUDNJ|]NHQQRNWDJHUHNGHYOHWG]H\LQGHJHUHNKDONVDøOÖøÖXøUDûODUÖQGD JHUHNVH WHGDYL HGLFL VDøOÖN NXUXPODUÖQGD KDVWDQHOHU YE WÖEEL ND\QDNODUÖQ ELUH\ YH WRSOXPNHVLPLQHDGDOHWOLELoLPGHQDVÖOSD\ODûWÖUÖODFDøÖGÖU 7ÖEEL RODQDNODUÖQ KHU ELUH\H \HWHULQFH VDøODQDPDPDVÖ ELUH\LQ VDøOÖN EDNÖP KDNNÖQÖ ]HGHOHPHNWHGLU 2\VD ELOL\RUX] NL E\N KDUFDPDODUOD VDøODQDQ oDøGDû WÖEEL EDNÖP RODQDNODUÖ oRøXQOXNOD VÖQÖUOÖGÖU 'ROD\ÖVÖ\OD GHYOHW G]H\LQGH HNRQRPLN ND\QDNODUÖQ QH |OoGH DGDOHWOL NXOODQÖOGÖøÖ D\UÖ ELU VRUXQVDO RODUDN NDUûÖPÖ]D oÖNPDNWDGÖU %XUDGD KHPHQND\QDNODUÖQNRUX\XFXVDøOÖNKL]PHWOHULQHPL\RNVDWHGDYLHGLFLWÖSKL]PHWOHULQH PLDNWDUÖODFDøÖLNLOHPLQLNRQX\D|UQHNVRUXQVDORODUDNGLOHJHWLUHELOLUL] gWH \DQGDQ DGDOHW LONHVLQLQ NOLQLN X\JXODPDODU VÖUDVÖQGD ND\QDNODUÖQ DGLO NXOODQÖPÖ\OD LOJLOL RUWD\D oÖNDELOHFHN HWLN oDWÖûPD VRUXQODUÖQGD GD EDûYXUXODELOHFHN ELU LONH ROGXøXQX EHOLUWPHOL\L] .OLQLN HWLN oDOÖûPDODUÖQGD oRN |QHPOL \HUL RODQ EX LONHQLQ JHUHNVLQLP GX\XOGXøX ELUoRN WÖEEL ROJX EXUDGD NRQX\D |UQHN RODUDN YHULOHELOLU gUQHøLQ ELU \RøXQ EDNÖP ELULPLQGHNL \DWDN VD\ÖVÖQÖQ VÖQÖUOÖ ROPDVÖ QHGHQL\OH EXQODUGDQKDQJLKDVWDODUÖQQH|OoGH\DUDUODQDELOHFHøL\DGDD\QÖDQGDJHUHNVLQLPLRODQ KDVWDODU DUDVÖQGD GL\DOL] DUDFÖ NXOODQÖPÖQD QH ûHNLOGH NDUDU YHULOHFHøL JLEL VÖNoD NDUûÖODûÖODQ HWLN LNLOHPOHUGH DGDOHW LONHVL J|] |QQGH EXOXQGXUXOPDVÖ JHUHNHQ ELU LONHGLU $GDOHW LONHVLQLQ |QHP ND]DQGÖøÖ ELU EDûND NRQX RUJDQ DNWDUÖPODUÖGÖU 2UJDQ DNWDUÖPODUÖVÖUDVÖQGDRUWD\DoÖNDQHWLNVRUXQODUGHULQWDUWÖûPDODUDNRQXRODQWÖSHWLøLQLQ |]HO GXUXPODUÖQGDQ ELULGLU gUQHøLQ RUJDQ DNWDUÖPÖ \DSÖODFDN RODQ KDVWDODUÖQ VÖUDVÖ QDVÖOEHOLUOHQHFHNWLU"7ÖEEL|\N\HJ|UHPLJHUHNVLQLPHJ|UHPLEDûYXUXVÖUDVÖQDJ|UH (UGHP$\GÖQ³7ÖS(WLøLQGH7HPHOùONHOHU PL |GHPH JFQH J|UH PL ELUH\OHULQ WRSOXPVDO NRQXPXQD J|UH PL \RNVD WP EXQODUÖQ NDUÖûÖPODUÖQGDQ HOGH HGLOHFHN \HQL |OoWOHUH J|UH PL" %XQXQ JLEL VRUXODUÖQ \DQÖWODUÖ LoLQ DGDOHW LONHVLQLQ GH J|] |QQH DOÖQDFDøÖ VÖNÖ ELU HWLN GHøHUOHQGLUPH VUHFL JHUHNLU .D\QDNoD $\GÖQ(7ÖS(WLøLQH*LULû$QNDUD3HJHP$\D\ÖQFÖOÖN %D\OH03URIHVVLRQDO(WKLFV%HOPRQW:DGVZRUWK3XEOLVKLQJ& %HDXFKDPS 7/ YH &KLOGUHVV -) 3ULQFLSOHV RI %LRPHGLFDO (WKLFV EDVÖP 1HZ <RUN2[IRUG8QL3UHVV %HDXFKDPS 7/ YH :DOWHUV / &RQWHPSRUDU\ ,VVXHV LQ %LRHWKLFV EDVÖP *LOORQ 5 ´3ULPXP QRQ QRFHUH DQG WKH 3ULQFLSOH RI QRQPDOHILFHQFHµ %0- %HOPRQW&DOLIRUQLD:DGVZRUWK,QF &KLOGUHVV -) ´5HVSHFW IRU 3HUVRQµ :KR 6KRXOG 'HFLGH 3DWHUQDOLVP LQ +HDOWK&DUH1HZ<RUN2[IRUG8QLYHUVLW\3UHVV *LOORQ % ´$XWRQRP\ DQG WKH 3ULQFLSOH RI 5HVSHFW IRU $XWRQRP\µ %0- )DGHQ 55 YH %HDXFKDPS 7/ $ +LVWRU\ DQG 7KHRU\ RI ,QIRUPHG &RQVHQW 1HZ <RUN2[IRUG8QLYHUVLW\3UHVVV *LOORQ 5 ´$XWRQRP\ DQG FRQVHQWµ 0RUDO 'LOHPPDV LQ 0RGHUQ 0HGLFLQH HG /RFNZRRG01HZ<RUN2[WRUG8QLYHUVLW\3UHVVV %HDXFKDPS 7/ 3KLORVRSKLFDO (WKLFV EDVNÖ 1HZ <RUN 0F*UDZ+LOO ,QF /XFH-0´(WKLFDO3ULQFLSOHVLQ&ULWLFDO&DUHµ-$0$ (øLWLPYHgøUHWLPGH(WLN 'Ro'UùQD\HW3HKOLYDQ$\GÖQ *LULû dDøGDû \DûDPGD HWLN GHøHUOHU YH DKODNL GX\DUOÖOÖNODUÖQ D]DOGÖøÖQD LOLûNLQ \DNÖQPDODU HWLN HøLWLPLQH LOLûNLQ \NVHOHQ ELU LOJL\L GH EHUDEHULQGH JHWLUPHNWHGLU (øLWLP VLVWHPL HWLN GHøHUOHU YH X\JXODPDODU DoÖVÖQGDQ VRQ GHUHFH |QHPOL ELU DODQ ROPDNOD ELUOLNWH ONHPL]GHEX\|QGHNLWDUWÖûPDODUYHoDOÖûPDODUVRQGHUHFHVÖQÖUOÖGÖU 3HN oRN NLûLELUH\OHULQ \HWLûWLULOPHVL YHKHU \|QGHQ JHOLûWLULOPHVL J|UHYLQL VWOHQPLû RODQ ´RNXOµ GHQLOHQ |]HO NXUXPGD ´L\Lµ YH ´GRøUXµ NDYUDPODUÖQD JHUHNHQ YXUJXQXQ \DSÖOPDPDVÖQGDQ \DNÖQDUDN HWLN HøLWLPLQLQ |øUHQFLOHUOH LOJLOHQHQ ED]Ö HøLWLPFLOHULQ ELUH\VHO SRWDQVL\HOL YH LOJLOHUL LOH VÖQÖUOÖ NDOGÖøÖQD LQDQPDNWDGÖUODU 2\VD HøLWLP YH RNXO NDYUDPODUÖQÖQ GRøDVÖQGD HWLN ELU oDED \DWPDNWDGÖU 7RSOXPXQ ELUH\OHULQLQ LVWHQLOLU L\LOHUL ND]DQPDVÖ YH EXQX ND]DQGÖUDFDN NXUXPXQ GD HWLN GHøHUOHU oHUoHYHVLQGH LûOHY J|VWHUPHVLEHNOHQPHOLGLU 7RSOXP WDUDIÖQGDQ VRUXPOXOXN VD\JÖ JYHQ DGDOHW \XUWWDûOÖN ELOLQFL JLEL WHPHO GHøHUOHUL LoHUHQ ELU HWLN \DNODûÖPÖQ RNXOODUGD JHOLûWLULOPHVL YH |øUHQFLOHULQ NDUDNWHU HøLWLPLQLQ GHVWHNOHQPHVL EHNOHQPHNWHGLU $QFDN EX EHNOHQWLOHULQ NDUûÖODQDELOPHVL LoLQ HøLWLP YH |øUHWLP DODQÖQGDNL WDUWÖûPDODUÖQ HWLN DoÖGDQ o DODQGD HOH DOÖQPDVÖ JHUHNPHNWHGLU (øLWLPSROLWLNDODUÖQGDHWLNWDUWÖûPDYH\DQVÖPDODU gøUHWPHQOHULQPHVOHNHWLøL 2NXOODUGDHWLNHøLWLPL %X ELOGLULGH LON RODUDN HøLWLP|øUHWLP YH RNXOGD HWLN NRQXVX HOH DOÖQPÖûWÖU ùNLQFL RODUDN HøLWLP |øUHWLP PHVOHøLQLQ SURIHV\RQHOOHUL RODQ |øUHWPHQOHULQ HWLN GHøHUOHUL YH X\JXODPD LONHOHULQL LoHUHQ PHVOHNL HWLN NRQXVX LQFHOHQHUHN |øUHQFL YH YHOL KDNODUÖQD GHøLQLOPLûWLU (øLWLPgøUHWLPYH2NXOGD(WLN +HUWUHøLWLPHWNLQOLøLQGHWHPHORODUDNG|UWER\XW]HULQGHGXUPDNJHUHNOLGLU%X ER\XWODU DPDo²NDSVDP²\|QWHP YH GHøHUOHQGLUPHGLU %X ER\XWODU D\QÖ ]DPDQGD HøLWLP SURJUDPODUÖQÖQ JHOLûWLULOPHVLQGH VRUXODQ G|UW VRUXQXQ GD \DQÖWÖQÖ ROXûWXUPDNWDGÖU1LoLQVRUXVXQXQ\DQÖWÖQÖDPDoER\XWXROXûWXUXU1HVRUXVXQXQ\DQÖWÖ LVH NDSVDP ER\XWXQGD YHULOLU 1DVÖO 6RUXVX \|QWHP ER\XWXQGD \DQÖWODQÖU 1H ROGX VRUXVXLVHGHøHUOHQGLUPHER\XWXQGDHOGHHGLOHQELOJLOHUOH\DQÖWODQDELOLU (øLWLPLQ PDNUR YH PLNUR G]H\OHUGHNL X\JXODPDODUÖ HOH DOÖQGÖøÖQGD ELU XOXVXQ \XUWWDûODUÖQÖHøLWPHVRUXPOXOXøXQXVWOHQHQHøLWLPVLVWHPOHULRNXOODUYHHøLWLPFLOHUEX G|UW ER\XWOD LOJLOL H\OHP YH LûOHPOHULQGH D\QÖ ]DPDQGD FLGGL HWLN GHøHUOHQGLUPHOHU GH \DSPDNGXUXPXQGDGÖUODU $QNDUDhQLYHUVLWHVL(øLWLP%LOLPOHUL)DNOWHVL 8OXVDO8\JXODPDOÖ(WLN.RQJUHVL (øLWLPgøUHWLPGH$PDo%R\XWX +HU WRSOXP HøLWLP VLVWHPL LoLQ EHOLUOL KHGHIOHUH YH LGHDOOHUH VDKLSWLU %X KHGHI YH LGHDOOHU RNXO YH VÖQÖIODUGD SUDWLN RODUDN RUWD\D NRQXOXU 7RSOXPXQ KHGHI YH LGHDOOHUL GRøUXOWXVXQGD RNXOODUGD JHUoHNOHûWLULOHQ DPDoOÖ YH SODQOÖ HWNLQOLNOHU HøLWLP YH |øUHWLP DODQÖQÖQ NDSVDPÖ LoLQH JLUPHNWHGLU (øLWLP HQ JHQHO DQODPGD ELUH\OHUH NHQGL \DûDQWÖODUÖ \ROX\OD LVWHQGLN GDYUDQÖûODUÖ ND]DQGÖUPD VUHFL RODUDN WDQÖPODQPDNWDGÖU (øLWLPLQWDQÖPÖLOHELUOLNWHHWLNWDUWÖûPDYHVRUJXODPDODUÖQGDEDûODPDVÖNDoÖQÖOPD]GÖU <XNDUÖGDNL WDQÖPGD ELUH\OHUH LVWHQGLN GDYUDQÖûODUÖQ ND]DQGÖUÖOPDVÖQGDQ V|] HGLOPHNWHGLU $QFDN ELUH\OHUH ND]DQGÖUÖODFDN GDYUDQÖûODUÖQ NLPH J|UH LVWHQGLN RODFDøÖ GLøHUELUGH\LûOHKDQJLDPDoODUODHøLWLPYH|øUHWLP\DSÖODFDøÖHWLNELUWDUWÖûPD\ÖJHUHNOL NÖOPDNWDGÖU %DOODQWLQH·D J|UH HøLWLPLQ KHGHI YH LGHDOOHUL DoÖVÖQGDQ EDNÖOGÖøÖQGD KRPRMHQ WRSOXPODUGD EX LGHDO YH KHGHIOHUGH J|Uû ELUOLøL YDUGÖU $QFDN KHWHURMHQ WRSOXPODUGD WDUWÖûPDODU YH ELUELUL LOH oHOLûHQ KHGHIOHU RODELOPHNWHGLU %X GXUXPGDQ NDoÖQÖOPD] RODUDN RNXOODU GD HWNLOHQPHNWHGLU )RQNVL\RQHO NXUDPFÖODUD J|UH EX KHGHIOHU RNXOODUÖ \|QOHQGLUPHNWH YH RNXOODUÖQ G]JQ LûOHPHVLQL VDøODPDNWDGÖU dDWÖûPD NXUDPFÖODUÖ LVH EXQODUÖQ WRSOXPGDNL EDVNÖQ JUXSODUÖQ KHGHIOHUL ROGXøXQX YH VDGHFH WRSOXPXQ ELU SDUoDVÖQÖ \DQVÖWWÖøÖQÖ DVOÖQGD oHOLûHQ YH oHNLûHQ GLøHU KHGHIOHULQ WRSOXPGDNL GLøHU JUXSODUWDUDIÖQGDQNDEXOJ|UHFHøLQLVDYXQXUODUg]GHPLU (øLWLP VLVWHPLQLQ KDQJL WU GDYUDQÖûODUD VDKLS \XUWWDûODU \HWLûWLUHFHøLQH NLPLQ YH QDVÖONDUDUYHUHFHøLNRQXVXWHNEDûÖQDELUHWLNWDUWÖûPDDODQÖRODUDNNDUûÖPÖ]DoÖNPDNWD YH]DPDQ]DPDQWRSOXPXQoHûLWOLJUXSODUÖDUDVÖQGDFLGGLoDWÖûPDODUDGD\RODoPDNWDGÖU (øLWLPgøUHWLPGH.DSVDP%R\XWX 7RSOXPGD ELUH\OHULQ JUXSODUÖQ \D GD DLOHOHULQ DPDoODUÖ WRSOXPVDO NRQXPODUÖ \D GD LoLQGHEXOXQGXNODUÖWRSOXPVDOVÖQÖIDJ|UHRNXOODUGDQYHHøLWLPVLVWHPLQGHQEHNOHQWLOHUL GH GHøLûPHNWHGLU 'LøHU ELU GH\LûOH WRSOXPXQ IDUNOÖ NHVLPOHULQLQ RNXOGDQ EHNOHQWLOHUL GHIDUNOÖGÖU3HNoRNDLOHoRFXNODUÖQÖQ|øUHQPHVLQLDU]XHGHUDPD|øUHQGLNOHULûH\OHULQ DLOHQLQGHøHUOHULLOHoHOLûPHVLQLLVWHPH]gUQHøLQFLQVHOHøLWLP\DGD]RUXQOXGLQHøLWLPL JLEL NRQXODUGD WRSOXPXQ IDUNOÖ NHVLPOHULQFH \UWOHQ WDUWÖûPDODU GHYDP HWPHNWHGLU %X GXUXP HøLWLP YH RNXOODUÖQ LûOH\LûLQGH ED]Ö HWLN WDUWÖûPDODUD GD NDSÖ DUDODPDNWD YH HøLWLPOH LOJLOL RODUDN DOÖQDQ NDUDUODUÖQ YH SROLWLNDODUÖQ ]HULQGH GLNNDWOH GXUXOPDVÖQÖ JHUHNWLUPHNWHGLU 7RSOXPXQELUH\OHULQHQH\LQQHNDGDU|øUHWLOHFHøLNRQXVXQGDNDUDUYHULOPHVLYHEX NDUDUODUÖQ WRSOXPXQ YH ELUH\OHULQ \DUDUODUÖQD X\JXQ ROPDVÖQÖQ VDøODQPDVÖ HøLWLPLQ NDSVDPER\XWXQGDNLHWLNWDUWÖûPDODUÖQÖQRGDøÖQÖROXûWXUPDNWDGÖU (øLWLPgøUHWLPLQ<|QWHP%R\XWX (øLWLP YH |øUHWLP NHQGLQH |]J \|QWHP YH WHNQLNOHUL RODQ ELU PHVOHN DODQÖGÖU $QFDN HøLWLP YH |øUHWLP VDGHFH UXWLQ YH WHNQLN ELU Lû RODUDN J|UOHPH] (øLWLP YH |øUHWLPLQ LoLQGH oHûLWOL G]H\OHUGH HWLN GHøHUOHQGLUPHOHULQ \DSÖOPDVÖ JHUHNPHNWHGLU $QFDN oRøX ]DPDQ EDûWD |øUHWPHQOHU YH GLøHU HøLWLPFLOHU ROPDN ]HUH SHN oRN NLûL HøLWLP YH |øUHWLP VUHFLQLQ HWLN ER\XWXQX J|] DUGÖ HWPHNWHGLUOHU gUQHN YHUPHN JHUHNLUVH KHU WUO HøLWVHO H\OHP YH LûOHPGH |øUHQFLOHULQ \DUDUÖQGDQ EDûND KLoELU ûH\ GûQOPHPHVL GHUV SURJUDPODUÖ JHUHøL VHoLOHQ PDWHU\DO YH NLWDSODUÖQ HøLWVHO YH HWLN DoÖGDQ X\JXQ ROPDVÖ VÖQÖI LoLQGH NXOODQÖODQ VÖQÖI \|QHWLPL YH GLVLSOLQ X\JXODPDODUÖQGD HWLN ELU DQOD\ÖûÖQ HWNLOL ROPDVÖ |øUHQFLOHUH DGLO YH HûLW GDYUDQÖOPDVÖQÖ VDøOD\DFDN SHGDJRMLN\|QWHPOHULQNXOODQÖOPDVÖJLELNRQXODU]HULQGHGLNNDWOHGXUXOPDOÖGÖU ùQD\HW3HKOLYDQ$\GÖQ³(øLWLPYHgøUHWLPGH(WLN 2NXOODU |øUHQFLOHULQ PXWOX VDøOÖNOÖ YH |]JU ELoLPGH \DûD\DUDN NHQGLOHULQL JHUoHNOHûWLUGLøL \HUOHU ROPDOÖGÖU $QFDN RNXOODUÖPÖ] JHQHOOLNOH |øUHQFLQLQ D]DUODQGÖøÖ QRWXQ ELU WHKGLW XQVXUX RODUDN NXOODQÖOGÖøÖ FH]DODQGÖUÖFÖ GD\DN \HQHQ \HUOHU RODUDN JQGHPGHGLU %X GXUXPGD RNXOODUÖQ ELUH\OHUH GRøUX GDYUDQÖûODUÖQ ND]DQGÖUÖOGÖøÖ JHUoHN|øUHQPHYHJHOLûPHPHUNH]OHULROPDVÖRODQDNVÖ]KDOHJHOPHNWHGLU 2NXOODU GHPRNUDVL LQVDQ KDNODUÖ |]JUON VHYJL VD\JÖ YH KRûJ|U JLEL GHøHUOHUL ND]DQGÖUDQ YH EX NDYUDPODUD LOLûNLQ WXWXPODUÖ SHNLûWLUHQ NXUXPODU ROPDVÖ JHUHNLUNHQ ûLGGHW YH N|U N|UQH LWDDWLQ HJHPHQ ROGXøX NXUXPODU RODUDN NDUûÖPÖ]D oÖNPDNWDGÖU %X DQODPGD HøLWLP VLVWHPL YH RNXOODUÖQ DPDo \DSÖ YH LûOHYOHULQLQ HWLN EDøODPGD FLGGL WDUWÖûPDODUDNRQXROPDVÖJHUHNPHNWHGLU (]EHUFL HøLWLP ELUH\OHULQ GûQVHO EHFHULOHUL ND]DQPDODUÖQÖ YH \DUDWÖFÖ JoOHULQL NXOODQPDODUÖQÖHQJHOOHPHNWHGLU%XQHGHQOHHøLWLPGHNXOODQÖODQ|øUHWLP\|QWHPOHULQLQ ]HQJLQOHûWLULOPHVLYHJHUoHNELU|øUHQPHRUWDPÖQÖQ\DUDWÖOPDVÖ]RUXQOXGXU (øLWLP NXUXPODUÖ RODQ RNXOODU WRSOXPVDO JHOHQHNOHULQ GH HWNLVL LOH DVNHUL GLVLSOLQ X\JXODQDQ NXUXPODUD G|QûPHNWH NDED NXYYHW KDNDUHW YH GD\DN VÖUDGDQ ELU HøLWLP DUDFÖRODUDNJ|UOPHNWHGLU (øLWLP²gøUHWLPLQ'HøHUOHQGLUPH%R\XWX gøUHQFLOHULQ GHøHUOHQGLULOPHVLQGH \DQVÖ] YH GRøUX |OoPH YH GHøHUOHQGLUPH WHNQLNOHULQLQ X\JXODQPDVÖ JLEL WHNQLN EHFHULOHU D\QÖ ]DPDQGD HWLN GHøHUOHQGLUPHOHU YH \DNODûÖPODUÖGDLoHUPHNWHGLU +HU |øUHQFLQLQ |øUHQHELOPHVL LoLQ oDOÖûPDNWDQ oRN |øUHQFLOHUL EDûDUÖVÖ]OÖøD LWHQ X\JXODPDODUYHHøLWLPVWDQGDUWODUÖQÖQGûUOPHVLQH\RODoDQSROLWLNDODUÖQWRSOXPDYH \HQLNXûDNODUDYHUGLøL]DUDUODUFLGGLHWLNWDUWÖûPDODUÖQÖJHUHNWLUPHNWHGLU 2NXOODUGDNL GHøHUOHQGLUPH VUHFLQGH |øUHQFLOHULQ KHU WUO D\UÖPFÖOÖNWDQ X]DN WXWXODUDN\DQVÖ]YHQHVQHOELoLPGHGHøHUOHQGLULOPHOHULE\N|QHPWDûÖPDNWDGÖU gøUHWPHQOHULQ0HVOHN(WLøL 0HVOHNL HWLN EWQ PHVOHNL XøUDûODUÖQ L\L YH GRøUX\D \|QOHQGLULOPHVL NRQXVXQGD LONHOHUNR\DQPHVOHN\HOHULQLQNLûLVHODU]XODUÖQÖYHEHOOLELUoL]JLQLQGÖûÖQDoÖNPDODUÖQÖ |QOHPH\H oDOÖûDQ PHVOHNL LGHDOOHUL JHOLûWLUHQ YH LONHVL] \HOHUL PHVOHNWHQ GÖûOD\DQ ELU LONHOHUGL]JHVLGLU 7P PHVOHNOHU LoLQ \HOHULQLQ GDYUDQÖûODUÖQÖ oHUoHYH LoLQH DODQ HWLN LONHOHU ROXûWXUXODUDN PHVOHN \HOHULQLQ ELOJLVL]OLNWHQ \D GD NLûLVHO HøLOLPOHULQGHQ ND\QDNODQDQ HWLNGÖûÖGDYUDQÖûODUD\|QHOPHOHULHQJHOOHQPHOLGLU (øLWLP|øUHWLP LûLQLQ D\QÖ ]DPDQGD ELU HWLN ER\XWX ROGXøX YH GRøUX HWLN GHøHUOHQGLUPHOHULQ \DSÖODELOPHVLQLQ NXUDPVDO ELU WHPHO YH DQDOLWLN ELU \DNODûÖP JHUHNWLUGLøL JHUoHøLQGHQ \ROD oÖNÖODUDN WP HøLWLPFLOHULQ KL]PHW |QFHVLQGH L\L ELU HWLN HøLWLPLQGHQ JHoPHVL JHUHNPHNWHGLU $GD\ |øUHWPHQOHU NDUDUODUÖQÖQ YH H\OHPOHULQLQ WHPHOLQH HVDV DOGÖNODUÖ HWLN LONHOHUH EDøOÖ RODUDN |øUHQFLOHUH YH EDûNDODUÖQD QDVÖO GDYUDQPDODUÖ JHUHNWLøL NRQXVXQGD YH NDUûÖODûDELOHFHNOHUL HWLN LNLOHPOHUL QDVÖO o|]POH\HELOHFHNOHUL NRQXVXQGD KHP NXUDPVDO ELU DOW\DSÖ KHP GH ELU IDUNÖQGDOÖN JHOLûWLUHELOPHOLGLUOHU 7P DODQODUGDNL HWLN oDOÖûPDODUGD \NPOON VRUXPOXOXN YH KDN NDYUDPODUÖ ELUELULQGHQ D\UÖODPD] ELU QLWHOLN WDûÖU gøUHWPHQLQ HWLN \NPOONOHUL |øUHQFLQLQ KDNODUÖQÖ ROXûWXUXU DVOÖQGD gøUHWPHQLQ KDNODUÖQÖQ VDøODQPDVÖ LVH \|QHWLPLQ HWLN \NPOONOHUL DUDVÖQGDGÖU %LU |UQHN YHUPHN JHUHNLUVH SHN oRN PHVOHNWH ROGXøX JLEL ´D\UÖPFÖOÖN \DSPDPDNµ |øUHWPHQOLN PHVOHøLQLQ HQ WHPHO HWLN LONHOHUL DUDVÖQGDGÖU %X 8OXVDO8\JXODPDOÖ(WLN.RQJUHVL \NPOON D\QÖ ]DPDQGD |øUHQFLOHULQ ´RNXOGD HûLW PXDPHOH J|UPHµ KDNNÖQÖ JDUDQWL DOWÖQDDOÖU 'Q\DGDNL X\JXODPDODUD EDNÖOGÖøÖQGD |øUHWPHQOHULQ HWLN LONHOHU oHUoHYHVLQGH \HWLûWLULOPHVL KL]PHW |QFHVL HøLWLP VUHoOHULQGH EDûODU *HQHOOLNOH |øUHWPHQOHUH EX \NPOONOHULQL EHQLPVHWPHN YH VUHNOL KDWÖUODWPDN DPDFÖ\OD ´|øUHWPHQ DQWODUÖµ KD]ÖUODQPÖûWÖU %X DQWODU |øUHWPHQOHUH GDKD PHVOHøH JLUPHGHQ VWOHQHFHNOHUL J|UHYOH ELUOLNWH \NOHQGLNOHUL HWLN VRUXPOXOXNODUÖ YH \HULQH JHWLUPHOHUL EHNOHQHQ HWLN LONHOHUL GH KDWÖUODWÖU gøUHWPHQOLN PHVOHøLQLQ WHPHO HWLN LONHOHUL $PHULND %LUOHûLN 'HYOHWOHUL·QGH oHûLWOL |øUHWPHQ GHUQHNOHUL VHQGLNDODU (\DOHW (øLWLP %|OPOHUL WDUDIÖQGDQ HOH DOÖQPÖû YH \D]ÖOÖRODUDNEHOLUOHQPLûWLU%XHWLNLONHOHULQFHOHQGLøLQGH|]QGHKHUELULQLQD\QÖWHPHO HWLNGHøHUOHUHGD\DOÖRODUDNJHOLûWLULOGLøLJ|UOU0LQQHVRWDgøUHWPHQ+DNODUÖ.RQVH\L WDUDIÖQGDQ \ÖOÖQGD ROXûWXUXODQ 0LQQHVRWD gøUHWPHQOLN PHVOHøL HWLN LONHOHUL \ÖOÖQGD 0LFKDHO '+XEHUW\ WDUDIÖQGDQ \HQLGHQ J|]GHQ JHoLULOPLûWLU 0LQQHVRWD 6WDWH &RGH 7H[DV (øLWLP %|OP WDUDIÖQGDQ GD |øUHWPHQOHULQ HWLN LONHOHUL D\UÖQWÖOÖ RODUDN EHOLUOHQPLûWLU gøUHWPHQOHULQ |øUHQFL YH YHOL KDNODUÖQD X\JXQ ELU GDYUDQÖû J|VWHUPHOHUL PHVOHN HWLøLNDSVDPÖQGDVRQGHUHFH|QHPOLGLU +HUWUYHG]H\GHNLHøLWLPNXUXPODUÖQGDHWLNELUX\JXODPDGDQV|]HGHELOPHNLoLQ |øUHQFL KDNODUÖQÖQ WDQÖPODQDUDN |øUHQFL YHOL YH HøLWLPFLOHULQ EX KDNODU KDNNÖQGD ELOJLOHQGLULOPHVL YH EX KDNODUÖ LKODO HGHFHN KHU WUO GDYUDQÖûWDQ X]DN GXUPDODUÖ VDøODQPDOÖGÖU dRFXNODUÖQÖ HøLWLP J|UPHN ]HUH RNXOODUD J|QGHUHQ YHOLOHULQ EX VUHo LoLQGH VRUXPOXOXNODUÖROGXøXJLELED]ÖWHPHOKDNODUÖGDYDUGÖUhONHPL]GHYHOLKDNODUÖQÖQ\DVDO ELUEHOJHGHKHQ]DoÖNoDWDQÖPODQPÖûROPDPDVÖYHOLOHULQEXNRQXGDELOLQoOHQGLULOPHVL JHUHøLQLGDKDELUJoOHQGLUPHNWHGLU 9HOL KDNODUÖ |]HOOLNOH $PHULND %LUOHûLN 'HYOHWOHUL·QLQ SHN oRN H\DOHWLQLQ HøLWLP \DVDODUÖQGD DoÖNoD WDQÖPODQPÖû YH EX KDNODU YHOLOHULQ ELOLQoOHQGLULOPHVLQH \|QHOLN HO NLWDSODUÖQGDDoÖNoD\D]ÖOPÖûWÖU\ÖOÖQGD$PHULND·GDNDEXOHGLOHQDLOHOHULQ(øLWLPVHO +DNODUÖ YH *L]OLOLN <DVDVÖ YHOLOHULQ ED]Ö KDNODUÖQÖ WDQÖPODPÖûWÖU $\UÖFD 7H[DV YH &DOLIRUQLD H\DOHWOHULQLQ HøLWLPOH LOJLOL \DVDO EHOJHOHUL LQFHOHQGLøLQGH YHOLOHULQ oRFXNODUÖQÖQHøLWLPLLOHLOJLOLRODUDNRNXOGDVDKLSROGXNODUÖKDNODUÖWDQÖPODQPÖûWÖU 6RQXo (øLWLP YH |øUHWLP DODQÖQGD HWLN ]HULQGH GLNNDWOH GXUXOPDVÖ JHUHNHQ ELU NRQX RODUDN |QHPLQL NRUXPDNWDGÖU %LU \DQGDQ WRSOXPXQ |QHPOL ELU NHVLPLQLQ LoLQGH \HU DOGÖøÖ HøLWLP VLVWHPLQGHNL X\JXODPDODUÖQ HWLN GHøHUOHUH X\JXQ RODUDN JHUoHNOHûWLULOPHVL GLøHU \DQGDQ RNXOGD HWLN HøLWLPLQLQ GDKD L\L X\JXODQPDVÖ PHVOHN HWLøLQLQ |øUHWPHQ \HWLûWLUPHSURJUDPÖQÖQ|QHPOLYHUHVPLELUSDUoDVÖKDOLQHJHWLULOPHVLQHEDøOÖGÖU .D\QDNoD 0LQQHVRWD6WDWH&RGH g]GHPLU6HUYHW(øLWLPGHgUJWVHO<HQLOHûPH$QNDUD3(*(0 7H[DV(GXFDWLRQ&RGH1R KWWSZZZUOFGFFFGHGXPDWKVFL 7UN%DVÖQÖQGD(WLN <UG'Ro'U%DVUL%DUXW %DVÖQYH(WLN ùQVDQ DNÖO YH KLVOHUL\OH ELUoRN ILLOOHUH DKODND J|UH ELU NÖ\PHW KNP YHUPHNWHGLU 0HVHOD YHULOHQ ELU V|] WXWPDN ]XOP \DSPDPDN KRûJ|UO GDYUDQPDN LQVDQ ûDKVL\HWLQHYHKD\DWÖQDVD\JÖOÖROPDNGUVWYHDGDOHWOLROPDNJLELWXWXPYHGDYUDQÖûODU DKODNÖQ JHUHNoHOHUL RODUDN NDEXO HGLOLU %X EDøODPGD DKODN WHULPLQLQ WDQÖPODUÖQD ELU J|]DWDFDNROXUVDN 6RV\DO JXUXEXQ V|] JHoHQ LQDQoODUÖ HVDVWD DKODNÖ ROXûWXUXU 2 KDOGH GDU DQODPGD DKODN NLûL YLFGDQÖQÖQ EHOLUOL KDUHNHWOHUL ´GRøUXµ YH ´L\Lµ RODUDN YDVÖIODQGÖUÖUNHQ NXOODQGÖøÖ NXUDOODUÖQ EWQGU %LU VRV\DO QRUPXQ \DVDNODGÖøÖ KDUHNHWOHUH GRøUXGDQ GRøUX\D NDUûÖOÖN ROPDN ]HUH N|WON ûHNOLQGH ELU PH\\LGHQLQ PH\GDQD JHOGLøL KDOOHUGH QRUP ELU DKODN NXUDOÖQÖ ROXûWXUXU ´%LU NXUDO PHûUXOXøXQX L]DKÖQÖ L\L YH N|W KDNNÖQGDNL LQVDQ \RUXPODUÖQGDQ GRøUXGDQ GRøUX\D DODQ WDYÖU YH KDUHNHW VWDQGDUWODUÖ NR\GXøXQGDDKODNLGLUµ'|QPH]HU %DVÖQ|]HOLQGHHWLNNDYUDPÖQGDQV|]HWPHNJHUHNLUVH .LWOH LOHWLûLP DUDoODUÖQD NDUûÖ GX\XODQ JYHQVL]OLN EHUDEHULQGH DKODNL GHøHU HWLN WDUWÖûPDODUÖQÖJQGHPHJHWLUPLûWLUdDOGDø %DVÖQ WRSOXPX \|QOHQGLUPH YH GRøUX ELOJLOHQGLUPHGHNL |QHPL GLNNDWH DOÖQDUDN \DVDPD \DUJÖ YH\UWPHQLQ KHPHQ DUGÖQGDQ G|UGQF ELU Jo RODUDNNDEXOHGLOLU 7HNQRORMLN JHOLûPHOHULQ EDû G|QGUF ELU LYPH ND]DQGÖøÖ JQP]GH \D]ÖOÖ YH J|UVHO EDVÖQÖQ |QHPL JLGHUHN DUWDUNHQ HWLN YH GHøHUOHULQ NRUXQPDVÖ ´YD]JHoLOHPH] ELU LONHµ NRQXPXQD JHOPLûWLU .DUDLVPDLORøOX 0HG\DYHHWLNLOLûNLVLVRQ\ÖOODUGDJLGHUHNDUWDQRUDQGDNDPXVDOWDUWÖûPDQÖQPHUNH]L |øHOHULQGHQELULVLKDOLQHJHOL\RU%XQXQWHPHOQHGHQOHULQGHQELULVLPHG\DQÖQND]DQGÖøÖ JoOH LOLûNLOL 0HG\D JoOHQGLNoH WRSOXPVDO YH VL\DVDO \DûDP ]HULQGH GDKD ID]OD GHQHWLP VDKLEL ROX\RU %LU EDûND QHGHQ GH PHG\D SUDWLNOHULQGHQ JLGHUHN GDKD ID]OD NLûLQLQ UDKDWVÖ]OÖN GX\PDODUÖ 0HG\D ELU \DQGDQ WRSOXPGDNL N|WONOHUL DoÖøD oÖNDUÖ\RU DPD |WH \DQGDQ GD EX N|WONOHUL DoÖøD oÖNDUÖUNHQ KLoELU NXUDO WDQÖPÖ\RU ùUYDQ 7UN%DVÖQÖQÖQ(WLN.ULWLøL %DVÖQÖQ6HUPD\H<DSÖVÖQÖQ7DUDIVÖ]OÖøD<DQVÖPDODUÖ *QP]GH LOHWLûLP DUDoODUÖ GQ\DGD ROGXøX JLEL ONHPL]GH GH E\N WHNHOOHULQ GROD\ÖVÖ\OD GD E\N VHUPD\HQLQ HOLQGH EXOXQPDNWDGÖU g]HO WHOHYL]\RQODUÖQ VHUPD\H \DSÖVÖ KHU KDQJL ELU WLFDUL VHUPD\HGHQ IDUNOÖ GHøLOGLU 7HOHYL]\RQ NDPX KL]PHWL J|UHQ YHNDPX\DUDUÖJ|]HWPHNNRQXPXQGDoÖNPÖûYHRQDVDKLSRODQVHUPD\HQLQNHQGL|]HO )ÖUDWhQLYHUVLWHVL%DVÖQYH+DONODùOLûNLOHU0GU 8OXVDO8\JXODPDOÖ(WLN.RQJUHVL oÖNDUODUÖQÖ NRUXPD YH KDEHUOHUL EXQD J|UH ELoLPOHQGLUPH DUDFÖQD G|QûPûWU +DEHUL\OHGHVL\DVDOLNWLGDU]HULQGHEDVNÖQLWHOLøLWDûÖPDNWDGÖUODU 7UNL\H·GH KDEHU \D\ÖQÖ \DSDQ NLWOH LOHWLûLP DUDoODUÖ WHPHOGH EHû E\N VHUPD\H JXUXEXQXQ HOLQGHGLU 6HUPD\H JXUXSODUÖ \DOQÖ]FD WHOHYL]\RQD GHøLO JD]HWHGHUJL JLEL \D]ÖOÖ EDVÖQ RUJDQODUÖQD YH UDG\R\D GD VDKLSWLU ù]OH\LFLOHU GHøLûLN DUDoODUGDQ KDEHU DOPD\D oDOÖûÖUNHQ JHUoHNWH D\QÖ VHUPD\H JXUXSODUÖQÖQ ELoLPOHQGLUGLøL KDEHUOHUH XODûDELOPHNWHGLUOHU %X GXUXP NDPXR\XQXQ |]JU ROXûDELOPHVLQLQ |QQGHNL HQ E\NHQJHORODUDNNDUûÖPÖ]DoÖNPDNWDGÖU.DUV ùOHWLûLP WHNQRORMLOHULQGHNL KÖ]OÖ GHøLûLP YH JHOLûLP EDVÖQ LûOHWPHOHULQLQ NXUXOXû YH LûOHWLOPHVLQL JHUHNWLUHQ VHUPD\HOHULQ |OoHøLQGH |QHPOL RUDQGD E\PH JHUHNOLOLøLQL GRøXUPXûWXU ´ùOHWLûLP WHNQRORMLVL DODQÖQGD PWKLû ELU EXOXûPD YH EWQOHûPH FRQYHUJHQFH \DûDQPDNWD YH EX GXUXP LOHWLûLP VHNW|UQQ VHUPD\H \DSÖVÖQÖ YH PONL\HWELoLPOHULQLGHHWNLOHPHNWHGLUµúDKLQ 0HG\DGDNL EX WHNHOOHûPHOHU KDEHU YH \RUXPODUGD VEMHNWLI HøLOLPOHUL GH EHUDEHULQGH JHWLUPHNWHGLU 3DWURQODU FXQWDVÖ DOWÖQGDNL PHG\DQÖQ HQIRUPDV\RQ DNÖûÖ EXOXQPDVÖJHUHNHQGRøDONDQDOÖQGÖûÖQDWDûPDNWDGÖU +HUKDQJL ELU JD]HWH\H \D GD WHOHYL]\RQD EDNÖOGÖøÖ ]DPDQ EX \D\ÖQ NXUXPXQXQ ELU EX]GDøÖQÖQ VX VWQGHNL E|OP ROGXøX J|UOPHNWHGLU 7HNHOOHûHQ SL\DVDGD ELU JD]HWHQLQ DUNDVÖQGDQ ELU EDQND oÖNPDNWD WHOHYL]\RQ \D GD UDG\R ûLUNHWL\OH RUWDNOÖN EHOLUPHNWH NXUXODQ DøÖQ LoLQGH LWKDODW LKUDFDW WLFDUHW ûLUNHWOHUL \HUOHULQL DOPDNWD WXUL]PGHQ VLJRUWDFÖOÖøD PWHDKKLWOLNWHQ QDNOL\H LûOHULQH GHøLQ KHU DODQGD NROODUÖ EXOXQDQ ELU KROGLQJLQ X]DQWÖVÖ RODUDN ³\D GD V|]FV NLPOLøL\OH³ JD]HWH SL\DVD\D VUOPHNWHGLU %|\OH ELU \DSÖQÖQ EWQ \D]ÖOÖ \D GD J|UVHO RUJDQODUÖ KROGLQJLQ oÖNDUODUÖQÖVL\DVDOLNWLGDUODUDûDQWDMOD\UWPH\ROXQDGDVDSDELOPHNWHGLU6HOoXN(\OO (NLP +ROGLQJOHULQ X]DQWÖVÖ PHG\DQÖQ KDEHUFLOLN DQOD\ÖûÖQD |UQHN RODUDN EN]'HPLUNHQW1HELOHU6DøQDN +ROGLQJOHULQX]DQWÖVÖPHG\DQÖQKDEHUFLOLNDQOD\ÖûÖLOHLOJLOLRODUDNJD]HWHFL\D]DU&DQ 'QGDU·ÖQLOJLQoELUDQÖVÖQÖDNWDUDOÖP .DPXR\XQX JoV] EÖUDNDQ HQ E\N IDNW|U \D\ÖQFÖOÖøÖQ oÖNDU LONHOHUL GRøUXOWXVXQGD \DSÖOPDVÖGÖU %X EDøODPGD SHN oRN LONH ROPDVÖQD UDøPHQ VRQ \ÖOODUGD VHUPD\HQLQ HJHPHQOLøL \]QGHQ EDûOD\DQ \R]ODûPD EDVÖQÖQ VD\JÖQOÖøÖQÖ RUWDGDQ NDOGÖUPÖûWÖU +DQJL KDEHULQ QH PDNVDWOD \D]ÖOGÖøÖQÖ L]OHPHN PHUDNÖQD GûOGø LoLQ JYHQ VDUVÖOPÖû YH JD]HWHOHU RNXU WHOHYL]\RQODU L]OH\LFL EXOPDNWD JoON oHNHU ROPXûODUGÖU'HPLUNHQWD\UÖFD 0HG\DQÖQ KDEHU YH \RUXP HNVHQLQGH WDUDIVÖ]OÖøÖQÖ HWNLOH\HQ ELU EDûND |QHPOL IDNW|U GH ´LNWLGDUODUµ LOH RODQ LOLûNLOHULGLU *HUHN UHVPL LODQ YH UHNODPODU JHUHNVH oRN GûN IDL]OL NUHGLOHU YHUHUHN PHG\D\Ö EDøÖPOÖ KDOH JHWLUPH\H oDOÖûDQ LNWLGDUODU JHoPLûWHQJQP]HEXX\JXODPDODUÖQGDEDûDUÖOÖROPXûODUGÖU ùNWLGDUODU JHQHOOLNOH EDVÖQD GRøUXGDQ GRøUX\D YH\D HO DOWÖQGDQ \DUGÖP HWPH\L SROLWLNDODUÖQD X\JXQ EXOXUODU =LUD \DUGÖP J|UHQ ELU JD]HWHQLQ EDûÖQÖQ VWQGH GDLPD 'HPRNOHV·LQNÖOÖFÖYDUGÖU3HULQ $OEHUW &DPXV·QQ GHGLøL JLEL ´%DVÖQ KNPHWLQ YH SDUDQÖQ JFQH EDøÖPOÖ ROPDGÖøÖ]DPDQ|]JUGUµdDQND\D 0HG\DGDNL KHUKDQJL ELU WHNHOLQ EDûÖQGDNL LQVDQ VDQPD\ÖQ NL NHQGL NHQGLVLQH KDNLPGLU %DøODQGÖøÖ EDQNDODUD \D GD EDQNDODUÖQ EDøODQGÖøÖ KROGLQJOHU \D GD KROGLQJOHUL EDøODQGÖøÖ ûLUNHWOHU \D GD ûLUNHWOHUL QDVÖO GDYUDQPDVÖ JHUHNWLøLQL RQD V|\OH\HQ ELUHU FDQDYDUD G|QûPûOHUGLU (øHU E\N ELU JXUXEXQ oRN E\N %DVUL%DUXW³7UN%DVÖQÖQGD(WLN \DWÖUÖPODUD LKWL\DFÖ YDUVD \D GD ERUoODQPÖûVD R E\N JXUXS KNPHWOH DQODûPDN ]RUXQGDGÖU 2WXUXS %DûEDNDQOD NRQXûWXøX ]DPDQ EL]LPNL JLEL GHYOHW EDQNDODUÖQÖQ LEDGXOODK VHUJLOHGLøL ELU ONHGH XFX] NUHGL DOPDN LoLQ KHU WUO SD]DUOÖøÖ \DSDELOLU <DSPDN ]RUXQGDGÖU 2QX GD VXoODPDPDN JHUHNLU dQN R GD PHNDQL]PDQÖQ ELU GLûOLVL KDOLQH JHOPLûWLU 6HOoXN 0HG\DLNWLGDU LOLûNLOHULQH |UQHN RODUDN EN],OÖFDN$ûÖN(UROYH%LOJH(ULQo (NRQRPLN DoÖGDQ oHûLWOL VHUPD\H oHYUHOHUL\OH YH GHYOHWOH J|EHN EDøÖ\OD EDøODQPÖû RODQ PHG\DQÖQ VXQGXøX KDEHU YH \RUXPODUGD REMHNWLI GDYUDQDELOPHVL PPNQ GHøLOGLU 7RSOXP DoÖVÖQGDQ VRQ GHUHFH |QHPOL ED]Ö KDEHUOHUL \DQVÖWPD\ÖS ELU WDNÖP NDUÖûÖN oÖNDU LOLûNLOHUL \|QQGH JQGHP ROXûWXUDQ KDEHU YH \RUXPODUÖ ELUL ELULQH NDUÖûWÖUDUDNWHPHOEDVÖQDKODNÖQÖELOHKLoHVD\DQPHG\DQÖQGXUXPXNDPXR\XID\GDVÖYH EDVÖQHWWLøLDoÖVÖQGDQLoOHUDFÖVÖELUGXUXPGD +DEHUYH<RUXP']OHPLQGH7UN%DVÖQÖQÖQ2EMHNWLIOLN$QDOL]L <DODQ KDEHU WDUDIVÖ]OÖN YH VRQ \ÖOODUGD HOHûWLUL NRQXVX RODQ \RUXPGD WDUDIVÖ]OÖN <RUXPXQ KDEHUH NDUÖûWÖUÖOPDVÖ LVH WDUWÖûPDODUÖQ ELU EDûND RGDN QRNWDVÖ 2EMHNWLIOLN G]OHPLQGH X]XQ \ÖOODUGDQ EHULGLU WDUWÖûÖODQ WHPHO ELU VRUX YDUGÖU 'HQLU NL ´%DVÖQ WDUDIVÖ] RODELOLU PL"µ %X VRUX\D QHW ELU FHYDS YHULOHPHPLûWLU $QFDN NDQÖPFD WDUDIVÖ]OÖNEDVÖQLoLQJQP]GHX\JXODPDVÖROPD\DQELUONVWU*QP]EDVÖQÖQÖQ EXJQN ûDUWODUÖ\OD XODûPDVÖ Jo RODQ ELU ONV gQFHNL E|OPGH LIDGH HWWLøLPL] ´HNRQRPLN EDøÖPOÖOÖNµ JHUoHøLQGHQ VRQUD WDUDIVÖ]OÖNWDQ V|] HWPHN ]RUGXU 6DGHFH GDKDD]VEMHNWLIOLNWHQYHEX\|Q\OHREMHNWLIOLøH\DNÖQ ED]ÖEDVÖQNXUXOXûODUÖQGDQV|] HWPHN PPNQ RODELOLU $YUXSD·GD YH $PHULND·GD VD\ÖOÖ |UQHNOHUL EXOXQDQ ´YDNÖI PHG\DODUµREMHNWLIYH\DEXQD\DNÖQPHG\D\D|UQHNRODELOLU ùûWHREMHNWLIOLNDGÖQDROPDVÖJHUHNHQOHU <D]ÖOÖYHV|]O EDVÖQL]OH\LFLOHULQLQIDUNOÖLOJLYHPHUDNODUÖQÖWDWPLQHWPHN LoLQ GHøLûLN KDEHU \DNODûÖPODUÖ X\JXODPDNWDGÖU %WQ EX J|UOHQ GHøLûLNOLNOHUHNDUûÖQGHøLûPH\HQKDEHUFLOLøLQWHPHO JHUHNOHULRODQDoÖNOÖN VDGHOLNNHVLQOLNYHGRøUXOXNWXU *D]HWHFL L]OH\LFLVLQH KDEHULQL VDGH ELU GLOOH GRøUX DoÖN YH NHVLQ RODUDN VXQPDOÖGÖUù]OH\LFLLoLQEXWUVXQXûDQODPD\ÖNROD\ODûWÖUÖU*D]HWHOHULoLQ GRøUXOXN \DûDPVDO |QHP WDûÖU 5DG\R YH WHOHYL]\RQ LoLQ DoÖNOÖN NHVLQOLN VDGHOLNGRøUXOXNWPGHQ|QHPOLGLU7RNJ|] +DEHUOHULQ PXWODND GRODûPDVÖ KDONÖ ELOJLOHQGLUPHN ]HUH WRSODQPDVÖ YH JHUoHøH X\JXQ ROPDVÖ NRûXOX PHVOHøLPL]LQ WHPHO |øHOHULGLU %X VD\GÖøÖPÖ] NXUDOODU WP GQ\DGD YDUGÖU *D]HWHFL\LP GL\HQ DNOÖQD JHOHQL \DSDPD] YH\D KDEHU GL\HUHN ELU ROD\Ö oDUSÖWDPD] KDWWD |OoV GÖûÖQGD E\WHPH] EX NDELO ROD\ODUGD KHS PHVOHøLQ NXUDOODUÖ JQGHPH JHOLU +XNXND D\NÖUÖOÖNODUD NDUûÖ ROPDN DUDVÖQGD ELU LQFHOLN ROGXøXQX NDEXO HWPHOL\L] WHPHO RODQ GHPRNUDWLN NXUDOODUGÖU ED]Ö ROD\ODUÖ GHPRNUDVLQLQ D\ÖEÖ RODUDN J|UHQOHU DVOÖQGD D\ÖS ELU Lû \DSWÖNODUÖQÖ |øUHQPHOLGLUOHU *D]HWHFL GHPRNUDWLN G]HQL ER]PDN \HULQH RQD Jo NDWDU EXQX \DSDUNHQ J|UHYL VDGHFH GRøUXODUÖ DNWDUPDNWDQ LEDUHWWLU'HPLUNHQW *D]HWHFL\D]DU <DOoÖQ %D\HU NHQGLVL\OH \DSÖODQ ELU V|\OHûLGH EDVÖQÖQ REMHNWLIOLøL\OH LOJLOLRODUDNûXQODUÖV|\O\RU *D]HWHFL NLPVH\OH \DNÖQ GRVW ROPD] YH\D ROXUVDQÖ] EXQXQ \DQÖWÖQÖ ]RU YHULUVLQL].XUDOûXGXUEHOOLLQVDQODUODVDPLPLRODPD]VÖQÖ]8]DNNDOPD\D 8OXVDO8\JXODPDOÖ(WLN.RQJUHVL PHFEXUVXQX] 2QODUÖ \DUÖQ HOHûWLUHELOHFHøLQL]L XQXWPD\DFDNVÖQÖ] %X XQVXUX KDEHU ND\QDNODUÖQÖ]D GD GRøUX DQODWDFDNVÖQÖ] 6Xo LûOH\HQ ELULVLQH ELOH |Q \DUJÖOÖ ROPD\DFDNVÖQÖ] PHVHOHQLQ DVOÖQÖ |øUHQHFHNVLQL] 2OD\Ö \D]DFDNVÖQÖ] KLoELU ]DPDQ NHQGL J|UûQ] DNWDUPD\DFDNVÖQÖ] <HQL 7UNL\H 7DUDIVÖ]OÖN DQFDN KDEHUFLQLQ WDUDIVÖ] GDYUDQPD\Ö LONH KDOLQGH JHWLUPHVL\OH VDøODQÖU %XUDGD V|] NRQXVX RODQ \DOQÖ]FD NLûLOHU GHøLOGLU <D\ÖQ NXUXOXûODUÖQÖQ GD KDEHUFLOLøLQ HQ|QHPOL|]HOOLøLRODQWDUDIVÖ]OÖøÖNDEXOHWPHVLJHUHNPHNWHGLUg]WUN %DVÖQÖQ REMHNWLIOLøL\OH LOJLOL RODUDN \XNDUÖGD VD\GÖøÖPÖ] WHPHO KXVXVODUÖ JHQLûOHWPHN PPNQ$QFDNEXNDGDUÖREMHNWLIOLNNRQXVXQGD\HWHULQFHD\GÖQODWÖFÖ%WQEXWHPHO NXUDOODUÖQ LOHWLûLP DGÖQD HYUHQVHO NXUDOODU ROGXøXQX GD HNOHPHPL] JHUHNL\RU %X NXUDOODUÖQ 7UNL\H |]HOLQGH X\JXODPDODUÖQGDQ GRøDQ DQDOL]LQH |UQHN RODUDN EN] $NWXQD.DSODQ 2EMHNWLIOLøLQWHPHOHVDVODUÖQGDQELULQLQGHKDEHULQ\DQVÖ]OÖøÖROGXøXQXV|\OHPLûWLN ´+DEHU WDUDIVÖ] ROPDOÖGÖU GHQLOGLøLQGH GH WDUWÖûPDODU RUWD\D oÖNPDNWDGÖU %X QHGHQOH NDYUDPD\ÖNROD\ODûWÖUPDVÖDoÖVÖQGDQWDUDIVÖ]OÖNWDQ|QFHWDUDIROPD\ÖJ|]GHQJHoLUPHNWH \DUDU YDUGÖU %LU ILNULQ ELU J|UûQ VDYXQXFXOXøXQX \DSPDN ELU J|Uû EHQLPVHPHN WDUDI ROPDNWÖU %X WDQÖP KDEHU WHPHO DOÖQDUDN J|]GHQ JHoLULOHFHN ROXUVD KDEHULQ ELU WDUDIÖQ GûQFHOHUL YH EDNÖû DoÖVÖ\OD YHULOPHVL ROGXøX J|UOU ùVWHQLOHQ EX GHøLOGLU 7DUDIVÖ]OÖN KDEHUFLOLNWH GRøUXOXøXQ oHûLWOL \ROODUGDQ GHQHWOHQHUHN NDQÖWODQPDVÖ YH NHVLQOLøLQLQEHOLUOHQPHVLLOHPPNQGUµ<DQLEXNRQXLOHLOJLOLEWQGûQFHOHUH\HU YHULOGLøLQGHWDUDIVÖ]OÖNWDQV|]HGLOHELOLUg]WUN +DEHU JHUoHNWHQ ROPXû ELU ROD\ÖQ KLND\HVL \D GD JHUoHNWH V|\OHQPLû ELU LIDGHGLU +DEHUGH YDUVD\ÖPODUD \HU \RNWXU 'X\JX |Q\DUJÖ \D GD NLûLVHO J|Uû YH GHøHUOHQGLUPHOHUH \HU YHULOHPH] +DEHULQ GRøUX ROPDVÖ WDUDIVÖ] ROPDVÖ\OD VDøODQÖU g]WUN %|OPQJLULûNÖVPÖQGDLIDGHHWWLøLPL]JLELREMHNWLIPHG\DNDYUDPÖ|]HOOLNOHEL]LP ONHPL]GHEXJQQûDUWODUÖQGDELUONVWUELUKD\DOGLU 0DVD EDûÖ KDEHUOHU YH JQGHP EHOLUOHPHGH NH\IL\HWOHUGHQ EDKVHWPLûNHQ D\QÖ oHUoHYH LoLQGH ´\D]Ö LûOHUL PGUOHULQLµ GH HOH DOPDN JHUHNLU ´ 2OD\ODUÖ GHøHUOHQGLULUNHQ \D]Ö LûOHULPGUOHUL KDQJL ROD\ÖQ RNX\XFX\X QH GHUHFH HWNLOH\HFHøLQL ELOJLOHULQ QH NDGDUÖQÖQ QDVÖO \HU DOPDVÖ JHUHNWLøLQL EHOLUOHPHN ]RUXQGDGÖU %X WHUFLK YH\D EHOLUOHPH VÖUDVÖQGD REMHNWLI VWDQGDUWODUÖQ ROGXøX V|\OHQHPH] µ /LSSPDQQ %XE|OPGHVRQRODUDNREMHNWLIOLøHD\NÖUÖVRPXW|UQHNOHUYHUHUHNEDKVLNDSDWDOÖP ùûWH|UQHNOHU +DEHU VXQXFXODUÖQÖQ KDEHUL VXQDUNHQ EDûYXUGXNODUÖ MHVWOHU YH PLPLNOHU KDEHULQ ED]Ö E|OPOHULQLQ WHOHYL]\RQ YXUJXODQPDVÖ NDQDOODUÖQGD KDEHU DPDFÖQÖ ´VXQDQµ JG\RU *OJQ 6|]JHOLûL )H\PDQ 7UNL\H·GH 6KRZ 79·GH GHøLûLN KDEHU VXQXFXOXøX \DSDUNHQ MHVWOHULQ YH PLPLNOHULQL EHOLUJLQ ELU ûHNLOGH |QH oÖNDUDUDN KDEHU VXQX\RUGX %X VXQXFX KDEHUL VXQDUNHQ HNUDQÖ VDGHFH EDûÖ GROGXUX\RUGX %D]Ö KDEHUOHULQ ED]Ö E|OPOHULQGH EX VXQXFXQXQ EDûYXUGXøX MHVW YH PLPLNOHU VXQXODQ KDEHUHNDUûÖWDNÖQÖODQWDYUÖYXUJXODPD\D\|QHOLNWL+DEHUGHYXUJXODQPDNDOWÖoL]LOPHN LVWHQHQ E|OPOHU JHOGLøLQGH VXQXFX KDEHUL L]OH\LFLQLQ NHQGLVL\OH |]GHûOHûPHVLQL VDøOD\DFDN ûHNLOGH L]OH\LFLQLQ NHQGLVL\OH \D GD VXQXODQ KDEHU PHWQLQLQ LOJLOL E|OP\OH|]GHûOHûPHVLQLDU]XODPDGÖøÖGXUXPODUGDLVHL]OH\LFLQLQGHWÖSNÖVXQXFXQXQ WDNÖQGÖøÖROXPVX]WDYUÖWDNÖQPDVÖQÖVDøOD\DFDNûHNLOGHVXQX\RUGX.DSODQ %DVUL%DUXW³7UN%DVÖQÖQGD(WLN (NRQRPLN JoOHU NDUûÖVÖQGD VRQ GHUHFH X\VDO YH DQOD\ÖûOÖ RODQ EDVÖQÖPÖ] VÖUDGDQ LQVDQODUÖPÖ]D NDUûÖ oRN JDGGDUGÖU 6DKLSVL] LQVDQODUÖPÖ]DFÖPDVÖ] ELoLPGH WHûKLU HGLOLU *HoHQGH ELU LûoL DUNDGDû JHOGL \DûÖQGDNL NÖ]Ö\OD NRPûXQXQ oRFXøX DUDVÖQGD NoN ELU NDYJD ROPXû NDUDNROD GûPûOHU (UWHVL JQ JD]HWHQLQ PDQûHWLQGH NÖ]ÖQ NRFDPDQ UHVPL YH ELU EDûOÖN ´'RNWRUFXOXN R\QDUNHQ WHFDY]H XøUDGÖµ $VSDUDJDV NDUûÖVÖQGD \XUWWDû\DOQÖ]GÖUNRUXPDVÖ]GÖU3HULQoHN 6DEDK·ÖQ VSRU VD\IDVÖ GD \DODQ KDEHUGHQ QDVLELQL DOPÖûWÖ $YUXSD *UHû úDPSL\RQDVÖQGDUDNLSOHULQHNROD\\HQLOHQLNLJUHûoLQLQNDQVD\ÖPÖQGDûHNHUOHULQLQVÖIÖU oÖNWÖøÖYHJL]OLRUXoWXWWXNODUÖLGGLDVÖ´.RUNXQo&HKDOHWµEDûOÖøÖ\ODVVOHQPLûWL =DPDQ PXKDELULQLQ NRQX\OD LOJLOL J|UûWø JUHûoL .DQL .DUDGHQL] NHQGLVL YH DUNDGDûÖ $KPHW $NÖQ·ÖQ RUXoOX ROPDGÖøÖQÖ YXUJXOX\RUGX .DUDGHQL] EWQ PDoODUGDQ |QFHYLWDPLQKDSODUÖDOGÖNODUÖQÖKDWWD6DEDK*D]HWHVLPXKDELULQLQJ|]|QQGH\HPHN \HGLNOHULQLND\GHWPLûWL.DQL.DUDGHQL]D\UÖFDûXQODUÖV|\O\RUGX .DQÖPÖ]ÖQ ûHNHULQL NLP |OoPû NL ûHNHULQ VÖIÖUD LQGLøLQL V|\O\RU" (NLELPL]GH GRNWRU YDUGÖ DPD KLoELULPL]L PXD\HQH HWPHGL 6DEDK *D]HWHVL JHoHQ \ÖO +D]LUDQGD ùWDO\D·GD \DSÖODQ PVDEDNDODUGD \LQH D\QÖûHNLOGHKDNNÖPÖ]GD\DODQKDEHUYHUPLûWL.RUNPD] <DODQ YH oDUSÖWÖOPÖû KDEHUOHUGHQ ROXûDQ \XNDUÖGD VÖUDODGÖøÖPÖ] VRPXW |UQHNOHU 7UNEDVÖQÖQÖQLoHULVLQGHEXOXQGXøXDKODNDoPD]ÖQDoDUSÖFÖELUHU|UQHN 6RQRODUDNûXJHQHOLIDGHOHUOHEXNRQXQXQILQDONULWLøLQL\DSDOÖP +LoELU LOHWLûLP WDPDPHQ \DQVÖ] RODPD] +DEHUFLOHU NHQGL DUND SODQ YH LQDQoODUÖQÖ LGHRORMLOHULQL NXOODQDUDN \D]DUODU *D]HWHOHU LVPLQGHQ GH DQODûÖODELOHFHøL JLEL WDUDI WXWDUODUoQNKLoELULOHWLûLP\DQVÖ]\DGDGHøHULoHUPL\RURODPD]%XUWRQ $QFDN NDPX J|UHYL \DSDQ EDVÖQ PHQVXSODUÖQÖQ NHQGL NXUXPVDO YH\D NLûLVHO LGHRORMLOHULQLKDEHUHNDWPDNWDQLPWLQDHWPHOHULLûLQDVÖOQRNWDVÖQÖROXûWXUPDNWDGÖU 7RSOXP DGÖQD LOHWLûLP \DSDQODU |]HOOLNOH WDUDIVÖ] NDOPD\D JD\UHW HWPHOLGLU dQN \DSWÖNODUÖ Lû oRN |QHPOLGLU 7DUDIOÖ \D\ÖQODUOD PHG\D GQ\DVÖ NLUOHQGLøL JLEL GRøUXODUD XODûPDNWD GD JHo NDOÖQPDNWDGÖU úHIIDIOÖN V|]OHULQLQ DUGÖQD VÖøÖQDQODU KRûJ|U LoLQGH JHUoHNOHUH WDKDPPO HWPHVLQL |øUHQPHOLGLUOHU ùQVDQODUÖQ GRøUX ELOJL HGLQPHVLQH \DUGÖPHGLOGLøLVUHFHRWRSOXPODUJHOLûHFHNYHGQ\D]HULQGHV|]VDKLELRODFDNODUGÖU 7HN \|QO \D\ÖQFÖOÖN DUWÖN WRWDOLWHU ONHOHUGH ELOH JHoHUOLOLøLQL ND\EHWPLûWLU %HOOL VUHOHUGH LQVDQODUÖ KH\HFDQODQGÖUDELOLU YH\D NDQGÖUDELOLUVLQL] DPD EXQXQ NÖVD VUHOL RODFDøÖQÖ YH LQVDQOÖøÖQ \]\ÖOODU ER\XQFD YDU RODFDøÖQÖ DNÖOGDQ oÖNDUPDPDN JHUHNLU 'HPLUNHQW +DEHUGHYH<RUXPGD6EMHNWLIOLøLQ1HWLFHOHUL %DVÖQÖQùQDQGÖUÖFÖOÖøÖ6RUXQX 7UN EDVÖQÖ KDEHU YH \RUXP JLEL EDVÖQÖQ LNL WHPHO GHøHUL ]HULQGHNL WDUDIVÖ]OÖøÖQÖ NRUX\DPDPDVÖ YH EX ROXPVX] JHOLûPH\L GHVWHNOH\HQ oHûLWOL VHEHSOHUOH ELU ´JYHQ EXQDOÖPÖµ LoHULVLQH VUNOHQPLûWLU +Lo ûSKH \RN NL EDûWD KDEHU YH \RUXPGDNL VEMHNWLIOLNROPDN]HUHORWDU\DODUJHQHOWRSOXPDKODNÖQDD\NÖUÖ\D\ÖQODUYHGDKDEDûND VHEHSOHUOH 7UN EDVÖQÖ EXJQ FLGGL ELU ûHNLOGH ´LQDQGÖUÖFÖOÖNµ VRUXQX\OD NDUûÖ NDUûÖ\D NDOPÖûWÖU <D\ÖQFÖOÖøÖQ JFQ NXOODQDUDN NLûLOHUH YH NXUXPODUD ûDQWDM \DSPDN KDEHUOHUL oDUSÖWDUDN \DQOÖ ELU ûHNLOGH WRSOXPD DNVHWWLUPHN ORWDU\D oÖOJÖQOÖNODUÖ VHEHEL\OH GLøHU PHG\D NXUXOXûODUÖQÖ NDUDODPDN YH KDEHUH \RUXP NDWPDN GHUNHQ PHG\D WRSOXPXQ 8OXVDO8\JXODPDOÖ(WLN.RQJUHVL J|]QGHQ GûPûWU *D]HWHFL \D]DU ùOKDQ 6HOoXN EX NRQX\OD LOJLOL RODUDN ´ 0HG\DQÖQ VD\JÖQOÖøÖ EXJQ \RN 1H \D]ÖN NL NHQGL HOOHULPL]OH EX VD\JÖQOÖøÖ \RN HWWLNµ GL\RU6HOoXN 7UN %DVÖQÖ HWLN GHøHUOHUGHQ X]DNODûDUDN ND\EHWWLøL VD\JÖQOÖøÖQÖ DQFDN YH VDGHFH \HQLGHQ HWLN GHøHUOHUH VDUÖODUDN ND]DQDELOLU 7UN WRSOXPXQXQ EDVÖQD \HQLGHQ JYHQHELOPHVL LoLQ EDVÖQÖQ WHPVLOFLOHUL LOH KDON DUDVÖQGD X]XQ VUHOL YH VDEÖUOÖ oDOÖûPDODUOD JYHQ WHVLV HGLFL \|QGH GUVW LOLûNLOHU NXUXOPDN ]RUXQGDGÖU $QFDN EX ûDUWOD7UN%DVÖQÖHWLNVRUXQODUÖDûDUDNLQDQGÖUÖFÖROPDûDQVÖQÖ\DNDOD\DELOLU .D\QDNoD $ûÖN0HOLK´5HNODPµ0LOOL\HW0DUW0HKPHW6DøQDN $WHû7RNWDPÖû1HROGXEL]H"ùVWDQEXOdÖQDU<D\ÖQODUÖ0HKPHW6DøQDN $WDEHN1HMGHW´*D]HWHFLOLNWHWDUDIVÖ]OÖNµ0DUPDUDùOHWLûLP'HUJLVL7HPPX] %XUWRQ *UDHPH *|UQHQGHQ )D]ODVÖ dHYLUHQ 1HILQ 'LQo ùVWDQEXO $ODQ <D\ÖQFÖOÖN dDOGDø6HQL\H´(WLNYHdRøXOFXOXNµ<HQL7UNL\H(\OO(NLP dDQND\Dg]GHQ´0HGLD.LPH+L]PHW(GHU"µùOHWLûLP'Q\DVÖ0DUW1LVDQ 'HPLUNHQW1H]LK´0HG\DQÖQ.DPX*|UHYL1HGLU"1H'HøLOGLU"µùOHWLûLP'Q\DVÖ 2FDN²úXEDW 'HPLUNHQW1H]LK0HG\D0HG\DùVWDQEXO'Q\D<D\ÖQODUÖ '|QPH]HU6XOKL6RV\RORML%DVÖùVWDQEXO%HWD%DVÖP<D\ÖP (UJLQ 6HGDW ´%DVÖQ $KODN .RQXVXQGD $PHULND·GDQ gUQHNOHU YH 7UN %DVÖQÖQGD 'XUXPµ<HQL7UNL\H(\OO(NLP (UHO 1XUVXQ YH $OL %LOJH 7DQVX dLOOHULQ 6L\DVHW 5RPDQÖ $QNDUD %LOJL <D\ÖQHYL 0HKPHW6DøQDN (ULQo2UKDQ0HG\DLOH3ROLWLNDùVWDQEXOdDøGDû<D\ÖQODUÖ <ÖOGÖUÖP $NWXQD 'HYOHW %DNDQÖ ´0HG\DGD ùQDQGÖUÖFÖOÖN YH .DPX +L]PHWLµ .RQXOX SDQHOGHNLNRQXûPDVÖùOHWLûLP'Q\DVÖ2FDN²úXEDW ,OÖFDN1D]OÖ´$WDWUNg]DOdLOOHUµ7HUFPDQ7HPPX]0HKPHW6DøQDN ùUYDQ6OH\PDQ0HG\D.OWU6L\DVHW$QNDUD%LOLP6DQDW<D\ÖQODUÖ .DSODQ <XVXI ´0HG\D (SLVWHPRORMLVL ´*|UVHOOHûWLUPHµ 5HWRULN YH úLGGHWµ <HQL 7UNL\H.DVÖP²$UDOÖN .DUDLVPDLORøOX(NUHP´%DVÖQYH(WLNµ<HQL7UNL\H,,(\OO(NLP .DUV1HûH´7HOHYL]\RQGD6HUPD\HYH+DEHUµ<HQL7UNL\H,,(\OO(NLP .RUNPD] 7DPHU <DODQ +DEHU 'RV\DVÖ ùVWDQEXO =DPDQ *D]HWHVL <D\ÖQODUÖ 1R ´/LSPDQQ:DOWHU3XEOLF2SLQRQ1HZ<RUN7KH)UHH3UHVVµ1XUHWWLQ*] 1HELOHU+DOLO0HG\DQÖQ(NRQRPL3ROLWLøLùVWDQEXO6DUPDO<D\ÖQHYL g]WUN 6HUDS <D]DU ´7HOHYL]\RQ +DEHUFLOLøL YH 7UNL\H·GHNL 8\JXODPDODUµ <HQL 7UNL\H.DVÖP²$UDOÖNV 3HULQ &HYGHW 7DULK %R\XQFD 'ûQFH YH %DVÖQ g]JUOø ùVWDQEXO 5HP]L .LWDEHYL 3HULQoHN'RøX´'HYOHWLQ7DEXODUÖQYH3L\DVDQÖQ+DEHUh]HULQGHNL'HQHWLPLµ7UN %DVÖQÖQÖQ%Hû6RUXQXùVWDQEXO%DVÖQ.RQVH\L<D\ÖQODUÖ 6DøQDN0HKPHW0HG\D3ROLWLNùVWDQEXO(WL.LWDSODUÖV %DVUL%DUXW³7UN%DVÖQÖQGD(WLN 6HOoXN ùOKDQ ´.HQGL (OOHULPL]OH 6D\JÖQOÖøÖ \RN (WWLNµ %DVÖQ .HQGLQL 6RUJXOX\RU ùVWDQEXO7UNL\H*D]HWHFLOHU&HPL\HWL<D\ÖQODUÖ 6HOoXNùOKDQ´0HG\DGD7HNHOOHûPHµ<HQL7UNL\H(\OO(NLP ´6ù%(576)UHG7KHGRUH3HWHUVRQYH:LOEXU6FKUDPP7KH)RXU7KHRULHVRIWKH3UHVV 8UEDQD8QLYHUVLW\RILOOLQRLV3UHVVµ6HQL\HdDOGDø ´7UN7RSOXPXQXQ'HøHUOHULµ7h6ù$'<D\ÖQ1R7ùVWDQEXO(\OOµ &HPDOHWWLQg]GRøDQ úDKLQ +DOXN ´5DG\R YH 79 GHQHWLPL 3ROLWLNDFÖODUD %ÖUDNÖODPD]µ ùOHWLûLP 'Q\DVÖ 0D\ÖV²+D]LUDQ 7RNJ|]2\D7HPHO*D]HWHFLOLNhoQF%DVÖP$QNDUDùPJH<D\ÖQODUÖ <DSDU$VOÖµ%DVÖQGD(WLNµùOHWLûLP)DNOWHVL'HUJLVL,9 <HQL7UNL\H´<DOoÖQ%D\HU·OH.RQXûPDµ.DVÖP²$UDOÖN 'HPRNUDWLN7RSOXPGD3ROLV(WLøL <UG'Ro'U9DKLW%ÖoDN *LULû ùo JYHQOLN KL]PHWL NROOXN WDUDIÖQGDQ \UWOPHNWHGLU .ROOXN GD HQ JHQHO RODUDN 3ROLV -DQGDUPD YH 6DKLO *YHQOLN ELULPOHULQGHQ ROXûPDNWDGÖU +HU ELU ELULP D\QÖ KL]PHWLVXQX\RUROPDNODELUOLNWHEXoDOÖûPDNROOXNoHûLWOHULQGHQSROLVOHVÖQÖUOÖGÖU 3ROLVLQ WHPHO J|UHYL YH LûOHYL Lo JYHQOLN KL]PHWL VXQPDNWÖU $QFDN Lo JYHQOLN KL]PHWL NDSVDPÖQGD GHøHUOHQGLUHPH\HFHN RODQ ED]Ö LGDUL LûOHULQ GH SROLV WDUDIÖQGDQ \HULQHJHWLULOGLøLJ|UOPHNWHGLU ùo JYHQOLN KL]PHWL\OH LOJLVL ROPD\DQ LûOHULQ ED]ÖODUÖ SROLVLQ \HULQH JHWLUHFHøL ED]Ö \DVDODUOD KNPH EDøODQPÖûWÖU $GOL LGDUL YH DVNHUL WHEOLJDW LûOHPOHUL $3. V NHQGL |]HO JYHQOLN NXUXPODUÖQÖ NXUPDODUÖ JHUHNHQ YHUJL GDLUHOHULQLQ NDPX EDQNDODUÖQÖQ YH |]HO VHNW|U NXUXOXûODUÖQÖQ YH]QH JYHQOLøL YH SDUD QDNLOOHULQLQ VDøODQPDVÖ DGUHV WHVSLWL SDVDSRUW LûOHPOHUL GHUQHN WHVFLOL DUDo WHVFLO LûOHPOHUL JLEL KL]PHWOHUEXROJXQXQ|UQHNOHULQLROXûWXUPDNWDGÖU ùo JYHQOLN KL]PHWL\OH LOJLVL ROPD\DQ DQFDN SROLV WDUDIÖQGDQ \HULQH JHWLULOHQ LûOHULQ ED]ÖODUÖQÖQ LVH KHUKDQJL ELU \DVDO GD\DQDøÖ EXOXQPDPDNWDGÖU %D]Ö ILLOL ]RUXQOXOXNODU QHGHQL\OH EX KL]PHWOHU X\JXODPDGD SROLV WDUDIÖQGDQ \HULQH JHWLULOPHNWHGLU 3ROLVLQ VRV\DO WHVLVOHUGH LûOHWPHFLOLN \DSPDVÖ YDOLOLN YH ND\PDNDPOÖNODUGD EUR LûOHULQGH NXOODQÖOPDVÖ PDNDP YH\D VHUYLV ûRI|U RODUDN LVWLKGDP HGLOPHVL NDUDNRO WHPL]OLøL YH NDORULIHU \DNÖOPDVÖ JLEL ELQD KL]PHWOHUL \|QHWLFLOHULQ PONL YH\D DGOL YH\D SROLV DPLUOHULQLQ |]HO HPLUOHUL DNÖO KDVWDODUÖQÖQ DNÖO KDVWDQHVLQH QDNOHGLOPHVL VSRU PVDEDNDODUÖQD ELOHWVL] JLULûOHULQ |QOHQPHVL NkU DPDoOÖ G]HQOHQHQ NRQVHU WUQGHQ HøOHQFHOHULQ JYHQOLøLQLQ VDøODQPDVÖ YH UDG\R YH WHOHYL]\RQ \D\ÖQODUÖQÖQ L]OHQPHVL JLEL KL]PHWOHUEXX\JXODPDODUÖQ|UQHNOHULQLROXûWXUPDNWDGÖU$3.V ùo JYHQOLN KL]PHWL\OH GRøUXGDQ LOJLVL EXOXQPD\DQ EX JLEL KL]PHWOHUGH SROLVLQ LVWLKGDPHGLOPHVLQLQQHGHUHFHGRøUXROGXøXHWLNDoÖGDQVRUJXODQDELOLUROPDNODELUOLNWH EX oDOÖûPDQÖQ LOJL DODQÖ GÖûÖQGD NDOPDNWDGÖU %X oDOÖûPD SROLVLQ DVÖO J|UHYL RODQ Lo JYHQOLNKL]PHWOHULQGHSROLVHWLøLNRQXVX\ODVÖQÖUOÖGÖU 0XKWHPHO6RUXQ$ODQODUÖ (WNLQ ELU JYHQOLN KL]PHWL VXQXODELOPHVL LoLQ SROLVLQ KL]PHW VXQGXøX WRSOXPXQ GHVWHøLQH VDKLS ROPDVÖ JHUHNLU %LUELULQL DQODPD YH NDUûÖOÖNOÖ VD\JÖ SROLVOH WRSOXP DUDVÖQGD JYHQLQ ROXûPDVÖQÖQ LNL WHPHO XQVXUXGXU 3ROLVH YHULOPLû RODQ NDSVDPOÖ \HWNLOHUYHVRUXPOXOXNODU\NVHNVWDQGDUWWDGDYUDQÖûODUJHUHNWLUPHNWHGLU.DEDNHQGLQL EHøHQPLû YH D\UÖPFÖ WDYÖUODU WRSOXP GHVWHøLQLQ ND\EÖ VRQXFXQX GRøXUPDNWDGÖU gUQHøLQSDUN\DVDøÖRODQELU\HUHSROLVLQNHQGLDUDFÖQÖSDUNHWPHVLWRSOXPWDUDIÖQGDQ SROLVLQ NHQGLQL NXUDOODUÖQ ]HULQGH J|UGø ûHNOLQGH DOJÖODQDFDNWÖU 3ROLV NHQGLVLQLQ NDQXQODUÖQ VWQGH ROPDGÖøÖ GDLPD NXUDOODU oHUoHYHVLQGH KDUHNHW HWPHVL JHUHøL NRQXVXQGD VUHNOL X\DUÖOPDOÖGÖU 3DUN \DVDøÖ RODQ ELU \HUH DUDFÖQÖ SDUN HWPHGHQ |QFH NDUûÖ NDOGÖUÖPGD \U\HQ ELU NLûL\H GHYUL\H DUDEDVÖQGDQ EDøÖUPDQÖQ ´VÖUDGDQ ELU LQVDQ ]HULQGHQDVÖOELUHWNLGRøXUDFDøÖµVRUXVXQXSROLVNHQGLVLQHVRUPDOÖGÖU 3ROLV$NDGHPLVL*YHQOLN%LOLPOHUL)DNOWHVL 8OXVDO8\JXODPDOÖ(WLN.RQJUHVL 3ROLVLQ WDYÖUODUÖQGD RQXUOX DGLO WDUDIVÖ] QD]LN YH KRûJ|UO ROPDVÖ JHUHNLU 3ROLVLQ \DûDP DODQÖ WRSOXPXQ LoLQGH ROPDOÖGÖU %LU E|OJH\H VDGHFH Lû LoLQ JHOHQ YH DUGÖQGDQ EDûND ELU E|OJHGH RODQ HYLQH JLGHQ SROLV \|UHVHO SUREOHPOHUOH ELU LOJLVL ROPD\DQ ELU LûJDONXYYHWLJLELDOJÖODQÖU+RPH2IILFHV %LU SROLV ELULPLQGH oDOÖûDQ NLûLOHULQ ELUELUOHULQH QDVÖO PXDPHOH HWWLNOHUL GH SROLV WRSOXP LOLûNLVLQLQ |QHPOL ELU J|VWHUJHVLGLU 0HVOHNWDûÖQD NDUûÖ GDYUDQÖûODUÖ NDEXO HGLOHPH] RODQ NLûLQLQ WDYÖUODUÖ WRSOXPX ROXûWXUDQ ELUH\OHUH NDUûÖ GD NDEXO HGLOHPH] RODFDNWÖU 6Xo LûOHGLøL VDQÖODQ NLûLOHULQ DUDûWÖUÖOPDVÖ YH ROD\ODUÖQ D\GÖQODWÖOPDVÖ \NPOOø SROLV]HULQGHELUEDVNÖROXûWXUPDNWDGÖU$QFDNEXEDVNÖSROLVLQNHQGLVLQH\HWNLYHUHQ oHUoHYH NXUDOODUÖ DoPDPDOÖGÖU ]RUODPDVÖ 7RSOXP YH HWLN NDWLOOHULQ ROPD\DQ \RODUD WHU|ULVWOHULQ EDûYXUPDVÖ WHFDY]FOHULQ VRQXFXQD YH \RO JDVSoÖODUÖQ FH]DODQGÖUÖOPDVÖQÖ LVWHPHNWHGLU 6Xo LûOHQPHVLQL |QOHPH YH LûOHQPLû EXOXQDQ VXoODUÖQ D\GÖQODWÖOPDVÖ LûOHYOHULQL \HULQH JHWLULUNHQ SROLVLQ LQVDQ RQXUXQX ]HGHOH\LFL YH WRSOXP \DUDUODUÖQD D\NÖUÖ \|QWHPOHUH EDûYXUDELOPHVL ULVNL KHU WRSOXPGD PHYFXWWXU 7HNQRORMLQLQoRNJHOLûPLûROPDVÖGDSROLVH´\HWNLOHUµROPDVDGDoRNE\N´LPNDQODUµ VDøODPÖûWÖU 3ROLVLQ VDKLS ROGXøX LPNDQODU oHUoHYHVLQGH GHøLO NDQXQODUÖQ NHQGLVLQH YHUGLøL\HWNLOHUoHUoHYHVLQGHKDUHNHWHWPHVLJHUHøLGHSROLVHWLNNXUDOODUÖQGDQGÖU (WLNVWDQGDUWODUDoÖVÖQGDQHQVRUXQOXDODQODUGDQELULVLPXKELUYHDMDQNXOODQÖPÖGÖU %X NXOODQÖPÖQ VWDQGDUWODUÖ \HWHUVL]GLU YH oRøX ]DPDQ YDU RODQ NXUDOODUÖQ DUNDVÖQGDQ GRODQÖOPDNWDGÖU 0XKELU ID\GDOÖ YH JHUHNOL ROPDNOD ELUOLNWH PXKELUOHULQ GHøHUOHQGLUPHOHULQLQ GHQHWLPOHULQLQ ND\ÖWODUÖQÖQ YH |GHPHOHULQLQ QDVÖO \DSÖODFDøÖ NRQXODUÖQÖQD\UÖQWÖOÖRODUDNG]HQOHQPHVLJHUHNPHNWHGLU 3ROLV JHFH NXOSOHULQH FUHWVL] JLULû UHVWRUDQODUGDQ EHGHOLQL |GHPHGHQ \L\HFHN DOPDFUHWVL]VH\DKDWIXWEROPDoODUÖQDFUHWVL]JLUPHNRQVHUOHUHFUHW|GHPHPHJLEL NoN oÖNDUODU VDøOD\DELOPHNWHGLU .DEXO HGLOHPH] GDYUDQÖûODUÖQ QHOHU ROGXøX NRQXVXQGD ELOJL YHULOPHPHVL E\N ELU HNVLNOLNWLU 6DøGX\X LOH GRøUX YH \DQOÖû GDYUDQÖûODUÖQEXOXQDFDøÖYDUVD\ÖPÖ\HWHUOLGHøLOGLU 3ROLV DGD\ODUÖQÖQ VHoLPLQGH HWLN GHøHUOHUH EDøOÖ DGD\ODUÖQ VHoLPLQH |]HQ J|VWHULOPHOLGLU $GD\ÖQ JHoPLûL KD\DW WDU]Ö PDOL GXUXPX DUDûWÖUÖOPDOÖ X\XûWXUXFX WHVWOHULQGHQ JHoLULOPHOLGLU (øLWLP VUHFLQGH HWLN NXUDOODUD \HU YHULOPHOL EXQODUÖQ ]DWHQ ELOLQGLøLYHEHQLPVHQGLøLYDUVD\ÖOPDPDOÖGÖU 3ROLV WHûNLODWÖQGD oDOÖûDQ VLYLO SHUVRQHO JHQHOGH LKPDO HGLOPHNWHGLU 6LYLO SHUVRQHOLQ GHEHQ]HUELUHWLNDQOD\ÖûDVDKLSROPDVÖJHUHøLJ|]GHQX]DNWXWXOPDPDOÖGÖU 3ROLVLQPHGHQLELUûHNLOGHNHQGLOHUL\OHPXKDWDSROPDVÖQÖEHNOHPHNYDWDQGDûODULoLQ ELU KDNWÖU *HoPLûLQGHQ ÖUNÖQGDQ LQDQFÖQGDQ FLQVL\HWLQGHQ YH FLQVHO WHUFLKLQGHQ GROD\Ö NLPVH KHUKDQJL ELU D\UÖPD YH\D ND\ÖUPD\D XøUDPD HQGLûHVL \DûDPDPDOÖGÖU 3ROLVLQLOJLOHQGLøLROD\KHUQHROXUVDROVXQLQVDQODUÖQPDGGLYHPDQHYLNLûLOLøLQHVD\JÖOÖ GDYUDQPDN GXUXPXQGDGÖU (WQLN D]ÖQOÖNODU JD\ YH OH]EL\HQOHU D\UÖPD WkEL WXWXOPDPDOÖGÖU6XoXQPDøGXUXQDGDDQOD\ÖûYHVHPSDWLJ|VWHULOPHOLGLU 6XoWDQ PDøGXU RODQ NLûLOHU YH VXoXQ VDQÖNODUÖ SROLVLQ NHQGLOHULQH DGLO PXDPHOH HWPHVLQL YH VXoX SURIHV\RQHO YH EDøÖPVÖ] ELU ûHNLOGH DUDûWÖUPDVÖQÖ EHNOHPH KDNNÖQD VDKLSWLU 7RSOXP SROLVLQ \ROVX]OXNODUD EXODûPDPÖû ROPDVÖQÖ EHNOHPHN KDNNÖQD VDKLSWLU 3ROLV LVH KHU QH VHEHSOH ROXUVD ROVXQ D\UÖPFÖOÖøÖQ YH WDFL]LQ ROPDGÖøÖ ELU RUWDPGDJ|UHYLQL\HULQHJHWLUPH\LEHNOHPHKDNNÖQDVDKLSWLU 3ROLVOLN KL]PHWLQLQ WHPHO IDDOL\HWOHULQGHQ ELULVL NDQXQ LKODOOHULQL DUDûWÖUPDNWÖU 6XoXQ UDSRU HGLOPHVLQGHQ GHOLOOHULQ WRSODQPDVÖ YH PDKNHPH\H VXQXOPDVÖQD NDGDU 9DKLW%ÖoDN³'HPRNUDWLN7RSOXPGD3ROLV(WLøL JHoHQG|QHPGHGHHWLNVRUXQODURUWD\DoÖNDELOPHNWHGLU%D]ÖVXoODUSROLVND\GHWPHGHQ DoÖNODQDELOLUgUQHøLQELUGNNDQÖQYLWULQLQHDWÖODQELUWDû\ROGDQJHoHQNDP\RQXQELU HVHUL RODUDN DoÖNODQDELOLU 6XoXQ LVPL IDUNOÖ NRQXODELOLU gUQHøLQ KÖUVÖ]OÖøD WHûHEEV NDSÖNLOLGLQH]DUDUYHUPHRODUDNLVLPOHQGLULOHELOLU 6XoODUÖQ WDNLELQH D\UÖODFDN ND\QDNODUÖQ GDøÖOÖPÖQGD HWLN NXUDOODU J|] DUGÖ HGLOHELOLU &LGGL FLQVHO VXoODU LoLQ VÖQÖUOÖ ND\QDN D\UÖOÖUNHQ RWR YH RWR WH\S KÖUVÖ]OÖøÖ JLEL GDKD D] |QHPOLVXoODU]HULQGHSHUVRQHOYHND\QDNODU\RøXQODûWÖUÖODELOLU +DNNÖQGD KD]ÖUOÖN WDKNLNDWÖ \DSÖODQ VDQÖN VD\ÖVÖ ROPDVÖ JHUHNHQGHQ oRN ID]ODGÖU \ÖOÖ LoLQGH NLûL ',( V \ÖOÖ LoHULVLQGH NLûL ',( V KDNNÖQGD KD]ÖUOÖN WDKNLNDWÖ \DSÖOPÖûWÖU %X NLûLOHUGHQ VXoOX ROGXøX VDELW RODQ NLûL VD\ÖVÖ NLûL FLYDUÖQGDGÖU ',( V %X UDNDPODU PDNXO ûSKH ROPDGDQ ELUH\OHUH VXoODPD \|QHOWLOPHVLQGHQ NDoÖQÖODPDGÖøÖQÖ J|VWHUPHNWHGLU 7RSOXPXQE\NELUE|OPVDQÖNRODUDNSROLVOHNDUûÖNDUûÖ\DJHOPHNWHGLU 8OXVODUDUDVÖ']H\GH3ROLV(WLøL 6XoXOXVDOVÖQÖUODUÖQGÖûÖQDoRNWDQWDûPÖûXOXVODUDUDVÖELUQLWHOLNND]DQPÖûWÖU6ÖQÖUODU KHU JHoHQ JQ LûOHYLQL GDKD ID]OD ND\EHWPHNWHGLU 3ROLVLQ X\PDVÖ JHUHNHQ WHPHO HWLN NXUDOODU KHUKDQJL ELU ONH\OH VÖQÖUOÖ RODUDN GûQOPHPHOLGLU 'HPRNUDWLN RODUDN \DSÖODQDQ WP WRSOXPODUGD EXOXQPDVÖ JHUHNHQ PLQLPXP SROLV HWLøL NXUDOODUÖ RUWD\D NRQXODELOLU%X\ROODGHPRNUDWLNWRSOXPODUGDSROLVHWLNNXUDOODUÖQÖQX\XPODûWÖUÖOPDVÖQD GDNDWNÖVDøODQPÖûRODFDNWÖU %LUOHûPLû 0LOOHWOHU G]H\LQGH $UDOÖN WDULKLQGH NDEXO HGLOPLû EXOXQDQ YH GQ\D SROLVOHULQGHQ EHNOHQHQ PLQLPXP VWDQGDUWODUÖ G]HQOH\HQ YH VHNL] PDGGHGHQ ROXûDQ ´+XNXN 8\JXODPD *|UHYOLOHULQLQ 'DYUDQÖû 6|]OHûPHVLµ $', EXOXQPDNWDGÖU %X6|]OHûPHQLQPDGGHVLSROLVLQLQVDQKDNODUÖQDVD\JÖJ|VWHUPHVLYHLQVDQKDNODUÖQÖ NRUXPDVÖ JHUHøLQH GLNNDW oHNPHNWHGLU %X V|]OHûPH LQVDQOÖN GÖûÖ DûDøÖOD\ÖFÖ N|W PXDPHOHYHLûNHQFH\DVDøÖQÖGDLoHUPHNWHGLU6|]OHûPHQLQPDGGHVLSROLVOHUHVDGHFH NDQXQODUD EDøOÖ ROPDNOD \HWLQPHPH D\QÖ ]DPDQGD NDQXQODUD NDUûÖ JHOLûOHUL |QOHPHN \NPOOø GH JHWLUPHNWHGLU 3ROLV GLøHU PHVOHNWDûODUÖQÖQ NDQXQ GÖûÖ GDYUDQÖûODUÖQÖ VWPHUFLOHUHELOGLUPHOLEXELOGLULPQHWLFHYHUPL\RULVHEDVÖQJLELWHûNLODWGÖûÖRUJDQODUD VRUXQDNWDUÖOPDOÖGÖU6WDQGDUWGÖûÖGDYUDQÖûJ|VWHUHQPHVOHNWDûODUÖQÖUDSRUHWWLNOHULQGHQ GROD\Ö SROLVOHUH LGDUL YH\D GLøHU FH]DODU YHULOPHPHVL JHUHøL GH V|]OHûPH GH YXUJXODQPDNWDGÖU %X 6|]OHûPH SROLVLQ NHQGLVLQL VÖQÖUODQGÖUDQ QRUPODUD EDøOÖ NDOGÖøÖ RUDQGDWRSOXPXQVD\JÖVÖQÖND]DQDFDøÖQÖGDLIDGHHWPHNWHGLU $YUXSD.RQVH\LEQ\HVLQGHLVH$YUXSD3ROLV(WLøL6|]OHûPHVL&RGHKD]ÖUODPDYH \UUOøH NR\PD oDOÖûPDODUÖ GHYDP HWPHNWHGLU %D]Ö %DWÖ $YUXSD ONHOHUL KDOLKD]ÖUGD ELU SROLV HWLN NRGXQD VDKLS EXOXQX\RU ROPDNOD ELUOLNWH $YUXSD .RQVH\L EQ\HVLQGH \DSÖODQ oDOÖûPDODUOD WP $YUXSD GHPRNUDVLOHULQGH JHoHUOL RODELOHFHN RUWDN SROLV HWLN NXUDOODUÖJHOLûWLULOPHVLDPDoODQPDNWDGÖU*HOLûWLULOHFHNHWLNNXUDOODUÖNDPXRWRULWHOHULQLQ NH\ILOLøLQH NDUûÖ YDWDQGDûODUÖ NRUXPDNOD NDOPD\DFDN D\QÖ ]DPDQGD ELUH\OHULQ |]HO \DûDPODUÖQÖNRUXPDLûOHYL\HULQHJHWLUHFHNWLU $YUXSD 3ROLV (WLøL 6|]OHûPHVL KD]ÖUODPD oDOÖûPDODUÖ \ÖOÖQGD $YUXSD .RQVH\L 3DUODPHQWHUOHU 0HFOLVLCQLQ DOGÖøÖ VD\ÖOÖ NDUDUOD ´WHPHO KDNODU YH |]JUONOHUL GLNNDWH DODQ SROLV HWLøL NXUDOODUÖQÖQ $YUXSD LQVDQ KDNODUÖQÖ NRUXPD VLVWHPLQL JHOLûWLUHFHøLµ J|UûQ EHQLPVHPHVL LOH EDûODPÖûWÖU \ÖOÖQGD $YUXSD .RQVH\L WDUDIÖQGDQ JHUoHNOHûWLULOHQ ´'HPRNUDWLN 7RSOXPGD 3ROLV (WLøLµ NRQIHUDQVÖQGD SROLV HWLøL NRQXVXQGD XOXVODUDUDVÖ QRUPDWLI NXUDOODUÖQ HNVLNOLøLQH GLNNDW oHNLOPHNOH 8OXVDO8\JXODPDOÖ(WLN.RQJUHVL NDOÖQPD\DUDN´$YUXSD3ROLV(WLøL6|]OHûPHVLµKD]ÖUODQPDVÖQDLKWL\DoROGXøXVRQXFXQD YDUÖOPÖûWÖU \ÖOÖQGD 3ROLV (WLøL 6|]OHûPHVLQLQ WDVODøÖQÖ KD]ÖUODPDN ]HUH ´3ROLV +L]PHWLQLQ3UREOHPOHULYH3ROLV(WLøL8]PDQODU.RPLWHVLµROXûWXUXODUDNoDOÖûPDODUÖQD EDûODPÖûWÖU 2FDN WDULKLQGH 8]PDQODU .RPLWHVL6|]OHûPH WDVODøÖQÖKD]ÖUODPD J|UHYLQLWDPDPODPÖûWÖUEN]'RF 6|]OHûPHQLQùûOHYL 0RGHUQ GHPRNUDWLN WRSOXPODUGD SROLVLQ X\PDVÖ JHUHNHQ VWDQGDUWODUÖ YH VDKLS ROPDVÖ JHUHNHQ GHøHUOHUL DoÖNOÖøD NDYXûWXUPDN DPDFÖ\OD 6|]OHûPH KD]ÖUODQPÖûWÖU %X 6|]OHûPH·GH \HU DODQ KNPOHU SROLV HWLøL VWDQGDUWODUÖ YH GHøHUOHULQLQ oHUoHYHVLQL ROXûWXUPDNWDGÖU $YUXSD·GD LQVDQODUÖQ VHUEHVW GRODûÖPÖQÖQ \D\JÖQODûPÖû ROPDVÖ ONH VÖQÖUODUÖQD EDøOÖ ROPD\DQ RUWDN SROLVOLN VWDQGDUWODUÖQÖQ ROXûWXUXOPDVÖ LKWL\DFÖQÖQ EHOLUJLQOHûPHVLQH\RODoPÖûWÖU 'HPRNUDWLNONHOHULQYDWDQGDûODUÖNHQGLOHULQHRODELOHQHQID]OD|]JUOøVDøODPDVÖ LoLQ GHYOHWOHULQL \DSÖODQGÖUPÖûODUGÖU $\QÖ ûHNLOGH FH]DDGDOHW VLVWHPL GH ELUH\OHULQ |]JUONOHULQLYHJYHQOLNOHULQLVDøODPDNDPDFÖ\ODJHOLûWLULOPLûWLU +XNXN GHYOHWL LONHVLQLQ JHoHUOL ROGXøX GHPRNUDWLN ONHOHUGH SROLV VXoX |QOHPH VXoOD PFDGHOH HWPH VXoX VRUXûWXUPD KDONÖQ KX]XUXQX VDøODPD NDPX G]HQLQL NRUXPD YH ELUH\LQ WHPHO KDNODUÖQÖ NRUXPD JLEL JHOHQHNVHO LûOHYOHU \HULQH JHWLULU %XQODUD LODYH RODUDN SROLV JHOHQHNVHO IDDOL\HW NRQXODUÖQGD NHQGLVLQH GHVWHN VDøOD\DQ VRV\DO QLWHOLNOL oHûLWOL KL]PHWOHU GH VXQDU 'HPRNUDVLOHUGH SROLV NHQGLVL GHPRNUDWLN GHøHUOHUH VDKLS ROGXøX JLEL GHPRNUDWLN GHøHUOHULQ \FHOPHVLQH \DUGÖPFÖ GD ROPDOÖGÖU 3ROLV J|UHYLQL HWLN RODUDN NDEXO HGLOHELOLU ELU WDU]GD VUGUGø GHUHFHGH PHûUX ELU RWRULWHX\JXOD\ÖFÖVÖRODUDNNDODELOLUYHKDONÖQGHVWHøLQLVDøOD\DELOLU 3ROLV (WLN 6|]OHûPHVL KD]ÖUODQPDVÖ RUWDN VWDQGDUWODUÖQ VDøODQPDVÖ LoLQ VDGHFH ELU EDûODQJÖoROPDNODELUOLNWHLONDGÖPROPDGDQGDLOHUOHPHVDøODQDPD\DFDNROPDVÖROJXVX EXLONDGÖPÖQ|QHPLQLDUWWÖUPDNWDGÖU6|]OHûPHHWLNQRUPODUÖQWHPHOLQLQROXûWXUXOPDVÖ \DQÖQGDHWLNSUREOHPOHULQGDKDNROD\WDQÖPODQPDVÖGDKDQHWDQODûÖOPDVÖGDKDGLNNDWOL DQDOL] HGLOPHVL YH GDKD KÖ]OÖ o|]PH NDYXûWXUXOPDODUÖ ûDQVÖQÖ DUWWÖUDFDNWÖU $\QÖ ]DPDQGD SROLV WHûNLODWODUÖQÖQ KL]PHW HWWLNOHUL GHøHUOHU YH EDûYXUGXNODUÖ \|QWHPOHU KDNNÖQGDVRUXODUROXûPDVÖQÖWHûYLNHGHFHNWLU ´%DøOÖOÖNµ ´KDON GHVWHøLµ ´WDUDIVÖ]OÖNµ ´WDNGLU \HWNLVLµ YH ´SURIHV\RQHOOLNµ JLEL SROLV WHûNLODWODUÖQÖQ RUWDN NDYUDPODUÖQÖQ D\QÖ DQODPODUGD NXOODQÖOPDVÖ YH D\QÖ ûHNLOGH DQODûÖOPDVÖQÖGDEX6|]OHûPHPPNQNÖODELOHFHNWLU$\UÖFD6|]OHûPHSROLVWHûNLODWÖQD \HQL NDWÖODQODUÖQ \DSDFDNODUÖ LûLQ WHPHO GHøHUOHUL NRQXVXQGD NLûLVHO VWDQGDUWODU JHOLûWLUPHVLQH \DUGÖPFÖ RODELOLU 3ROLV HøLWLPLQGH 6|]OHûPH |QHPOL ELU LûOHY \HULQH JHWLUHELOLU 6WDQGDUWODUD YH GHøHUOHUH EX WU REMHNWLI UHIHUDQVODU ROPDGÖøÖ GXUXPODUGD HøLWLFLOHULQLûLROGXNoD]RUROPDNWDGÖU6WDQGDUWODUÖQRULMLQLYHEDøOD\ÖFÖOÖøÖVDGHFH\HUHO GHøHU \DUJÖODUÖ ROXS ROPDGÖøÖ HøLWLFLQLQ NHQGL GHøHU \DUJÖODUÖ ROXS ROPDGÖøÖ WDUWÖûPD NRQXVX RODELOPHNWHGLU %|\OH ELU 6|]OHûPHQLQ YDUOÖøÖ SROLV HøLWLPLQLQ KHU VDIKDVÖQGD HøLWLFLOHUH|QHPOLNROD\OÖNVDøOD\DELOHFHNQLWHOLNWHGLU 3ROLVLQ KDONOD \DNÖQ LûELUOLøLQH YH KDONÖQ JYHQLQH VDKLSROPDVÖ GXUXPXQGD SROLVOLN KL]PHWOHUL oRN JHOLûPHNWHGLU +L]PHWOHULQ VRUXPOXOXN ELOLQFL\OH VXQXOPDVÖ |QHP ND]DQPDNWDGÖU 3ROLV PHûUX RODUDN Jo NXOODQPD WHNHOLQH VDKLSWLU %XQGDQ GROD\Ö %XVDWÖUODUÖQ\D]DUÖGDEX.RPLWHoDOÖûPDODUÖQÖQELUE|OPQHNDWÖOPÖûWÖU%N](XURSHDQ &RPPLWWHHRQ&ULPH3UREOHPV&RPPLWWHHRI([SHUWVRQ3ROLFH(WKLFVDQG3UREOHPVRI 3ROLFLQJ6XPPDU\5HSRUWRIWKH7KLUG0HHWLQJ3&32V 9DKLW%ÖoDN³'HPRNUDWLN7RSOXPGD3ROLV(WLøL WRSOXPXQ JYHQFH\H LKWL\DFÖ YDUGÖU 2UWDN VWDQGDUWODUÖ DPDoODUÖ YH SROLVLQ GHøHUOHULQL RUWD\D NR\DQ YH WRSOXPD LODQ HGLOPLû ELU 3ROLV (WLN .RGX KDONÖQ SROLVH JYHQLQL DUWWÖUDFDN KDONOD LOLûNLOHUL YH KDONOD LûELUOLøLQL JHOLûWLUHFHNWLU $\QÖ VWDQGDUWODU SROLV KL]PHWOHULQLQ DODQÖQÖ YH oHûLGLQL DoÖNOÖøD NDYXûWXUDUDN SROLVWHQ LVWHQHELOHFHN RODQ \HWNL GÖûÖ HKHPPL\HWVL] YH FDQ VÖNÖFÖ WDOHSOHUH NDUûÖ JYHQFH ROXûWXUDELOLU %XQGDQ GD |QHPOLVLKL]PHWWHNL\HWHUVL]OLNOHUGHQGROD\ÖVRUXPOXOXNODUÖQÖVÖQÖUODQGÖUDFDNWÖU %XQODUD LODYH RODUDN 3ROLV (WLN .RGX SROLV WHûNLODWÖQÖQ Lo LûOH\LûLQL G]HQOH\HQ ELU HQVWUPDQ RODELOLU 0LQLPXP VWDQGDUWODUÖ GHøHUOHUL YH HWLN oHUoHYH\L RUWD\D NR\DUDN G]HQOH\LFL LûOHYLQL HQ D] G|UW IDUNOÖ ûHNLOGH \HULQH JHWLUHELOLU 3ROLV WHûNLODWÖQÖQ PHQVXSODUÖQÖQ NDOLWH NRQWUROOHULQL VDøODPDN GHQHWLP \|QHWLP YH OLGHUOLN LûOHYLQLQ \HULQH JHWLULOPHVLQH \DUGÖPFÖ ROPDN VW G]H\ \|QHWLFLOHULQLQ GDKDID]OD ´KHVDS YHULUµ ROPDVÖQDLPNDQYHUPHNJQONLoX\XûPD]OÖNODUÖQo|]PQHNDWNÖGDEXOXQPDN 6|]OHûPHGH(WLN.DYUDPÖ ´(WLNµ NHOLPHVL ELUGHQ ID]OD IDUNOÖ DQODPODUGD NXOODQÖOPDNWDGÖU 6|]OHûPH HWLN NHOLPHVLQLKDQJLDQODPGDNXOODQPDNWDGÖU" 0RGHUQ HQGVWUL WRSOXPX LûE|OP YH LûELUOLøL LNL] SUHQVLEL LOH \|QHWLOPHNWHGLU ùQVDQODU ELUoRN IDDOL\HWOH PHûJXO ROPDNWDGÖU YH EX IDDOL\HWOHU VÖUDVÖQGD RUWDN HWLN VWDQGDUWODUÖX\JXODPDNWDGÖU%HOOLELULûYH\DPHVOHøLLFUDHWWLNOHUL]DPDQGDKDID]OD|]HO DQOD\Öû YH \RO J|VWHULFLOLøH LKWL\Do GX\PDNWDGÖUODU %XQXQ QHGHQOHUL LFUD HGLOHQ LûLQ LQVDQ GDYUDQÖûÖQÖQ EHOOL ER\XWODUÖ ]HULQGH \RøXQODûPDVÖQGD G]HQOL RODUDN WHNUDU HGLOHQ DKODNL oÖNPD]ODUÖQ |QH oÖNPDVÖ YH \DSÖODQ LûWH R\QDGÖNODUÖ UROOHULQ EX VRUXQODUOD EDû HWPHOHULQL YH o|]PHOHULQL JHUHNWLUPHVLGLU %X EDøODPGD ´HWLNµ ELU PHVOHøLQ G]HQOHQPHVL LOH X\XPOX RODQ DKODNL ]RUXQOXOXNODUÖ YH WDQÖPODUÖ RQD\ODQDQ YH RQD\ODQPD\DQGDYUDQÖûODUÖLIDGHHWPHNWHGLU 6|]OHûPH EDøODPÖQGD HWLN NDYUDPÖ JQON KD\DWWDNL HWLN NDYUDPÖQGDQ D\UÖ ELU ROJX GHøLOGLU RQGDQ ND\QDNODQDQ RQXQ VDGHFH |]HO ELU WUGU *QON \DûDPÖQ DKODNL NXUDOODUÖQÖQ ELU WHûNLODWÖQ |]HO VRUXQODUÖQD YH WDOHSOHULQH X\JXODQPDVÖGÖU $YUXSD 3ROLV (WLøL6|]OHûPHVLQGHHWLNEXDQODPDGDNXOODQÖOPÖûWÖU +XNXN'HYOHWLYH(WLN +XNXN GHYOHWLQL NRUXPD DPDFÖ ELUELULQGHQ IDUNOÖ DQFDN ELUELUL\OH LOJLOL LNL J|UHYLQ ELU DUDGD EXOXQPDVÖQÖ JHUHNWLULU 8VXOQH J|UH NDQXQODûPÖû EXOXQDQ QRUPODUÖ X\JXODPDN EX KDONÖQ KX]XUXQXQ VDøODQPDVÖQÖ GD LoHULU YH WDQÖPODQPÖû RODQ \HWNL oHUoHYHVLQLQ LoLQGH NDOPDN NH\IL X\JXODPDODUGDQ NDoÖQPDN YH WRSOXPX ROXûWXUDQ ELUH\OHULQKDNODUÖQDVD\JÖJ|VWHUPHN +XNXN GHYOHWL VDGHFH QH\LQ \DSÖOÖS QH\LQ \DSÖOPD\DFDøÖ ]HULQGH GHøLO D\QÖ ]DPDQGD \DSÖODELOHFHN ûH\OHULQ QDVÖO \DSÖODFDøÖ ]HULQGH GH \RøXQODûÖU *|UHYLQL \DSDUNHQ SROLV ELUH\OHULQ WHPHO KDNODUÖQD VD\JÖ J|VWHUPHN GXUXPXQGDGÖU YH NH\IL YH KXNXN GÖûÖ GDYUDQÖûODUGDQ GD NDoÖQPDOÖGÖU %X KXNXN GHYOHWLQLQ WHPHOLGLU YH EXQGDQ GROD\ÖGDGHPRNUDVLGHSROLVOLøLQDPDFÖYHDQODPÖGÖU %XQODUÖQ |WHVLQGH KXNXN GHYOHWL NDQXQODUÖ \DSDQODUÖQ NDQXQODU oHUoHYHVLQGH KNP YHUHQOHULQ YH NDQXQODUÖ X\JXOD\DQODUÖQ D\QÖ NDQXQODUD NHQGLOHULQLQ GH EDøOÖ ROPDVÖQÖ JHUHNWLULU 7DP RODUDN JHOLûPLû ROJXQ GHPRNUDVLOHUGH SROLVOHU NHQGL X\JXODGÖNODUÖ NDQXQODUOD NHQGLOHULQL EDøOÖ J|UPHNWH YH D\QÖ NDQXQD WkEL ROPDNWDGÖUODU +XNXN GHYOHWLQL NRUXPD YH JHOLûWLUPHGH SROLVLQ URO R NDGDU |QHPOL ROPDNWDGÖU NL KHUKDQJL ELU GHPRNUDVLQLQ LoLQGH EXOXQGXøX GXUXP SROLVLQ GDYUDQÖûODUÖQÖ LQFHOH\HUHN RUWD\DNRQXODELOLU 8OXVDO8\JXODPDOÖ(WLN.RQJUHVL $YUXSD 3ROLV (WLøL 6|]OHûPHVL KXNXN GHYOHWL\OH \|QHWLOHQ YH $YUXSD ùQVDQ KDNODUÖ 6|]OHûPHVL WDUDIÖQGDQ HWNLOHQHQ GHPRNUDVLOHUGH JHQHO RODUDN SROLVLQ DPDoODUÖ SHUIRUPDQVÖ GHQHWLPL NRQXODUÖQGD \RO J|VWHULFL LONHOHU ROXûWXUPD\Ö DPDoODPÖûWÖU 6|]OHûPH NDPX G]HQLQL NRUXPD VXoODUOD PFDGHOH HWPH YH VXoX |QOHPH KDVVDV J|UHYOHUL\OH X\XP LoLQGH EHOLUOL VRPXW JHUHNOLOLNOHUOH LOJLOLGLU 7DYVL\H QLWHOLøLQGH RODQ EX6|]OHûPHKNPHWOHUH\|QHOLNROPDNODELUOLNWHSROLVOHYHSROLVOLNOHSUDWLNDPDoODUOD LOJLOHQHQOHUHLOKDPYHUPHVLLoLQPDNXOVHYL\HGHDoÖNELUGLOOH\D]ÖOPÖûWÖU 6|]OHûPHQLQ.DSVDPÖ %HOOL DPDoODU LoLQ NXYYHW NXOODQPDVÖQD GHYOHW WDUDIÖQGDQ L]LQ YHULOHQ YH |QFHOLNOL DPDo RODUDN WRSOXPGD KXNXNXQ YH G]HQLQ NRUXQPDVÖQÖ DPDoOD\DQ JHOHQHNVHO SROLV KL]PHWOHUL YH NDPXQXQ L]LQ YHUGLøL YH GHQHWOHGLøL GLøHU JYHQOLN ELULPOHUL EX 6|]OHûPHQLQNDSVDPÖQGDEXOXQPDNWDGÖU $YUXSD·GD GHøLûLN SROLV VLVWHPOHUL EXOXQPDNWDGÖU 3ROLV ELULPOHUL IDUNOÖ JHOLûPLûOLN DûDPDVÖQGD GHøLûLN WHûNLODW \DSÖVÖQGD EXOXQPDNWDGÖU 7P EXQODUÖ NDSVDPDVÖ LoLQ WDQÖPODUÖQJHQLû\DSÖOPDVÖQDLKWL\DoEXOXQPDNWDGÖU 6|]OHûPHQLQ NDSVDPÖ WP SROLV WHûNLODWODUÖQÖQ WHPHO IDDOL\HW DODQODUÖ\OD VÖQÖUOÖ EXOXQPDNWDGÖU %X DODQODU VLYLO WRSOXPGD KXNXNXQ YH G]HQLQ VUGUOHELOPHVL LoLQ NXYYHW NXOODQPD \HWNLVL NDPX G]HQLQL VDøODPD VXoXQ WDNLEL YH VXoXQ |QOHQPHVL IDDOL\HWOHULGLU %X IDDOL\HWOHUL \UWPHNOH J|UHYOL ELULPOHU KDNNÖQGD ELULPH QH LVLP YHULOLUVH YHULOVLQ EX 6|]OHûPH X\JXODQÖU %X WHûNLODWODUÖQ QDVÖO \DSÖODQGÖøÖQÖQ |QHPL \RNWXU \HUHO YH\D PHUNH]L VLYLO YH\D DVNHUL NXYYHW YH\D KL]PHW ROPDVÖ NLPH NDUûÖ PHUNH]L KNPHWH E|OJHVHO KNPHWH YH\D \HUHO KNPHWH VRUXPOX ROGXøX DoÖVÖQGDQIDUNEXOXQPDPDNWDGÖU dRN VSHVLILN DPDoODUOD ROXûWXUXODQ |]HO NXYYHWOHU 6|]OHûPHQLQ NDSVDPÖ GÖûÖQGD WXWXOPXûWXU gUQHøLQ DVNHUL LûOHY \HULQH JHWLUHQ DVNHUL LQ]LEDW JL]OL JYHQOLN ELULPOHUL FH]DHYOHULQGHJYHQOLøLVDøOD\DQLQID]PHPXUODUÖJLELg]HOILUPDODUWDUDIÖQGDQVXQXODQ JYHQOLN KL]PHWL $YUXSD·GD \D\JÖQOÖN ND]DQPDNWDGÖU %D]Ö ONHOHUGH |]HO JYHQOLN JHOHQHNVHO RODUDN SROLVLQ \DSWÖøÖ LûOHUL ³ELQD NRUXPDVÖ VSRU IDDOL\HWOHULQGH NRQVHUOHUGH JYHQOLN KL]PHWOHUL JLEL³ \DSPDNWDGÖU g]HO JYHQOLN ûLUNHWOHUL GH EX 6|]OHûPHNDSVDPÖQGDGÖU 6|]OHûPHQLQùoHULøL 6|]OHûPH \HGL E|OPGHQ ROXûPDNWDGÖU %XQODU VÖUDVÖ\OD SROLVLQ DPDoODUÖ KXNXN GHYOHWLQGH SROLVLQ \DVDO WHPHOL SROLV YH FH]D DGDOHW VLVWHPL SROLVLQ \DSÖODQPDVÖ SROLV PGDKDOHVLQLQ LONHOHUL SROLVLQ KHVDS YHUPHVL YH GHQHWLPL DUDûWÖUPD YH XOXVODUDUDVÖ LûELUOLøLGLU 3ROLVOLøLQ ELU NDPX KL]PHWL ROGXøX YH NDQXQOD NXUXOPDVÖ JHUHNWLøL 6|]OHûPH WDUDIÖQGDQ |QJ|UOPûWU 3ROLVOH LOJLOL PHY]XDW NDPX\D DoÖN ROPDOÖGÖU 'LOL DQODûÖOÖU ROPDOÖGÖU (øHU NDQXQODUÖQ \|QHWPHOLNOHUOH DoÖNODQPDVÖQD LKWL\Do YDUVD \|QHWPHOLNOHU KDONWDUDIÖQGDQXODûÖODELOLUROPDOÖGÖU3ROLVLQIDDOL\HWOHULXOXVDOKXNXNYHONHOHULQNDEXO HWWLøLXOXVODUDUDVÖVWDQGDUWODUoHUoHYHVLQGH\UWOPHOLGLU 6ÖUDGDQ YDWDQGDûODUÖQ WkEL ROGXøX NXUDOODUD SROLV GH NXUDO RODUDN WkEL ROPDOÖGÖU 3ROLVH WDQÖQDQ LVWLVQDODU GHPRNUDWLN WRSOXPGD SROLVOLN J|UHYLQLQ \HULQH JHWLULOPHVL LKWL\DFÖLOHKDNOÖoÖNDUÖOPDOÖGÖU'LVLSOLQNXUDOODUÖDUDVÖQGDIDUNOÖODûWÖUPD\DSÖODELOLUDQFDN FH]DLVRUXPOXOXNDoÖVÖQGDQIDUNROPDPDOÖGÖUPG 3ROLV KDON GHVWHøLQL ND]DQPD\D WRSOXPD KL]PHW VXQPD\D YH KXNXNX NRUX\DPD\D \|QHOLN RODUDN \DSÖODQPDOÖGÖUPG .DPX LOH WRSOXP DUDVÖQGD JYHQ NXUXOPDOÖGÖU 9DKLW%ÖoDN³'HPRNUDWLN7RSOXPGD3ROLV(WLøL *YHQ NXUPDQÖQ |QHPOL ELU ER\XWX GD \NVHN VHYL\HGH SURIHV\RQHOOLNWLU 'LøHU ELU ER\XWLVHSROLVLQELUKL]PHWELULPLRODUDNRUJDQL]HHGLOPHVLGLU 3ROLVNHQGLVLQHYHULOHQJ|UHYOHUL\HULQHJHWLULUNHQVLYLORWRULWH\HEDøOÖROPDOÖGÖUPG $VNHULQ YH SROLVLQ ED]Ö LûOHYOHUL YH VRUXPOXOXNODUÖ DUDVÖQGD EHQ]HUOLNOHU ROPDNOD ELUOLNWH SROLVLQ FH]D DGDOHW VLVWHPLQLQ ELU SDUoDVÖ ROPDVÖ NDPX G]HQLQL NRUXPDNOD \NPO ROPDVÖ SROLVLQ LûLQLQ NDPX KL]PHWL ER\XWX SROLVLQ WRSOXPD HQWHJUH ROPXû ROPDVÖ QRNWDODUÖQGD SROLV YH DVNHU DUDVÖQGD |QHPOL IDUNOÖOÖNODU EXOXQPDNWDGÖU 6LYLO WRSOXPGDSROLVVLYLORWRULWH\HEDøOÖROPDOÖGÖU 3ROLV WHûNLODWÖ J|UHYLQL QDVÖO \HULQH JHWLUHFHøL NRQXVXQGD EDøÖPVÖ] ELU KDUHNHW DODQÖQD VDKLS ROPDOÖGÖU PG 3ROLV \UWPHQLQ ELU X]DQWÖVÖGÖU <UWPHGHQ WDPDPHQ EDøÖPVÖ] RODPD] $QFDN NHQGLVLQH YHULOHQ J|UHYOHUL \HULQH JHWLULUNHQ KXNXN QRUPODUÖQDEDøOÖROPDOÖYHNHQGLVLQHWDQÖQDQWDNGLU\HWNLVLQLNXOODQPDOÖGÖU%XJ|UHYLQL \HULQH JHWLULUNHQ VL\DVL QLWHOLNOL WDOLPDWODU DOPDPDOÖGÖU 2SHUDV\RQHO EDøÖPVÖ]OÖN WHûNLODWÖQ KHU ELULPLQGH EXOXQPDOÖGÖU %|\OH ELU EDøÖPVÖ]OÖN SROLV RSHUDV\RQODUÖQÖQ NDQXQODU oHUoHYHVLQGH WDUDIVÖ] YH SURIHV\RQHO ELU ûHNLOGH \DSÖOPDVÖQÖ VDøODPD\Ö DPDoOD\DQ KXNXN GHYOHWLQLQ |QHPOL QLWHOLNOHULQGHQ ELULGLU 2SHUDV\RQHO EDøÖPVÖ]OÖN SROLVLQWP\DSWÖNODUÖYH\DSPDGÖNODUÖKDNNÖQGDWDPDPHQVRUXPOXROPDVÖQÖûDUWNÖODU 6RQXo +XNXN GHYOHWL LONHVLQLQ JHoHUOL ROGXøX GHPRNUDWLN WRSOXPODUGD SROLVLQ WHPHO DPDoODUÖ NDPX KX]XUXQX NDPX G]HQLQL YH KXNXN VLVWHPLQL NRUXPDN NLûLOHULQ YH RQODUÖQ PONL\HW KDNODUÖQÖQ NRUXQPDVÖ VXoOD PFDGHOH YH VXoX |QOHPHN VXoX WDNLS HWPHN YH KDOND \DUGÖP HWPHNWLU 7HPHO LQVDQ KDNODUÖQD VD\JÖ J|VWHUHUHN EX LûOHYOHUL \HULQHJHWLUPHOLGLU 3ROLV PHPXUODUÖ JHQHO RODUDN RWRULWHU YH PXKDID]DNDU LQVDQODUGÖU &RXQFLO RI (XURSH V 3ROLV \|QHWLPLQ EDVNÖ NXOODQDQ HOL RODUDN KDUHNHW HGHU YH Jo NXOODQPD \HWNLVL\OH GRQDWÖOPÖûWÖU *o NXOODQÖPÖQÖQ JHUHNWLUGLøL IL]LNVHO |]HOOLNOHUH GH VDKLSWLU $QFDN VXoOD PFDGHOHGH EXQODU \HWHUOL GHøLOGLU VXoOD PFDGHOH WRSOXPXQ GHVWHøLQLYH\DUGÖPÖQÖJHUHNWLULUPG6XoODUÖQE\NELUE|OPQQLKEDUODRUWD\D oÖNÖ\RUROPDVÖEXJHUoHøLQLIDGHVLGLU 'HPRNUDWLN WRSOXPGD SROLVLQ \HWNLOHUL YH IRQNVL\RQODUÖ NDWÖ VÖQÖUODPDODUD WkEL WXWXOPXûWXU YH NXOODQÖPODUÖ GHQHWLP PHNDQL]PDODUÖQD EDøOÖGÖU 3ROLVLQ WDYÖUODUÖQÖ PDKNHPHOHUGHQHWOHULGDULGHQHWLPPHNDQL]PDODUÖGDV|]NRQXVXGXU 6L\DVL RWRULWH YH\D GLøHU RWRULWHOHU WDUDIÖQGDQ SROLVWHQ KXNXND D\NÖUÖ ]DOLPDQH YH EDUEDU X\JXODPDODU \DSPDVÖ LVWHQLOHELOPHNWHGLU %X JLEL GXUXPODUGD SROLV LQVDQ KDNODUÖQD WHKGLW ROXûWXUDELOLU 3ROLV LQVDQ KDNODUÖ\OD LNL ûHNLOGH LOLûNLOHQGLULOHELOLU ùON RODUDN SROLV YH DLOHVL WRSOXPXQ GLøHU IHUWOHUL JLEL LQVDQ KDNODUÖQGDQ ID\GD VDøOD\DQ NLûLOHUGLU ùNLQFL RODUDN SROLV GLøHU ELUH\OHULQ LQVDQ KDNODUÖQÖ NRUXPDN J|UHY YH VRUXPOXOXøXQDVDKLSWLU 'HPRNUDWLN ROPD\DQ GHYOHWOHUGH SROLV LQVDQ KDNODUÖQD NHQGLVL VDKLSROPDGÖøÖJLELGLøHUELUH\OHULQKDNODUÖQÖGDED]HQJ|UHYLQLLKPDOHGHUHNED]HQGH UHVPLRQD\ODWDKULSHGHELOLU 3ROLVOHU DUDVÖQGD GD\DQÖûPD GX\JXVXQXQ ROGXNoD JoO ROGXøX JHUoHøL GH J|] |QQGH EXOXQGXUXOGXøXQGD SROLVOLN LûOHYLQL \HULQH JHWLUHQOHULQ EDøOÖ EXOXQPDVÖ JHUHNHQ PRUDO \NPOONOHUL EHOLUOHPHQLQ YH KD\DWD JHoLUPHQLQ NROD\ ELU Lû ROPDGÖøÖ DûLNkUGÖU$YUXSD.RQVH\LWDUDIÖQGDQKD]ÖUODQDQ´3ROLV(WLøL6|]OHûPHVLµEXJoOøQ VWHVLQGHQJHOHELOPHQLQHQ|QHPOLDGÖPODUÖQGDQELULQLROXûWXUPDNWDGÖU 8OXVDO8\JXODPDOÖ(WLN.RQJUHVL .D\QDNoD &RXQFLO RI (XURSH 3ROLFH (WKLFV LQ D 'HPRFUDWLF 6RFLHW\ &RXQFLO RI (XURSH 3XEOLVKLQJ*HUPDQ\ 'HYOHWùVWDWLVWLN(QVWLWV$GDOHWùVWDWLVWLNOHUL<D\ÖQQR$QNDUD 'HYOHWùVWDWLVWLN(QVWLWV$GDOHWùVWDWLVWLNOHUL<D\ÖQQR$QNDUD (XURSHDQ &RPPLWWHH RQ &ULPH 3UREOHPV &RPPLWWHH RI ([SHUWV RQ 3ROLFH (WKLFV DQG 3UREOHPVRI3ROLFLQJ6XPPDU\5HSRUWRIWKH7KLUG0HHWLQJ3&32 (PQL\HW *HQHO 0GUOø $3. 'DLUH %DûNDQOÖøÖ 3ROLVLQ $GOL *|UHYL 'ÖûÖQGD 0WDODD(GLOHQ*|UHYOHUL<D\ÖQ1R$UDûWÖUPD1R$QNDUD +RPH 2IILFH ,QVSHFWRUDWH RI &RQVWDEXODU\ 3ROLFH ,QWHJULW\ 6HFXULQJ DQG 0DLQWDLQLQJ3XEOLF&RQILGHQFH+RPH2IILFH&RPPXQLFWLRQ'LUHFWRUDWH/RQGRQ 0HG\DGD(WLN6RUXQODUÖQd|]PQGH$YUXSD0HG\D3ODWIRUPODUÖQGD 2OXûWXUXODQgQHULOHUYH<DVDO(QVWUPDQODUGDNL'XUXP úHEQHP%LOJHW <DûDGÖøÖPÖ] \]\ÖOGD JHUoHNOHûHQ WHNQRORMLN JHOLûPHOHU PHG\DQÖQ NDUûÖVÖQD E\N IÖUVDWODU oÖNDUPÖûWÖU *HOHQHNVHO \D\ÖQFÖOÖN DUDoODUÖ RODQ UDG\R YH WHOHYL]\RQXQ \DQÖ VÖUD \HQL HOHNWURQLN LOHWLûLP RUWDPODUÖQÖQ HQ \HQL ELOJL\H DQÖQGD HULûPH RODQDøÖ VDøODPDVÖ VRQXFXQGDGQ\DHOHNWURQLNELUN|\KDOLQHJHOPLûWLU *OREDOOHûHQ GQ\DGD WRSOXPODUÖQ NDUûÖ NDUûÖ\D NDOGÖøÖ ROD\ODUOD LOJLOL ELOJL YH KDEHUOHULQ \D\ÖOPDVÖ YH WDUWÖûÖOPDVÖ GHPRNUDVLQLQ JHOLûPHVL LoLQ ]DUXULGLU %X QHGHQOH EXûHNLOELU|QHPHKDL]PHG\DGDNDOLWHXQVXUXGD|QSODQDoÖNPDNWDGÖU 0HG\DQÖQ NDOLWHVL RQXQ |]JU YH JoO ROPDVÖ\OD SDUDOHOGLU *oO YH |]JU PHG\DQÖQNDOLWHVLQLVDøOD\DQXQVXUGDSHNWDELLNLPHVOHøLQHWLNLONHOHULGLU %HQGHQ |QFHNL NRQXûPDFÖODUÖQ GD DoÖNODGÖøÖ JLEL KHU PHVOHN GDOÖQÖQ NHQGLQH |]J HWLN LONHOHUL YDUGÖU %X LONHOHU PHVOHNL NDOLWHQLQ \NVHOPHVLQL VDøOD\DQ |]GHQHWLP NXUDOODUÖGÖU0HVOHNOHULQLONRUWD\DoÖNWÖøÖG|QHPOHUGH\D]ÖOÖNXUDOODUDEDøODQPDPÖûRODQ EX LONHOHU ]DPDQ LoLQGH RUWD\D oÖNDQ JHUHNVLQLPOHUL VDøODPDN LoLQ \D]ÖOÖ NXUDOODUD G|QûWUOPûWU +XNXN NXUDOODUÖ GD PHVOHNL NDOLWH\L |QJ|UPHNOH ELUOLNWH HWLN LONHOHULQ EDûDUÖ\OD X\JXODQDPDPDVÖ GXUXPXQGD WNHWLFL NLWOHQLQ YH D\QÖ ]DPDQGD \D\ÖQFÖQÖQ KDNODUÖQÖQ NRUXQPDVÖ DPDFÖ\OD ROXûWXUXOPDNWDGÖU +XNXN NXUDOODUÖ HWLN LONHOHULQ LûOH\LûLQH NDWNÖGD EXOXQDUDN PHG\DQÖQ |]JU YH JoO ROPDVÖ \ROXQGD RUWD\D oÖNDFDN HQJHOOHUL RUWDGDQ NDOGÖUPD\ÖDPDoODPDNWDGÖU %X PH\DQGD ROXûWXUXODQ KXNXN NXUDOODUÖQÖQ oHUoHYHVLQL oL]HQ LNL WHPHO GRNPDQGDQ ELULVL RODQ %LUOHûPLû 0LOOHWOHU ´ùQVDQ +DNODQ (YUHQVHO %LOGLUJHVLµQLQ PDGGHVLQLQLNLQFLEHQGLQGHûXLIDGH\HUDOPÖûWÖU +HUNHVKDNODUÖQÖYH|]JUONOHULQLNXOODQÖUNHQDQFDNEDûNDODUÖQÖQKDNYH |]JUONOHULQLQ JHUHøLQFH WDQÖQPDVÖ YH EXQODUD VD\JÖ J|VWHULOPHVLQLQ VDøODQPDVÖ GHPRNUDWLN ELU WRSOXPGD JHQHO DKODN YH NDPX G]HQL\OH JHQHO UHIDK JHUHNOHULQLQ NDUûÖODQPDVÖ DPDFÖ\OD \DVD\OD EHOLUOHQPLû VÖQÖUODPDODUDEDøOÖRODELOLU +XNXN NXUDOODUÖ ELU \DQGDQPHG\DQÖQ KDEHU YH GûQFHOHUL VHUEHVWoH DoÖNOD\DELOPH |]JUOøQ |WH \DQGDQ LVH NDPXQXQ KÖ]OÖ GRøUX YH \DQVÖ] ELOJL\H XODûPD oÖNDUODUÖQÖ J|]HWHUHNROXûWXUXOPXûWXU 7HPHOGH JD]HWHFLOLN PHVOHøL LoLQ ROXûWXUXODQ HWLN LONHOHU \D\ÖQFÖOÖøÖQ JHOLûPHVL LOH \D\ÖQFÖOÖN PHVOHøLQH |]J GHøLûLNOLNOHU \DSÖODUDN J|UVHO YH LûLWVHO DODQGD GD X\JXODQPD\DEDûODQPÖûWÖU ùûWH EX QHGHQOHGLU NL \D\ÖQFÖOÖN DODQÖ JHOHQHNVHO RODUDN PHG\D VHNW|UQQ GLøHU E|OPOHULQGHQ GDKD ID]OD KXNXNL G]HQOHPHOHUH WDEL WXWXOPXûWXU %XUDGDNL HWNHQ \D\ÖQÖQ EHOLUJLQ YH GLUHNW HWNLVL NDGDU NOWUHO YH VRV\DO UROGU %XQXQOD ELUOLNOH |] GHQHWLP NXUDOODUÖQÖQ |QFHOLNOL RODUDN EDûDUÖOÖ YH JHUHNOL ROGXøX \D\ÖQ DODQODUÖ GD YDUGÖU 5DG\RYH7HOHYL]\RQhVW.XUXOX8OXVODUDUDVÖùOLûNLOHU'DLUHVL%DûNDQÖ 8OXVDO8\JXODPDOÖ(WLN.RQJUHVL $QFDN ED]Ö DODQODUGD |UQHøLQ \D\ÖQFÖODU WDUDIÖQGDQ NLûLQLQ |]HO KD\DWÖQÖQ JL]OLOLøLQLQ LKODOLNLûLQLQûHUHIYHKD\VL\HWLQLQHWNLOHQPHVLNDPX\DUDUÖQÖQYHoRFXNODUÖQNRUXQPDVÖ NRQXODUÖQGDHWLNNRGODUoRøX]DPDQ\HWHUVL]NDOPDNWDKXNXNLNXUDOODUNDEXOHGLOHELOLU KDWWD JHUHNOL ROPDNWDGÖU $QFDN XQXWXOPDPDOÖGÖU NL KXNXNL NXUDOODUOD HWLN NRGODU DUDVÖQGD DoÖN ELU X\XP YH ELUELULQL WDPDPOD\DQ ELU LOLûNL YDUGÖU EX |]HOOLøLQ GHVWHNOHQPHVLPHG\DQÖQNDPXR\XQXQJ|]QGHJYHQLOLUOLøLQLDUWWÖUDFDøÖJLELPHG\D VWDQGDUWODUÖQÖQ\NVHOPHVLQLGHGRøUXGDQHWNLOH\HFHNWLU <D]ÖOÖ EDVÖQGD ROGXøX JLEL J|UVHO YH LûLWVHO PHG\D DODQÖQÖQ GD DQD LûOHYL RODQ NDPXQXQLIDGHYHKDEHUDOPD|]JUOøQQNXOODQÖOPDVÖLNLQFLoHUoHYHGRNPDQRODQ ´$YUXSD ùQVDQ +DNODUÖ 6|]OHûPHVLµQLQ PDGGHVLQLQ ELULQFL SDUDJUDIÖQGD G]HQOHQPLûWLU6|]NRQXVXLONSDUDJUDIWD +HUNHV J|UûOHULQL DoÖNODPD YH DQODWPD |]JUOøQH VDKLSWLU %X KDN NDQDDW |]JUOøQ NDPX RWRULWHOHULQLQ PGDKDOHVL YH ONH VÖQÖUODUÖ V|] NRQXVXROPDNVÖ]ÖQKDEHUYH\DIÖNÖUDOPDYHYHUPH|]JUOøQGHLoHULU %X PDGGH GHYOHWOHULQ UDG\RWHOHYL]\RQ YH VLQHPD LûOHWPHOHULQL ELU L]LQ UHMLPLQHWDELWXWPDODUÖQDHQJHOGHøLOGLU LNLQFLSDUDJUDIWDLVH .XOODQÖOPDVÖ J|UHY YH VRUXPOXOXN \NOH\HQ EX |]JUONOHU GHPRNUDWLN ELU WRSOXPGD ]RUXQOD WHGELUOHU QLWHOLøLQGH RODUDN XOXVDO JYHQOLøLQ WRSUDN EWQOøQQ YH\D NDPX JYHQOLøLQLQ NRUXQPDVÖ DVD\LûVL]OLøLQ YH\DVXoLûOHQPHVLQLQ|QOHQPHVLVDøOÖøÖQYH\DDKODNÖQEDûNDODUÖQÖQQYH KDNODUÖQ NRUXQPDVÖ JL]OL NDOPDVÖ JHUHNHQ KDEHUOHULQ \D\ÖOPDVÖQD HQJHO ROXQPDVÖ YH\D \DUJÖ JFQQ RWRULWH YH WDUDIVÖ]OÖøÖQÖQ VDøODQPDVÖ LoLQ NDQXQOD |QJ|UOHQ ED]Ö IRUPDOLWHOHUH ûDUWODUD VÖQÖUODPDODUD YH \DSWÖUÖPODUDEDøODQDELOLU GHQLOPHN VXUHWL\OH EX |]JUONOHULQ NXOODQÖPÖQD KXNXNL VÖQÖUODPDODU JHWLULOPHNWH GDKD GRøUXVX|]JUOøQVÖQÖUODUÖoL]LOPHNWHGLU $\UÖFD ´ùQVDQ +DNODQ 6|]OHûPHVLµQLQ ´|]HO KD\DWD VD\JÖ KDNNÖµQÖ G]HQOH\HQ PDGGHVL ´DGLO \DUJÖODQPD KDNNÖµQÖ G]HQOH\HQ PDGGHVL YH ED]Ö GLøHU PDGGHOHU PHG\D WDUDIÖQGDQ HWLN NRGODU RODUDN \D\ÖQODUÖQ G]HQOHQPHVLQGH GLNNDWH DOÖQGÖøÖ JLEL $YUXSD.RQVH\L·QLQKXNXNLG]HQOHPHOHULQGHWHPHOND\QDNODUÖQÖWHûNLOHWPHNWHGLU %X oHUoHYHGH \D\ÖQFÖOÖNWD HWLN LONHOHULQ JoOHQGLULFLVL YH WDPDPOD\ÖFÖVÖ RODUDN JHWLULOHQ \D]ÖOÖ KXNXN NXUDOODUD YH $YUXSD·GD \D\ÖQFÖOÖN PHY]XDWÖQÖQ EX DoÖGDQ LQFHOHQPHVLQH EDNWÖøÖPÖ]GD $YUXSD·GD J|UVHO PHG\DQÖQ G]HQOHQPHVLQH LOLûNLQ LNL DQD KXNXNL EHOJH EXOXQPDNWDGÖU %LULQFLVL $YUXSD %LUOLøL \H GHYOHWOHUL QH]GLQGH JHoHUOL RODQ ´$YUXSD 6ÖQÖU 7DQÖPD\DQ 7HOHYL]\RQ 'LUHNWLILµ LNLQFLVL LVH $YUXSD .RQVH\L·QH \H GHYOHWOHULQ oRøXQXQ WDUDI ROGXøX ´$YUXSD 6ÖQÖU|WHVL 7HOHYL]\RQ 6|]OHûPHVLµGLU%XQODUÖQ\DQÖVÖUD$YUXSD.RQVH\L·QLQWDYVL\HNDUDUODQGHNODUDV\RQYH NDUDUODQLOH$YUXSD3DUODPHQWRVX·QFDDOÖQDQNDUDUODUÖGD$YUXSDG]H\LQGHROXûWXUXODQ \DVDO PHY]XDW RODUDN GHøHUOHQGLUHELOLUL] %X KXNXNL EHOJHOHU EDøOD\ÖFÖ ROPDPDNOD ELUOLNOH\ROJ|VWHULFL|]HOOLNWHGLU $YUXSD PHY]XDWÖQÖ LQFHOHUNHQ |QFHOLNOH ´$YUXSD 6ÖQÖU 7DQÖPD\DQ 7HOHYL]\RQ 'LUHNWLILQLµHOHDODOÖP'LUHNWLIWHJHQHOGHWHNQLNKXVXVODU\HUDOPDNODELUOLNWH|]HOOLNOH ·GH\DSÖODQGHøLûLNOLNOHUoHUoHYHVLQGHGDKDJHQLûNDSVDPOÖG]HQOHPHOHUHJLGLOPLû WHPHO KDNODU JDUDQWL DOWÖQD DOÖQPÖû NoNOHULQ NRUXQPDVÖQD YH UHNODPODUD LOLûNLQ úHEQHP%LOJHW³0HG\DGD(WLN6RUXQODUÖQd|]PQGH$YUXSD3ODWIRUPODUÖQGD2OXûWXUXODQgQHULOHU SUHQVLSOHU JHQLûOHWLOPLûWLU &HYDS KDNNÖ YH PHG\DGD ûLGGHW J|VWHULPL GÖûÖQGD GLøHU HWLN NRGODUÖQG]HQOHQPHVLWRSOXOXN\HOHULQLQLoKXNXNX\JXODPDODUÖQDEÖUDNÖOPÖûWÖU ùNLQFL PHY]XDW RODUDN HOH DODFDøÖPÖ] YH 7UNL\H·QLQ GH WDUDI ROGXøX ´$YUXSD 6ÖQÖU|WHVL 7HOHYL]\RQ 6|]OHûPHVLµQLQ |QV|]QGH LIDGH YH KDEHU DOPD |]JUOøQQ \D\ÖQFÖQÖQ EDøÖPVÖ]OÖøÖQÖQ oRøXOFXOXN YH IÖUVDW HûLWOLøLQLQ |QHPL YXUJXODQPÖû YH EXQODUÖQ NRUXQPDVÖ LoLQ JHUHNOL |QOHPOHU VÖUDODQPÖûWÖU 6|]OHûPHQLQ |QV|]QGH YXUJXODQDQ EX WHPHO SUHQVLSOHU $YUXSD \D\ÖQ RUWDPÖQÖQ RUWDN GHøHUOHULQL ROXûWXUPDNWDGÖU %X oHUoHYHGH ´\D\ÖQFÖQÖQ VRUXPOXOXNODUÖµQÖ EHOLUOH\HQ PDGGHVLQGH WHPHO HWLN LONHOHUH UHIHUDQV YHULOHUHN ´SURJUDP KL]PHWOHULQLQ VXQXû YH LoHULN EDNÖPÖQGDQ EWQ XQVXUODU LQVDQ RQXUXQD YH WHPHO LQVDQ KDNODUÖQD VD\JÖOÖ RODFDNWÖUµ GHQLOPHNWHGLU $\QÖ PDGGHGHYXUJXODQDQELUGLøHU|QHPOLKXVXVKDEHUOHUHLOLûNLQROXS´\D\ÖQFÖKDEHUOHUGH JHUoHNOHU YH ROD\ODUÖQ GRøUX RODUDN VXQXOPDVÖQÖ VDøOD\DFDN YH |]JUFH NDQDDW ROXûXPXQX WHûYLN HGHFHNWLUµ LIDGHVL\OH GRøUX KDEHULQ \DSÖOPDVÖ YH L]OH\LFL\H DNWDUÖOPDVÖ JYHQFH DOWÖQD DOÖQPÖûWÖU $\UÖFD \LQH PDGGHGH ÖUNoÖOÖN YH ûLGGHWLQ WHûYLNLQL\DSDQSURJUDPODUD\HUYHULOPH\HFHøLEHOLUWLOPHNWHGLU $\QÖ V|]OHûPHQLQ ´&HYDS +DNNÖµ EDûOÖNOÖ PDGGHVL FHYDS KDNNÖQÖ JDUDQWL DOWÖQD DOPDNWD YH EX KDNNÖQ QDVÖO NXOODQÖODFDøÖQÖ EHOLUOHPHNWHGLU $\UÖFD HWLN LONHOHU ´5HNODPODU YH 7HOHDOÖûYHULûµ EDûOÖNOÖ E|OPQQ PDGGHVLQGHNL KXNXNL NXUDOODUOD GDGHVWHNOHQPHNWHGLU %X LNL PHY]XDWD HN RODUDN ³D] |QFH GHøLQGLøLP JLEL³ $YUXSD .RQVH\L 0HG\D %|OP·QQ \H GHYOHWOHULQ \HWNLOL NXUXPODUÖQÖQ \HU DOGÖøÖ NRPLV\RQ oDOÖûPDODUÖ VRQXFXQGD G]HQOHQHQ WDYVL\H NDUDUODQ GD $YUXSD·GD RUWDN LONHOHULQ ROXûPDVÖQÖ VDøODPDNWDGÖU +XNXNL EDøOD\ÖFÖOÖøÖ ROPD\DQ DQFDN GHYOHWOHULQ NHQGL Lo KXNXNODUÖQÖ ROXûWXUPD DûDPDVÖQGD ÖûÖN WXWDQ YH $YUXSD oDSÖQGD ELU ELUOLN VDøODPD\Ö DPDoOD\DQ EX WDYVL\H NDUDUODUÖ LoLQGH HWLN LONHOHULQH \|QHOLN |QHPOL NDUDUODU YDUGÖU gUQHøLQ \ÖOÖQGD oÖNDUÖODQ 6D\ÖOÖ 7DYVL\H .DUDUÖ ´JD]HWHFLOHULQ KDEHU ND\QDøÖQÖ DoÖNODPDPD KDNNÖµQD LOLûNLQGLU ·GD \D\ÖQODQDQ 6D\ÖOÖ 7DYVL\H .DUDUÖ ´PHG\DGD VHoLP NDPSDQ\DODUÖQÖQYHULOPHVLQGHNL|QOHPOHUµLNDSVDPDNWDGÖU<LQH·GDNDEXOHGLOHQ 6D\ÖOÖ.DUDUGD´PHG\DGDoRøXOFXOXøXQWHûYLNLQH\|QHOLN|QOHPOHUµ\ÖOÖQGDNDEXO HGLOHQ ÖUNoÖOÖN PHG\DGD ûLGGHW J|VWHULPL JLEL WDYVL\H NDUDUODQ EX NDUDUODU DUDVÖQGD VD\ÖODELOLU h\H ONHOHULQ HWLN NRGODUÖQÖ Lo KXNXN G]HQOHPHVL KDOLQH JHWLUPHOHUL LVH EX NXUDOODUÖ \D\ÖQFÖOÖNOD LOJLOL \DVDODUÖ YH EX \DVDODUÖQ X\JXODQPDVÖQD LOLûNLQ \|QHWPHOLNOHULQH GDKLO HWPHOHUL ûHNOLQGH ROPDNWDGÖU gUQHøLQ ONHPL]GH \D\ÖQFÖOÖN VHNW|UQ G]HQOH\HQ 6D\ÖOÖ <DVD·QÖQ PDGGHVLQGH \HU DODQ ´<D\ÖQ ùONHOHULµQLQ oHûLWOL EHQWOHUL HWLN NRGODUÖQ \D]ÖOÖ YH EDøOD\ÖFÖ QRUPODU KDOLQGH G]HQOHQPHVLGLU %X VDGHFH 7UNL\H·\H PDKVXV ELU GXUXP ROPD\ÖS KHPHQ KHPHQ EWQ $YUXSD ONHOHULQGHHWLNNRGODU\D\ÖQ\DVDODUÖQGDX\XODFDNQRUPODURODUDNEHOLUOHQPLûWLU $YUXSD·GD \D\ÖQFÖOÖNWD X]XQ YDGHGH DPDoODQDQ KHGHI \D]ÖOÖ EDVÖQGD ROGXøX JLEL WHOHYL]\RQGD YH GLøHU HOHNWURQLN RUWDPODUGD ùQWHUQHW JLEL GHYOHW G]HQOHPHOHULQH LKWL\Do NDOPDPDVÖ YH PHVOHN PHQVXSODUÖQFD ROXûWXUXODQ |]GHQHWLP PHNDQL]PDODUÖQÖQ HWNLOL ROPDVÖGÖU %X NRQXGD J|UVHO YH LûLWVHO PHG\DGD UHNODP DODQÖQGDNL |]GHQHWLP PHNDQL]PDODUÖ $YUXSD %LUOLøL YH XOXVDO G]H\GH ROGXNoD JoOGU %XQXQ GD VHEHEL UHNODP SDVWDVÖQÖ SD\ODûDQ EWQ WDUDIODUÖQ JoO ELU ûHNLOGH |UJWOHQPLû ROPDVÖ YH ELUELUOHULQL ROXPOX ELU ûHNLOGH HWNLOHPHOHULGLU $\UÖFD UHNODPODUD LOLûNLQ HWLN LONHOHUL 8OXVDO8\JXODPDOÖ(WLN.RQJUHVL G]HQOH\HQ8OXVODUDUDVÖ7LFDUHWgUJW,&&YH8OXVODUDUDVÖ5HNODP%LUOLøL,$$JLEL EHQ]HULNXUXOXûODUGDXOXVDOPHNDQL]PDODUDGHVWHNYHUPHNWHGLU *|UVHO YH LûLWVHO DODQGD GHYOHW GHQHWLPLQLQ WDPDPHQ NDOGÖUÖOPDVÖ GHUHJODV\RQ KHGHILQHXODûDELOPLûWHNONH$%'·GLU$%'·GHEXKHGHIHQDVÖOXODûÖOGÖøÖQÖQDoÖNODPDVÖ û|\OH RODELOLU $%' ·OÖ \ÖOODUGDQ EDûOD\DUDN FLGGL YH ROGXNoD NDWÖ UHJODV\RQODU NR\PXû YH RQODUÖ \LQH D\QÖ FLGGL\HWOH <D\ÖQ 2WRULWHVL )&& HOL\OH X\JXODPÖûWÖU $QFDN ·OL \ÖOODUÖQ VRQXQD JHOLQGLøLQGH \D\ÖQFÖODUGDQ NHQGL VHNW|UOHULQGHNL HWLN NXUDOODUÖQ EHOLUOHPH YH X\JXODPD LVWHøL GX\XOPD\D EDûODQPÖûWÖU 6HNW|U EX NRQXGD ÖVUDUOÖ ROPXû YH ·GD ´<D\ÖQFÖOÖN <DVDVÖµQGD ED]Ö \HQL G]HQOHPHOHU \DSÖOÖUNHQ SROLWLND RODUDN GHYOHWoH HPSR]H HGLOHQ VLVWHPLQ \HULQH |]GHQHWLPGHUHJODV\RQ VLVWHPLQLQ JHWLULOPHVL ELU VWUDWHML RODUDN EHOLUOHQPLûWLU .|NO ELU JHOHQHøL RODQ VHNW|U $%'·GH EXQXEDûDUPÖûWÖU$QFDNO(\OOWUDMHGLVLQGHQVRQUDPH\GDQDJHOHQJHOLûPHOHULQ$%' <D\ÖQ6HNW|UQHGHQHWUG]HQOHPHOHUJHWLUHFHøLWDUWÖûPDOÖGÖU %XWHNLO|UQHNWHQVRQUD$YUXSD·GDNLGXUXPDEDNPDNJHUHNLUVH$YUXSD·GDGD\D\ÖQ JHOHQHNOHUL RODQ ONHOHU YDUGÖU DQFDN $YUXSD %LUOLøL UHDOLWHVL E|\OH N|NO JHOHQHøL ROPD\DQ $YUXSD ONHOHULQL LOH UHVPLQ LoLQH GDKLO HWPLûWLU $YUXSD·GD SHN oRN ONH KHQ] UHJODV\RQODUÖQÖ ROXûWXUPD \D\ÖQ \DVDODUÖQÖ oÖNDUWPD YH \D\ÖQ VHNW|UQ G]HQOHPHDûDPDVÖQGDGÖU<LQHGH|]GHQHWLPVLVWHPLQLQUHJODV\RQVLVWHPOHULQLQ\DQÖ VÖUD \HûHUPHVL YH \HUOHûPHVL LoLQ oDOÖûPDODU \DSÖOPDNWDGÖU %X NRQXGD )UDQVD ELU DUD VLVWHP|QHUPLûROXSX\JXODPD\DNR\PD\DEDûODPÖûWÖU2UWDNG]HQOHPHFRUHJODWLRQ DGÖ YHULOHQ VLVWHP KXNXNL G]HQOHPHOHULQ GHYOHW LOH \D\ÖQ VHNW|UQFH RUWDN RODUDN \DSÖOPDVÖQÖ |Q J|UPHNWHGLU 'LøHU $YUXSD ONHOHULQGH GH EX VLVWHPL GHVWHNOH\HQ ELU \DNODûÖPJ|UOPHNWHGLU %XGXUXPGDVRUXKXNXNNXUDOODUÖPÖHWLNLONHOHUPLVRUXVXGXU"%XUDGDWDUWÖûÖOPDVÖ JHUHNHQ HWLN NXUDOODUÖQÖQ GD\DQDøÖGÖU (WLN LONHOHUL \DOQÖ]FD GDYUDQÖû NRGX RODUDN GHøHUOHQGLUPHPHN JHUHNLU DUWÖ YH\D HNVL \DSWÖUÖPODUÖ GD YDUGÖU (WLN LONHOHU LQVDQ GDYUDQÖûÖQÖQ GRøUXODUÖ YH \DQOÖûODUÖ\OD LOJLOL LONHOHULQ PDNXO NDYUDPODUD GD\DQDUDN QHVQHOOLN YH WDUDIVÖ]OÖNOD X\JXODQPDVÖ\OD LOJLOLGLU %X PHVOHNWH HWLN LONHOHUH VDKLS ROPDQÖQ QLKDL JHUHNoHVL GDKD |QFH GH EHOLUWWLøLP JLEL PHVOHNL NDOLWH\L JYHQFH DOWÖQD DOPDNWÖU %X LIDGHGHQ \ROD oÖNDUDN \D\ÖQFÖODUÖQ WRSOXPD NDUûÖ RODQ |GHYLQLQ |QFHOLNOH WRSOXPX ELOJLOHQGLUPHN YH VRQUD HøOHQGLUPHN ROGXøXQX V|\OH\HELOLUL] +HU QH NDGDU 7UNL\H·GH ELUoRNPHG\D NXUXOXûX EX|GHYL |QFH HøOHQGLUPHN YH VRQUD ]DPDQ NDOÖUVD HøLWPHN RODUDN GHøHUOHQGLUVH GH GQ\DGD NDPX \DUDUÖ J|]HWHQ NDPX \D\ÖQFÖOÖøÖ QRV\RQXJHUHNHQGHøHUL\HQLGHQND]DQPDNWDGÖU *HOLûPLû ONHOHUGH HWLN LONHOHU X\JXODPDGD |Q SODQD oÖNDUNHQ JHOLûPHNWH RODQ ONHOHUGH HWLN LONHOHU \HWHULQFH X\JXODQPDPDNWDGÖU %XQXQ QHGHQL JHOLûPLû ONHOHUGH HWLN LONHOHULQ X\JXOD\ÖFÖVÖ |]GHQHWLP NXUXOXûODUÖQÖQ \DSÖODUÖQÖQ JoO ROPDVÖ YH \DSWÖUÖPODUÖQÖQ KXNXN NXUDOODUÖQD JHUHN NDOPD\DFDN ûHNLOGH FD\GÖUÖFÖ ROPDVÖGÖU $\UÖFD JHOLûPLû ONHOHUGH WRSOXP ELOLQFLQLQ YH HøLWLP VHYL\HVLQLQ \NVHN ROPDVÖ VRUJXODPD YH NDOLWH\L WDOHS HWPH ROJXVXQX JoO NÖOPDNWD EX GD \D\ÖQFÖQÖQ GDYUDQÖû NRGODUÖQD VÖNÖ VÖNÖ\D EDøOÖ NDOPDVÖQÖ VDøODPDNWDGÖU 'ROD\ÖVÖ\OD WNHWLFL NRQXPXQGDNL L]OH\LFLQLQ \D\ÖQODU ]HULQGHNL HWNLVL HWLN LONHOHUH X\XOPDVÖ VUHFLQGH HQ HWNLOL GHQHWLP ûHNOL ROPDNWDGÖU 6RQXo RODUDN ELOJL YH HQIRUPDV\RQ ELU JoWU YH WRSOXPXQ HQ |QHPOL LKWL\DFÖGÖU '|UGQF NXYYHW NLPL ]DPDQGD ELULQFL NXYYHW RODUDN GHøHUOHQGLULOHQ PHG\DQÖQ EX JF DGLO RODUDN NXOODQPDVÖ YH GRøUXOXN YH WDUDIVÖ]OÖN NRQXVXQGD JYHQLUOLOLøLQL úHEQHP%LOJHW³0HG\DGD(WLN6RUXQODUÖQd|]PQGH$YUXSD3ODWIRUPODUÖQGD2OXûWXUXODQgQHULOHU ND\EHWPHPHVL KXNXN NXUDOODUÖQÖQ YH HWLN LONHOHULQ ELUOLNWH YH X\XPOX oDOÖûPDVÖQD EDøOÖGÖU $KODN(QGVWULVL 3URI'U6DEUL%\NGYHQFL , $KODNÖQ QHOLøLQH \|QHOLN \DSPD\D oDOÖûWÖøÖP VRUJXODPD GHQHPHVL HQGVWULOHûHQ ELU DKODN DQOD\ÖûÖ QRNWDVÖQD EHQL JHWLUGL %X GHQHPHGH WHPHOH DOGÖøÖP YDUVD\ÖP PDVXP ]DUDUVÖ] YDUOÖNODU ROPDGÖøÖPÖ] DVOÖQGD PDVXP ]DUDUVÖ] YDUOÖNODUÖQ \DûDPODUÖQÖ VUGUHPH\HFHøLGLU 7DULKVHO VUHoWH DKODN DUD\ÖûODUÖ DKODNVDO V|\OHPOHULQ WHPHOOHQGLULOPHVL \D H\OHPL \DSDQ|]QHQLQPXWOXOXøXQDoÖNDUÖQDGD\DQGÖUÖOPÖû\DGDH\OHPLQNHQGLOLøLEXH\OHPGH YDU ROGXøX NDEXO HGLOHQ ´L\LOLNµ WHQ oÖNÖû DOPÖûWÖU %LULQFL WUGHQ JHUHNoHOHQGLUPHQLQ WLSLN |UQHøLQL 3ODWRQ·GD J|U\RUX] 3ODWRQ·GD DKODN JHWLUGLøL \DUDUOD WHPHOOHQGLULOLU ´1LoLQE|\OHH\OHPHOL\LP"µVRUXVXEX\DNODûÖPÖQWHPHOVRUXVXGXUWÖSNÖUDKDWVÖ]OÖøÖPD L\L JHOHFHøLQH LQDQGÖøÖP LoLQ EHOLUOL LODoODUÖ DOPDP JLEL %XQD NÖVDFD LVWHGLøLP DU]XODGÖøÖP ELU ûH\H \RO DoDFDøÖQD LQDQGÖøÖP LoLQ |\OH H\OHPHN GHQHELOLU <D GD VDOW KRûODQGÖøÖPLoLQ|\OHH\OHPHNWH\LPVHYLûPHNJLEL %X \DNODûÖPODUGD RUWD\D oÖNDQ WHPHO VRUXQODUÖQ DKODN NDYUDPÖQGDNL DQODP G|QûPOHULQLQ GH DVÖO QHGHQL ROGXøXQX GûQ\RUXP %XUDGD |QHPOL J|UGøP ´NLOLWµ WHULP ´\NPOONµWU ELU ûH\LQ NHQGLOLøL NHQGL LoLQGH L\L ROPDVÖ |\OH H\OHPH \NPOOøQ ]RUXQOX NÖOPÖ\RU %LU EDûND GH\LûOH |\OH H\OHPHN JHUHNOLOLøLQLQ GX\XPVDQPDVÖ ]RUXQOX GHøLO (\OHPLQ \DSÖOPDVÖ DQFDN RQX \DSPD DU]XVXQGDQ LVWHPLQGHQ oÖNÖûÖQÖ DODELOLU (\OHPLQ L\L ROGXøXQXQ WDQÖQPDVÖ RQXQ GRøUX ROGXøX DQODPÖQD GD JHOPH] dQN H\OHPLQ GRøUXOXøXQX GHøHUOHQGLUPHN EXQXQ VRQXoODUÖQÖ WDPRODUDNL]OHPH\LJHUHNWLULU $\UÖFD LOLûNLOHUH EDøOÖ RODUDN oHûLWOL WUGHQ \NPOONOHU YDU oRøX GD JHoPLû HGLPOHULPL]OH EDøODQWÖOÖ JHUL |GHPH \NPOOø JLEL %X NRQXGD YHUGLøLPL] V|]OH LOJLOL $PD JHUoHøL V|\OHPH \NPOOøQGH E|\OH ELU LOLûNL V|] NRQXVX GHøLO &HVDUHW DOoDNJ|QOOON DoJ|]OON ELOJL VHYJLVL GH |\OH <NPOON GX\JXVX DPDFÖ GD RUWDGDQNDOGÖUÖ\RU$PDoYDUOÖøÖQÖDU]XODGÖøÖPÖ]EL]LH\OHPHLWHQDU]X\VD\NPOON GX\JXVX\OD H\OHGLøLPL] VUHFH ELU DPDoWDQ \RNVXQX] GHPHNWLU 'DKDVÖ \NPOON ELOLQFLJHOLûPLûDKODNVDOELU|]QH·\LJHUHNWLULU2\VDLQVDQIDUNOÖJHOLûPHGHUHFHOHULQGH %LUNDo \NPOOøQ EHQLPVHQPHVL LoVHOOHûPHVL EX QHGHQOH RODQDNVÖ] J|UQ\RU <NPOON EHQLPVHQPLû ROVD ELOH EXQX JHUoHNOHûWLUPHN LoLQ QH \DSÖOPDVÖ JHUHNWLøL DoÖN GHøLO 6|]JHOLPL NHQGLPL]L GDKD L\L ELU LQVDQ NÖOPD \NPOOø QLoLQ YH QDVÖO H\OHPHPL] JHUHNWLøLQL DQODPDPÖ]Ö ]RUXQOX NÖOPD] dRøX ]DPDQ GD \NPOON ´%HQµGHNL LVWHNOH oDWÖûÖU $ULVWRWHOHV·LQ L\L LQVDQ WDQÖPÖQÖ WHPHOH DOVDN \DûDPGDNL WHN LûLPL] NHQGLPL]L JHOLûWLUPHN ROXU .DUûÖODQPDVÖ RODQDNVÖ] ELUûH\ *HUoHN \DûDPODSHN LOLûNLVL ROPD\DQ VDOW DNDGHPLN ELU J|Uû %XQD J|UH DKODN VDQNL NHQGL EDûÖQD ELU ûH\ NHQGL NHQGLQH YH NHQGL LoLQ YDUPÖû JLEL <DûDPGDQ \DOÖWÖOPÖû ELU DKODN dRN ID]OD L\L ROPD\D oDOÖûPDN GRøDO RODUDN GHQJH\L ER]DU YH \DûDPGDQ VDSPDODUD \RO DoDU <DûDPGDNL oRøXOFXOXøX oHûLWOLOLøL WHN ELU LONH\H EDøODPD JLULûLPOHUL \DûDPD NDUûÖ \DSÖODQ ELU KDNVÖ]OÖNWÖU %X ]HQJLQOLN YH oHûLWOLOLN GRøDO RODUDN oDWÖûPDODUÖ oHOLûNLOHUL GH $QNDUDhQLYHUVLWHVL'7&))HOVHIH%|OP 8OXVDO8\JXODPDOÖ(WLN.RQJUHVL LoLQGH WDûÖU <DûDP WHN EWQFO ELU DKODNÖQ LoLQH VÖøPD\DFDN GHQOL JHQLûWLU %X QHGHQOH \DûDPD D\NÖUÖ GûHQ DKODN \DûDPD \DEDQFÖODûDUDN NDUûÖWÖQD DKODNVÖ]OÖøD G|QûPûWU ,, %X |QEHOLUOHPHOHUOH ûX QRNWD\D JHOPH\H oDOÖûÖ\RUXP YDUROXû QHGHQLQL NHQGLQGH WHPHOOHQGLUHQ DKODNODU \DûDPÖ ÖVNDOD\DUDN N|WOøQ WHPHO QHGHQL ROPXûODUGÖU +HU DKODN DUD\ÖûÖ JLULûLPL GÖûODGÖøÖ LoLQH DOPDGÖøÖ DPD SDUDGRNVDO ELU ELoLPGH WHPHOH DOGÖøÖ EHOOL ELU DKODNVÖ]OÖøD GD\DQÖ\RU .HQGLQL WHPHOOHQGLUPHN LoLQ |QFH N|W RODQÖ DKODNVÖ]RODQÖWDQÖPODPDNODLûHEDûOÖ\RU$KODNVÖ]N|WRODQDKODNOÖL\LRODQÖQ\DUDUÖQD X\JXQGûPH\HQRQD]DUDUYHUHQRODUDNEHOLUOHQL\RU%|\OHFH\DUDUYHoÖNDUKHUNRûXO YHEDøODPGDG|QHPGHIDUNOÖOÖNJ|VWHUGLøLLoLQDKODNVÖ]RODQGDVUHNOLGHøLûL\RU <DûDPÖoÖNDU\DUDULOLûNLVL\XPDøÖRODUDNDOGÖøÖPÖ]GDLQVDQ\DûDPÖGDVUHoLoLQGH GHøLûHQ HNOHQHQ IDUNOÖ DKODNODUOD SDUoDODQÖU ELU NXOODQÖP QHVQHVL ROXU dÖNDU V|] NRQXVX ROGXøXQGD D\QÖ ]DPDQGD ELU UDQW GD JQGHPH JHOLU %X UDQWÖQ E\NOø DKODNVÖ]OÖøÖQ QH |OoGH \D\JÖQODûWÖUÖOÖS UHWLOGLøLQH EDøOÖGÖU 5DV\RQHO RODQOD |]GHûOHûWLULOHQ \DûDPGD LUUDV\RQHOLQ \DûDP KDNNÖ VÖQÖUODQGÖUÖOÖS ED]HQ GH RUWDGDQ NDOGÖUÖOÖU%|\OHFHLQVDQGRøDVÖQD\|QHOLNHQE\NDKODNVÖ]OÖN\DSÖOPÖûROXU ,,, $KODNVÖ]RODQÖQGDEXoÖNDUGDQSD\DOPD\DKDNNÖROGXøXQXGûQ\RUXP7DULKVHO VUHoWH WDQÖQPD\DQ EX KDNNÖ oDøÖPÖ]GD DKODNVÖ]OÖøÖQ NHQGL DKODNÖQÖ ROXûWXUDUDN JHUL DOGÖøÖQÖ J|]OHPHNWH\L] 'QQ DKODNVÖ]OÖNODUÖ EXJQ DKODN ROPXûWXU %LU DKODN HQIODV\RQX LOH NDUûÖ NDUûÖ\D NDOGÖøÖPÖ] ELU ROJX 9H EX ELU VHNW|U KDOLQH JHOPLûWLU NXûNXVX] KHU VHNW|UGH ROGXøX JLEL EXQXQ GD LKDOHOHUL NUHGLOHUL PWHDKKLWOHUL WDûHURQODUÖYDUGÖUhUQOHULQSD]DUODQPDVÖQDYHUHNODPÖQDEDøOÖRODUDNN|WYHDKODNVÖ] RODQDOÖFÖVÖQDJ|UHL\LJ]HORODELOPHNWHGLU 'LQVHO DKODNVHNOHU DKODN WHNQRORML DKODNÖoHYUH DKODNÖ PHG\D DKODNÖELUH\ DKODNÖ KHU ELULQLQ DKODNVDO V|\OHPOHUL ELUELULQH NDUûÖ 7DULKVHO VUHoWH DKODN HUNHNNHQ ´HUNHN ROPDNµ DKODNOÖ\NHQ JQP]GH EXQXQ NDUûÖVÖQD GLNLOLS KDNNÖQÖ LVWH\HQ ´NDGÖQ DKODNÖµ+HWHURVHNVHODKODNNDUûÖVÖQGDJD\YHOH]EL\HQDKODNÖ %X UHVPH EDNWÖøÖPÖ]GD HQ D]ÖQGDQ DKODNÖQ ELUELULQH D\NÖUÖ YDUOÖNODUÖ ELU ELUOLøH EWQOøH J|WUPH LVWHPOHULQGHQ YD]JHoPLû J|UQGøQ V|\OH\HELOLUL] $PD WHN YD]JHoLOPH\HQ DKODN DUD\ÖûÖ %DQD J|UH EX DUD\Öû NHQGL DKODNVÖ]OÖøÖQGDQ XWDQDQ |]QHQLQ ELU WU JQDK oÖNDUPD D\LQLQH G|QûW %LU oÖNPD] V|] NRQXVX NRUNX NÖVNDQoOÖN Do J|]OON KÖUV YH \DUÖûPD ]HULQH NXUXOX ELU WRSOXPVDO \DSÖ ROVD ROVD DKODNVÖ]OÖN UHWLU $KODN DUD\ÖûÖ GD ]DWHQ EXQXQ PHûUXODûWÖUÖOPDVÖGÖU %XUDGDNL VRUXQ UHWLOHQEXDKODNVÖ]OÖNODUÖQELUNÖVPÖQÖQHJHPHQELUDKODNDG|QûPHVLGLU$KODNVÖ]OÖøÖQ DKODNROPDVÖGÖU ,9 6|]Q VRQXQX EDøODPDP JHUHNLUVH VRUXQXQ WHPHOGH WRSOXPVDO \DSÖODUÖQ \HOHULQH VXQGXøX GD\DWWÖøÖ NLPOLNWH \DWWÖøÖQÖ GûQ\RUXP ´%HQ NLPLP"µ VRUXVXQGD VRPXWODûDQ EX V|] NRQXVX NLPOLN DQOD\ÖûÖ LQVDQD EHOLUOL \NPOONOHU |GHYOHU \NO\RU 7HPHO JHUHNoHVLQL GH EHOOL WRSOXPVDO DPDoODUD KL]PHW HWPHNWH EXOX\RU $KODN LoLQ WRSOXPVDO ELU NLPOLøLQ JHUHNOL ROGXøXQX YDUVD\Ö\RU %|\OHFH \HQL IDUNOÖ LVWHPOHULQ VRUJXODPDODUÖQ LUGHOHPHOHULQ |Q NHVLOL\RU %X YHULOL HWLN YH SROLWLN NRGODUÖ VRUJXODPDQÖQ GHøLûWLUHELOPHQLQ \ROXQXQ ´%HQ QL\H E|\OH\LP"µ VRUXVXQGD \DWWÖøÖQÖ 6DEUL%\NGYHQFL³$KODN(QGVWULVL GûQ\RUXP ùQVDQODU NHQGL NLPOLNOHULQL ROXûWXUPDQÖQ \ROXQX EXOGXNoD DKODNÖQ DKODNVÖ]OÖøÖGDDûÖOPD\DEDûODQDELOLU%HQYH|WHNLROPD\DQELUEHQ%XQODUÖQGÖûÖQGDYH VWQGH \DûDPD EDøOÖOÖøÖ WHPHO DODQ ELU EHQ EXQD GD \DûDPVDO EHQ GL\RUXP 6DQÖ\RUXP VRUXQ WHPHOGH \D ´%HQµ \D GD ´|WHNLµ ]HULQH RGDNODQPÖû YH oÖNÖûÖQÖ EXQODUGDQ DODQ \DNODûÖPODUGDQ ND\QDNODQÖ\RU %X \DNODûÖPODU NHQGLOHULQL NXUDUNHQ ELUoRN ûH\L GÖûWD EÖUDNÖS ÖVNDOÖ\RU (Q |QFH GH \DûDPÖ <DûDP GQ\DVÖ QHVQHO ELU GQ\D\D LQGLUJHQHPH] %XUDVÖ ELUH\OHUDUDVÖOÖøÖQ HJHPHQ EHOLUOH\HQ ROGXøX ELU DODQGÖU PDQWÖNVDO YH XVVDO GûQFHOHULQ GHøLO (QGVWULOHûHQ DKODN NLUOLOLN (SLVWHPRORMLNEHQOHULPL]GHQVÖ\UÖOPDQÖQ\ROODUÖQÖEXOPDNGXUXPXQGD\Ö] UHWL\RU " $KODN<DUJÖODUÖ0HûUX<DUJÖODUPÖGÖU" <UG'Ro'U(UGDO&HQJL] )HOVHIH \D GD |]HO RODUDN DKODN IHOVHIHVL QH LûH \DUDU" +HUKDQJL ELU VRUXQXQ o|]PQGH IHOVHIH JQGHOLN ELU DKODNL VRUXQXQ \DQÖWÖQGD DKODN IHOVHIHVL QHUHGH GXUPDNWDGÖU" g]HO RODUDN DKODN IHOVHIHVL GûQOGøQGH JQGHOLN DKODN VRUXQODUÖPÖ]ÖQ o|]PQGH JHUoHNWHQ IHOVHIH\H \D GD IHOVHIHFH ELOJL\H JHUHNVLQLP GX\XOPDNWDPÖGÖU"*QGHOLN\DûDPÖPÖ]DNDWNÖVÖROPD\DQELUûH\LûH\DUDPD]RODUDNPÖ HWLNHWOHQPHOLGLU" $KODN IHOVHIHVLQLQ LûH \DUDUOÖOÖøÖ X\JXODPD DODQODUÖQD J|UH PL EHOLUOHQPHOLGLU" 8\JXODPD DODQODUÖ X\JXODPD ELoLPOHULQL JHQHO ELU NXUDPVDO oHUoHYH\H EDøOÖNDODUDNPÖEHOLUOHPHNWHGLU"(øHUEWQX\JXODPDODUD|UQHNVDøOD\DQELUNXUDPVDO oHUoHYHGHQ V|] HGLOHELOLUVH EX NXUDPVDO oHUoHYHQLQ HYUHQVHO YH PXWODN ROPDVÖ JHUHNWLøL VDYXQXOPDOÖ PÖGÖU" (øHU DKODN IHOVHIHVL oHYUH WÖS PHG\D LOHWLûLP YE X\JXODPD DODQODUÖ LoLQ ELU NXUDPVDO oHUoHYH RODFDNVD EX X\JXODPD DODQODUÖ LoLQ JHoHUOL RODELOHFHNYDUVD\ÖPODUÖQHOHUROPDOÖGÖU" %WQ EX VRUXODUÖQ \DQÖWÖ JHQHO RODUDN DKODN IHOVHIHVLQLQ DODQÖQÖQ HøHU X\JXODPD DODQODUÖYDUVDLûH\DUDUOÖOÖøÖQÖQPHûUXL\HWLQLJ|VWHUHFHNWLU%XoDOÖûPDDKODNIHOVHIHVLQLQ X\JXODPD DODQODUÖ\OD RODVÖ LOLûNLOHQGLULOPH ELoLPOHULQL YH \|QWHPOHULQL VRUJXODPDNWD X\JXODPD DODQODUÖQD EDøOÖ RODUDN HWLN \DUJÖODUÖQÖQ PHûUXL\HWLQLQ VDøODQDPD\DFDøÖQÖ LOHUL VUPHNWH X\JXODPD JHQHOOHPHOHULQ DODQODUÖQGD HYUHQVHO YH EDûDUÖOÖ PXWODN VRQXoODU \DUJÖ VDøODGÖøÖ ELoLPOHUL RODUDN YDUVD\ÖODQ NXUDPVDO WDQÖPODQDPD\DFDøÖQÖ VDYXQPDNWDGÖU %LU XøUDûÖQ X\JXODPD DODQÖ NXûNXVX] RQXQ \DUDUÖQÖQ \D GD LûH \DUDUOÖOÖøÖQÖQ V|] NRQXVX HGLOGLøL YH X\JXODQDELOLUOLøLQLQ GHQHWOHQGLøL DODQGÖU %XQD J|UH KHUKDQJL ELU XøUDûÖQ LûH \DUDUOÖOÖøÖ \DUDUOÖOÖN V|]FøQGHQ |WU SUDWLN ELU VRUXQOD LOJLOL ROXS ROPDGÖøÖQD EDøOÖ J|UQPHNWHGLU %X GXUXPGD DKODN IHOVHIHVL ¶SUDWLN ELU VRUXQOD LOJLOL PLGLU"· ELoLPLQGH VRUX \HQLGHQ VRUXODELOLU %X VRUX GD KHUKDQJL ELU XøUDûÖQ SUDWLN ROPDVÖ\DGDSUDWLNROPDPDVÖELUEDûNDGH\LûOHSUDWLNROPDVÖ\DGDNXUDPVDOROPDVÖQH DQODPD JHOPHNWHGLU ELoLPLQH G|QûWUOHELOLU 2 ]DPDQ VRUXODUÖ VRQGDQ EDûD GRøUX \DQÖWODPDNHQoÖNDU\ROJ|UQPHNWHGLU <DQÖWD JHQHO ELU D\UÖP \DSÖODUDN EDûODQÖUVD EHONL VRQXFD XODûPDNWD HQ NÖVD \RO VHoLOPLûRODFDNWÖU%XJHQHOD\UÖPNXUDPVDOYHSUDWLNELOLPOHUDUDVÖQGDoL]LOHELOHFHNELU D\UÖPGÖU .XUDPVDO ELOLPOHU ûH\OHULQ GRøDVÖ JHQHO \DSÖVÖ YH LûOH\Lû G]HQL KDNNÖQGD JHQHO LONHOHU \D GD \DVDODU ROXûWXUPD XøUDûÖVÖGÖU ELoLPLQGH WDQÖPODQDELOLU %X XøUDûÖQ EHOLUJLQ |]HOOLøL GLOH JHWLUPLû ROGXøX YDUVD\ÖPODUÖQ JHQHOOH\LFL ROPDVÖ RODUDN J|VWHULOHELOLU *HQHOOH\LFL |]HOOLNWHNL YDUVD\ÖPODU WDQÖPODPDODUGDQ EHWLPOHPHOHUGHQ DoÖNODPDODUGDQ \DVDODUGDQ YH JHQHOOHûWLUPHOHUGHQ ROXûXU 3UDWLN ELOLPOHU X\JXODPDOÖ ELOLPOHUGDKDGRøUXVXNXUDPVDOELOLPOHULQX\JXODPDDODQODUÖRODUDNWDQÖPODQDELOLU$VÖO DPDFÖ ROPDVD GD NXUDPVDO ELOLPOHULQ WHN WHN ûH\OHUH WLNHO DODQODUD X\JXODQPDVÖ SUDWLN ELOLPOHUHDODQDoDUgUQHøLQELUWUGRøDELOLPOHULRODQNXUDPVDOELOLPOHULQWHNQRORMLN %XPHWLQ)HOVHIH'Q\DVÖGHUJLVLQLQVD\ÖVÖQGD´$KODN)HOVHIHVL%LOLPVHOgUQHNOHPH YH$KODN<DUJÖODUÖQÖQ*HoHUOLOLøLµEDûOÖøÖ\OD\D\ÖPODQPÖûWÖU $QNDUDhQLYHUVLWHVL'7&))HOVHIH%|OP 8OXVDO8\JXODPDOÖ(WLN.RQJUHVL \DQVÖPDODUÖ SUDWLN ELOLPOHU GHQLOHQ WHNQRORML DODQODUÖQÖ \DUDWPDNWDGÖU ùQûDDW WHNQRORMLVL \D GD PKHQGLVOLøL RWRPRELO WHNQRORMLVL \D GD PKHQGLVOLøL WÖS WHNQRORMLVL \D GD PKHQGLVOLøL JLEL 2 ]DPDQ LNLQFL VRUX\D EDNDUDN GRøD ELOLPOHULQLQ LûH \DUDUOÖOÖøÖQÖQ PKHQGLVOLN X\JXODPDODUÖQGD RUWD\D oÖNWÖøÖQÖ EX \|Q\OH GH SUDWLN VRUXQODUÖQ o|]PQ VDøODGÖøÖ VDYODQDELOLU ùON VRUX\D G|QOGøQGH IHOVHIHQLQ \D GD DKODN IHOVHIHVLQLQ LûH \DUDUOÖOÖøÖ V|] HGLOHQ DODQÖQ NXUDPVDO ELOJLVLQLQ QH WUGHQ SUDWLN VRUXQODUÖQ o|]PQGH NXOODQÖOGÖøÖQD GD\DQPDNWDGÖU 1H \DSPDP JHUHNLU GL\H LQVDQÖQ NHQGLVLQH \|QHOWWLøL ELU VRUXQXQ \DQÖWÖ SUDWLN ELU X\JXODPDVÖ RODQ ELU DKODN LONHVLQL EHQLPVHGLøLQL J|VWHULU YH JQON \DûDPÖQGDNL NDUDUODUÖQÖ GDYUDQÖûODUÖQÖ NÖVDFD SUDWLN X\JXODPDODUÖQÖ EHOLUOHU úXQX \DSPDN JHUHNLU ELoLPLQGH ELU EX\UXøX ELU |øG \D GD ELU GLOVHO \DUJÖ\Ö EDûNDVÖQD \D GD EDûNDODUÖQD \|QHOLN RODUDN GLOH JHWLUGLøLQGH VR\XW JHQHO ELU LONHQLQ YDUOÖøÖQÖ GD GLOH JHWLUPLû ROXU %X GXUXPGD WHPHO DPDFÖQÖQ JQON \DûDP ROPDGÖøÖ YDUVD\ÖPÖ\OD ELUOLNWH IHOVHIHQLQ VR\XW YH NXUDPVDO ELU HWNLQOLN ROGXøX V|\OHQHELOLU $QFDN LûH \DUDUOÖOÖN EDNÖPÖQGDQ VUHNOL SUDWLN ELU EDø ROXûWXUPD ]RUXQOXOXøX RUWDGD GXUPDNWDGÖU %HONL IHOVHIHQLQ EXUDGDNL |]HO DQODPÖ\OD DKODN IHOVHIHVLQLQ JQON \DûDPD LOLûNLQ ROGXøX SUDWLN X\JXODPDODUÖ ROGXøX GûQOHELOLU YH EX GûQFH\H \RO DoDQ YDUVD\ÖPODU ELU ELoLPGH WHPHOOHQGLULOHELOLU GH %X WHPHOOHQGLUPH ELU H\OHPLQ DKODNOÖOÖøÖQÖQ JHUHNoHOHQGLULOPHVLQGH NXOODQÖODELOHFHN ELU DKODNLoHUoHYHQLQYDUOÖøÖQDGD\DQPDNWDGÖU%XoHUoHYHVD\HVLQGHELUH\OHPLQDKODNOÖOÖøÖ LOH H\OHPLQ GHøHUOHQGLULOGLøL DKODN LONHOHUL DUDVÖQGD ELU EDø ROXûWXUXOPDVÖ RODQDNOÖ J|UOHELOLU $KODNIHOVHIHVLQLQJQGHOLN\DûDPODELUEDøÖROGXøXQXVDYODPDQÖQELU\ROX\XNDUÖGD GHøLQLOHQ NXUDPVDO YH SUDWLN ELOLPOHU DUDVÖQGDNL EDø EHQ]HWPHVL\OH RODQDNOÖ NÖOÖQDELOLU %X EDø PKHQGLVOLNOH NXUDPVDO ELOLPOHU DUDVÖQGD NXUXODQ EDø JLEL YDUVD\ÖODELOLU gUQHøLQ IL]LN ELOLPL PKHQGLVOLN X\JXODPDODUÖQGD NXOODQÖODELOLU 6UWQPH NDWVD\ÖVÖ ELOJLVL RWRPRELO ODVWLøL UHWLPLQGH X\JXODQDELOLU YH NXUDPVDO ELU ELOJL PKHQGLVOLN X\JXODPDVÖQGDNXOODQÖODUDNSUDWLNNXOODQÖPÖRODQELOLPVHOYHWHNQRORMLNELUUQRUWD\D NRQXODELOLU%XWUGHQELUNXUDPVDOYHX\JXODPDOÖELOJLPKHQGLVOLN|UQHNOHPHVLRODUDN WDQÖPODQDELOLU YH EX |UQHNOHPH DKODN IHOVHIHVL LOH X\JXODPDOÖ HWLN DUDVÖQGDNL EDøÖ PHûUXODûWÖUDELOHFHNELU\|QWHPRODUDNLOHULVUOHELOLU %X |UQHNOHPH NXUDPVDO \|QQ VDøÖQ ELOLPOHUGHQ DOPDNWDGÖU \DQL GRøD ELOLPOHULQLQ JHOLûWLUPLû ROGXøX JHQHO \DVDODU PKHQGLVOLN ELOLPLQH WLNHO \D GD WHNLO GXUXPODU LoLQ|UQHNOHPHROXûWXUXU'DKD DoÖN ELU GH\LûOH ELOLPVHO \DVDODUPKHQGLVOLN HOL\OH SUDWLøH X\JXODQÖU YH SUDWLN ELU VRUXQXQ \DQÖWÖ ELOLPVHO YH XVVDO ELU ELoLPGH \DVD DUDFÖOÖøÖ\OD o|]OPû ROXU %XQD ELOLPVHO DoÖNODPD PRGHOL GH GHQPHNWHGLU 0RGHO ELU \|Q\OHGHJHQHO\DVDQÖQGRøUXOXøXQXQJ|VWHULOPHVLQLVDøODUú|\OHNL \DVDDUDFÖOÖøÖ\OD o|]OHQ VRUXQ \DVDQÖQ JHoHUOLOLøLQL GRøUXOXøXQX SHNLûWLULU %|\OHFH KHP SUDWLN ELU VRUXQo|]OPûROXUKHPGHJHQHO\DVDPHûUXL\HWND]DQPÖûROXU$\QÖELoLPGHDKODN IHOVHIHVL GH D\QÖ GRøD ELOLPOHULQLQ \DSWÖøÖ JLEL ELU WDNÖP JHQHO LONHOHU ROXûWXUDELOLU EX JHQHO LONHOHUGHQ VRPXW DKODN VRUXQODUÖQD LOLûNLQ \DQÖWODU WUHWLOHELOLU YH DKODNL ELU VRUXQODNDUûÖNDUûÖ\DNDOÖQGÖøÖQGDo|]PJHQHOLONHQLQDUDFÖOÖøÖ\ODYHULOHELOLU6RPXWELU DKODNL ROD\ JHQHO \DVD\OD DoÖNODQPÖû ROXU D\QÖ ]DPDQGD VRPXW ROD\ GD JHQHO DKODN LONHVLQLQ JHoHUOLOLøLQL SHNLûWLUPLû ROXU %X GXUXPGD IHOVHIHFL XøUDû HGLQGLøL IHOVHIH DODQÖQÖQ D\QÖ ELU PKHQGLV JLEL ELU X]PDQÖ RODUDN LûLQL XVVDO JHQHO LONHOHUH EDøOÖ \DSDQELOLPVHOELUNLûLRODUDNWDQÖPODQDELOLU $QFDN E|\OH ELU |UQHNOHPHQLQ JHoHUOLOLøL QHGLU" 6DøÖQ ELOLPOHU V|] NRQXVX ROGXøXQGD EX ELOLPOHULQ X\JXODPD DODQODUÖ\OD LOLûNLOHUL WPGHQJHOLPVHO ELU \DSÖ (UGDO&HQJL]³$KODN<DUJÖODUÖ0HûUX<DUJÖODUPÖGÖU" VHUJLOHPHNWHGLU 6DøÖQ ELOLPOHU ELU NDYUDPVDO oHUoHYHQLQ \D GD SDUDGLJPDQÖQ ÖûÖøÖQGD \DUDWÖODQ NXUDPODUÖQ JHoHUOLOLøL VDøODPDN LoLQ GHQHWOHPH DODQODUÖQÖ WDQÖPODPDNWD YH EHOLUOHPHNWHGLU gUQHøLQ 7KRPDV 6 .XKQ %LOLPVHO 'HYULPOHULQ <DSÖVÖ DGOÖ NLWDEÖQGD ELOLPVHO ELU XøUDûÖQ \|QWHPOHULQLQ VRUXQODUÖQÖQ YH EDûDUÖ |OoWOHULQLQ EHOLUOHQPHVLQGH X\JXOD\ÖFÖODUÖQ \D GD X]PDQODUÖQ EDøOÖ ROGXøX ELU SDUDGLJPDQÖQ EHOLUOH\LFL LûOHYLQGHQ V|] HWPHNWH EHOLUOL ELU SDUDGLJPD DOWÖQGD oDOÖûDQ X]PDQODUÖQ SDUDGLJPDQÖQ RUWD\D NR\GXøX VRUXQODUD YH RQODUÖQ o|]POHULQH NDUûÖ HOHûWLUHO ROPD\DQ ELU WXWXP VHUJLOHGLNOHULQL EHOLUWPHNWHGLU %WQ X]PDQODUÖQ NDEXO HWWLøL ELU NDYUDPVDO oHUoHYHQLQ YDUOÖøÖ NXUDPODUÖQ YH YDUVD\ÖPODUÖQ ROXûWXUXOPDVÖQGD EX NXUDPODUD LOLûNLQ VRUXODU \DUDWÖOPDVÖQGDGHQHWOHPHDODQODUÖQÖQYH\|QWHPOHULQLQEHOLUOHQPHVLQGHELULQFLOELULûOHY J|UPHNWHGLU 8\JXOD\ÖFÖODU GHQHWOHPH DODQODUÖQÖ |QJ|UOHELOHQ NHVWLULOHELOHQ YH J|]OHPOHQHELOHQ ELU DODQ RODUDN EHOLUOHPHNWH YH NHQGLOHULQL DODQÖQ X]PDQODUÖ RODUDN WDQÖPODPDNWDGÖUODU %|\OHFH |UQHNOHPH JHQHO YDUVD\ÖPODUÖQ X]PDQ X\JXOD\ÖFÖODU WDUDIÖQGDQ NHVWLULOHELOLU J|]OHPOHQHELOLU YH GHQHWOHQHELOLU DODQD X\JXODQPDVÖ\OD LûOHPHNWHGLU $\QÖ |UQHNOHPHQLQ DKODN IHOVHIHVLQLQ X\JXODPD DODQODUÖQGDNL JHoHUOLOLøL QHGLU" gUQHNOHPHQLQ LûOH\HELOPHVL LoLQ |QFHOLNOH ELU SDUDGLJPD\D JHUHNVLQLP GX\XOPDNWDGÖU $KODNIHOVHIHVLWDULKLQGHSDUDGLJPDVD\ÖODELOHFHNoWHPHO\DNODûÖPGHøLûLNELoLPOHUL\OH NHQGLOHULQL J|VWHUPLûOHUGLU HUHNVHOFLOLN |GHYFLOLN YH \DUDUFÖOÖN (Q E\N VDYXQXFXVX $ULVWRWHOHV RODQ HUHNVHOFLOLN EWQ YDUOÖNODUÖQ ELU HUHøL ROGXøXQX LQVDQÖQ HUHøL RODQ PXWOXOXøXQHUGHPOLOLNWHQJHoWLøLQLYHKHULQVDQÖQDGLOELUWRSOXPGDL\LELU\DûDPVUPH HUHøL\OH GRQDWÖOGÖøÖQÖ GLOH JHWLUPHNWHGLU gGHYFLOLN LQVDQÖQ XVVDO ELU YDUOÖN ROGXøX YDUVD\ÖPÖ\OD DKODNÖ LQVDQÖQ NHQGLVLQH YH EDûNDODUÖQD NDUûÖ ELU |GHY VRUXPOXOXøX\OD GDYUDQPDVÖQÖQ ELOLPL RODUDN WDQÖPODPDNWDGÖU <DUDUFÖOÖN LQVDQODUÖQ NHQGL \D GD EDûNDODUÖQÖQ PXWOXOXNODUÖQÖ HQ VW G]H\GH JHUoHNOHûWLUPH DPDFÖ\OD DKODN NXUDOODUÖ JHOLûWLUGLNOHULQL NXUDOODUÖQ ND\QDøÖQÖQ WRSOXPVDO \DûDP LoHULVLQGH EXOXQGXøXQX YDUVD\PDNWDGÖU .ÖVDFD GHøLQLOHQ EX o \DNODûÖPGDQ HUHNVHOFLOLN YH \DUDUFÖOÖN DKODNÖQ GLøHU ELOLPOHU JLEL ELOJLVLQL WLNHO \D GD WHNLO DODQODUGD NXOODQÖODELOHFHN ELoLPGH G]HQOHGLøLQL EX ELOJLQLQ LQVDQODUÖQ JHQHO HøLOLPLQL \DQVÖWWÖøÖQÖ EHOLUWPHNWHGLU %X \DNODûÖPODUÖQ YDUVD\ÖPODUÖ\OD ELOLP |\NQPHVL YH |UQHNOHPHVL HOH DOÖQPDNWD DKODN IHOVHIHVLQHX\JXODPDDODQÖDoÖOPD\DoDOÖûÖOPDNWDGÖU %LOLP|UQHNOHPHVLQLQLûOH\HELOPHVLLoLQ|QFHOLNOHDKODNIHOVHIHVLQLQX\JXOD\ÖFÖODUÖQÖQ YH X]PDQODUÖQÖQ EHOLUOHQPHVL YH WDQÖPODQPDVÖ JHUHNPHNWHGLU $KODN IHOVHIHVLQLQ DODQÖQÖQ WDQÖPODQPDVÖ X\JXOD\ÖFÖVÖQÖQ GD DODQÖQÖ WDQÖPOD\DFDNWÖU (øHU DKODN IHOVHIHVL DKODN WHULPOHULQLQ DKODN NDYUDPODUÖQÖQ GRøDVÖQÖ LoHULøLQL WDQÖPOD\DQ ELU DODQ RODUDN EHOLUOHQLUVH EX GXUXPGD RQXQ X\JXOD\ÖFÖODUÖ GD NXUDPVDO DQODPGD Lû J|UHQ X]PDQODU RODUDN WDQÖPODQDFDNWÖU <DQL DKODN IHOVHIHFLOHULQLQ X\JXODPD DODQÖ \LQH NXUDPVDO oHUoHYH LoHULVLQGH NDODFDNWÖU %X GXUXPGD DKODNL NDUDU YHUPH VUHFL SUDWLN ELU DODQD GHQN GûWøQGHQ DKODN IHOVHIHFLVLQLQ X]PDQOÖøÖ SUDWLN DODQD \|QHOLN ELU X]PDQOÖN ROPD\DFDNWÖU %X \]GHQ DKODNL NDUDU YHUPH VUHFLQLQ X]PDQODUÖ DKODN IHOVHIHFLOHULQGHQ|WHGRøUXGDQVUHFLQLoLQGHNDUDUYHUPHGXUXPXQGDRODQODURODFDNWÖU dQN NLPL LQVDQODU DKODNL GDYUDQÖûWD \D GD NDUDU YHUPHNWH NLPLOHULQH J|UH GDKD L\L RODELOLUOHUEX GDKD L\L LQVDQODUD DKODN X]PDQODUÖGHQLOHELOLU YH EX X]PDQOÖNODUÖ |]HO ELU ELOJL\H VDKLS ROPDNWDQ ]L\DGH GX\DUOÖOÖNODUÖQGDQ \D GD EHOOL ELU \DûDP ELoLPLQH DKODN LONHVLQH EDøOÖOÖNWDQ ND\QDNODQDELOLU %X GXUXPGD DKODN IHOVHIHFLVL DODQÖQÖQ WHN X]PDQÖ $ULVWRWHOHV1LNRPDNKRV·D(WLN,.LWDS%|OP 8OXVDO8\JXODPDOÖ(WLN.RQJUHVL RODUDN J|UOHPH\HFHN EHONL GH WHVDGIHQ EX DODQÖQ ELU X]PDQÖ ROGXøX V|\OHQHELOHFHNWLU g\OH\VH X]PDQOÖN WHPHOOHQGLUPHVL\OH IHOVHIHQLQ GRøD ELOLPOHULQH |\NQPHVLQHERûELUNXUXQWXRODUDNNDODFDNWÖUYHE|\OHELUWHPHOOHQGLUPHGûHFHNWLU ùNLQFL RODUDN DKODNÖQ ELOLP ROPDGÖøÖ GRøD ELOLPOHUL JLEL SUDWLN DODQOD \DQ \DQD GXUPDGÖøÖ YDUVD\ÖPÖ\OD |UQHNOHPH\H NDUûÖ oÖNÖODELOLU dQN PKHQGLVOLN NDUDUODUÖQGD IL]LN ELOLPLQLQ \DSWÖøÖ HWNL\OH ELU DKODNL GDYUDQÖûD NDUDU YHUPHGH DKODN IHOVHIHVLQLQ \DSWÖøÖHWNLD\QÖER\XWWDYHQLWHOLNWHGHøLOGLU$KODNLNXUDOODUELOLP\DVDODUÖJLELGHøLOGLU oQN DKODN NXUDOODUÖ X]PDQÖQGDQ EDøÖPVÖ] ELU ELoLPGH NHQGL WHNQLNOHULQL YH NHQGL NDYUDPODUÖQÖ NXOODQDUDN X]XQ GHQH\VHO DUDûWÖUPDODU VRQXFXQGD EXOXQPXû ELOLP \DVDODUÖQDEHQ]HPHPHNWHGLU%|\OHROXQFDDKODNNXUDOODUÖLoLQHQID]ODWHUEL\HNXUDOODUÖ GHQHELOLU \HWLûPH G|QHPLPL]GH GRøUXQXQ YH \DQOÖûÖQ QHOHU ROGXøXQXQ D\ÖUWÖQD YDUDELOPH \HWLPL] GH GHQHELOLU <HWLûNLQ YH DNOÖ EDûÖQGDKHU ELULPL] L\LQLQ YH N|WQQ QHOHU ROGXøXQX ELOLUL] YH KHSLPL] DKODNL NDUDUODUÖPÖ]GD EX WUGHQ ELOJL\H ]DWHQ VDKLEL]GLU .LPLOHULQLQ EX NDUDUODUÖ GDKD GRøUX ELU ELoLPGH YHUPHVLQLQ QHGHQL VDøGX\XVX\ODNXUDOODUÖJHUoHNGXUXPODUDX\JXODPDEHFHULVLDNOÖVHOLPVDKLELELULROPDVÖ YHEXQODUÖX\JXODPD\DLVWHNOLOLøLRODUDNJ|VWHULOHELOLU hoQF RODUDN DKODN IHOVHIHVLQLQ DKODN NXUDOODUÖQÖQ HYUHQVHO ELOJLVL RODUDN WDQÖPODQPDPDVÖ JHUHNWLøL LOHUL VUOHELOLU (YUHQVHO ELOJL RODPD] oQN E|\OH ELU ELOJLQLQ RODQDNOÖOÖøÖ ]HULQH ELU XøUDû RODUDN WDQÖPODU NHQGLVLQL DKODN IHOVHIHVL %X GXUXPGDDKODNIHOVHIHVLQLQNRQXVXQH\LQGRøUXQH\LQ\DQOÖûROGXøXQXV|\OHPHNGHøLO GRøUXOXøXQ YH \DQOÖûOÖøÖQ |OoWOHULQLQ QHOHU ROPDVÖQD LOLûNLQGLU $KODN IHOVHIHFLOHUL DKODNÖQ ND\QDøÖQÖ YH DKODN NDYUDPODUÖQÖQ LQVDQ GRøDVÖ EX\UXN DNÖO ROJX JLEL NDYUDPODUOD LOLûNLVLQL DoÖNODPD\D oDOÖûÖUODU %X GXUXPGD DKODN IHOVHIHVL DUDFÖOÖøÖ\OD ELOLPVHO ELU ELOJLQLQ HOGH HGLOPHVL EX \ROOD GD WLNHO \D GD WHNLO ELU DKODN GXUXPXQXQ DoÖNODQPDVÖ DPDoODQPD] <DOQÖ]FD GRøUX \D GD \DQOÖû JLEL DKODN WHULPOHULQLQ ROXûXP VUHFL WDQÖPODQPD\D oDOÖûÖOÖU %X GXUXPGD DKODN IHOVHIHVL ELU ELOLP GHøLOGLU EX QHGHQOHELOLP|UQHNOHPHVLJHoHUVL]NDOPDNWDGÖU %X|UQHNOHPH\HHQ\DNÖQGXUDQDKODNIHOVHIHVL\DNODûÖPÖRODQ\DUDUFÖOÖNWDHQ\NVHN \DUDU LONHVLQLQ X\JXQ RUWDPGD VRPXW DKODN NDUDUODUÖQÖQ YHULOPHVLQGH HWNLOL ROGXøX YDUVD\ÖOPDNWDGÖU %X \DNODûÖP X\JXODPDOÖ HWLN XøUDûÖQÖ ELOLPVHO |UQHNOHPH\H NXUDPVDO ELOLP LOH RQXQ PKHQGLVOLN X\JXODPDVÖQD GHQN GûUU J|UQPHNWHGLU $QFDN KD]]ÖQ DUWÖUÖOPDVÖ DFÖQÖQ D]DOWÖOPDVÖ LONHVLQH GD\DQDQ \DUDUFÖ DKODN IHOVHIHVL DKODNÖQ WHPHO NDYUDPÖRODQL\LLQVDQNDYUDPÖQGDQX]DNODûPÖûROXU|UQHNOHPHGHJHoHUVL]NDOÖU %X o DUJPDQ DKODN IHOVHIHVLQLQ SUDWLN ELU \|Q ROPDGÖøÖQÖ DKODND LOLûNLQ NDUDUODUÖPÖ]GD DKODN IHOVHIHOHULQGH GLOH JHWLULOHQ JHQHO LONHOHULQ JHoHUVL] ROGXøXQX J|VWHUPHNWHGLU $QFDN KHUo DUJPDQGD ELOLPVHO |UQHNOHPH \|QWHPLQHGD\DQÖODUDN LOHULVUOPHNWHGLU *QGHOLN \DûDPÖPÖ]GDNL DKODN \DUJÖODUÖQÖQ DKODND LOLûNLQ NDUDUODUÖPÖ]ÖQ EHOLUOHQPHVLQGH DKODN IHOVHIHFLVLQH SHN Lû GûPHPHNWHGLU +HUNHV DKODN IHOVHIHVL HøLWLPLDOPDVDELOHGRøUXGDYUDQÖûÖQQHROGXøXQXELOPHNWHGLU2KDOGHDKODNIHOVHIHVL QHUHGH Lû J|UU" (WLN \DUJÖODUÖQ PHûUXL\HWL \D GD HWLN QHUHGHGLU" <DQÖW EHONL HWLøLQ HQ WHPHOVRUXODUÖQGDQELULRODQELUH\OHPLGRøUXNÖODQûH\QHGLUVRUXVXQDYHULOHELOHFHNELU \DQÖWOD VDøODQDELOLU (WLN GRøUX GDYUDQÖûÖ \DQOÖû GDYUDQÖûWDQ D\ÖUDQ |]HOOLNOHUL EHOLUOH\HUHNEXVRUX\D\DQÖWYHUHELOLUgUQHøLQ$KPHWLOH0HKPHWWDUWÖûPDNWDGÖU(øHU 0HKPHW $KPHW·H GHøLO GH $KPHW 0HKPHW·H ELU WRNDW DWÖ\RUVD $KPHW KDNOÖ 0HKPHW KDNVÖ] PÖGÖU JHUoHNWH" <D GD $KPHW 0HKPHW·H GHøLO GH 0HKPHW $KPHW·H ELU WRNDW DWÖ\RUVD 0HKPHW KDNOÖ $KPHW KDNVÖ] PÖGÖU JHUoHNWH" <D GD KHU LNLVL \DUÖ KDNOÖ \DUÖ (UGDO&HQJL]³$KODN<DUJÖODUÖ0HûUX<DUJÖODUPÖGÖU" KDNVÖ] PÖGÖUODU" <D GD KHU LNLVL EWQ\OH KDNVÖ] \D GD EWQ\OH KDNOÖ PÖGÖUODU" ùNLVLQLQ DUDVÖQGD GRøUX\X NLP ELOHFHNWLU" <D GD ELU KDNHP DWDPDN KDNOÖ\Ö KDNVÖ]Ö EHOLUOH\HELOHFHN PLGLU" $KPHW NHQGLVL JLEL GûQHQ ELULQGHQ KDNHPOLN LVWHGLøLQGH ]DWHQ$KPHWJLELGûQGøQGHQQDVÖOKDNHPVD\ÖODELOHFHNWLU"<DGD0HKPHWNHQGLVL JLEL GûQHQ ELULQGHQ KDNHPOLN LVWHGLøLQGH ]DWHQ 0HKPHW JLEL GûQGøQGHQ QDVÖO KDNHPVD\ÖODELOHFHNWLU"+HP$KPHWKHPGH0HKPHWJLELGûQPH\HQELUL]DWHQRQODU JLEL GûQPHGLøLQGHQ QDVÖO KDNHP VD\ÖODELOHFHNWLU" +HU LNLVL JLEL GûQHQ ELUL ]DWHQ RQODU JLEL GûQGøQGHQ QDVÖO KDNHP VD\ÖODFDNWÖU" %X \]GHQ $KPHW 0HKPHW YH KDNHPOLN\DSDFDNEDûNDODUÖDUDVÖQGDGRøUX\XELOHQKLoNLPVHROPD\DFDNWÖU $QFDN ELUELULQLQ NDUûÖWÖ LNL GDYUDQÖûWDQ ELULQLQ KDNOÖ GLøHULQLQ KDNVÖ] ROPDVÖ NDoÖQÖOPD] ELU ELoLPGH DoÖøD oÖNPDNWDGÖU (WLN ROPDNVÖ]ÖQ KHU KDQJL ELU GDYUDQÖûÖQ KDNOÖOÖøÖ JHUHNoHOHQGLULOHPH] GH (WLN HQ D]ÖQGDQ ELU ELUH\LQ ELU WRSOXOXøXQ ELU XOXVXQ GDYUDQÖûÖQÖQ \DUJÖODQPDVÖQGD ELU WDNÖP |OoWOHU VXQPDOÖGÖU gUQHøLQ ELU FLQD\HWLQ ELU VR\NÖUÖPÖQ ELU XOXVXQ \RN HGLOLûLQLQ ELU HWLN GHøHUOHQGLUPHVL ROPDOÖGÖU 2UJDQ KÖUVÖ]OÖøÖQÖQ JHQ PKHQGLVOLøL WHNQRORMLOHULQLQ oHYUH VRUXQODUÖQÖQ EDûNDODUÖQÖQ KDNODUÖQÖQ HWLN ELU LoHULøL ROPDVÖ JHUHNPHNWHGLU <D GD LQVDQ \DûDPÖQÖQ oRFXN KDNODUÖQÖQNDGÖQKDNODUÖQÖQWDQÖPODQPDVÖHWLNELUGHøHULoHUPHOLGLU%WQEXVRUXQODU DKODN NDYUDPODUÖQÖQ EWQ ]HULQH NXUDPVDO ELU GûQFH ROXûWXUPDN JHUHNWLøLQL J|VWHUPHNWHGLU (WLN \DOQÖ]FD NHQGL VRUXQODUÖQÖ o|]PH\H oDOÖûDQ ELU XøUDû DODQÖ JLEL J|UQPHNWHGLU %LOLPVHO DoÖNODPDODUGD ROGXøX JLEL WHN WHN ROJXODUÖ NXUDPVDO oHUoHYH LoHULVLQGHX\JXQGûHFHNELUELoLPGHVÖUD\DNR\PDLûOHPLQGHQoRNHWLNNHQGLVLQH\HQL EDNÖû DoÖODUÖ \DUDWDQ \HQL \|QOHU EXOPD\D oDOÖûDQ NDYUDPODUÖ DUDVÖQGD D\UÖPODUÖ EHOLUJLQOHûWLUHQ LoH G|QN ELU XøUDû RODUDN WDQÖPODQPDOÖGÖU (WLN \DUJÖODUÖQ PHûUXL\HWL \LQHNHQGLLoLQGHND]DQÖODFDNELUPHûUXL\HWWLU .UHVHOOHûPH6UHFLQGH(WLN6RUXQODU 3URI'U<DVLQ&H\ODQ .UHVHOOHûPH KDUHNHWLQLQ VHEHS RODFDøÖ \HQLNOHUGHQ HQ |QHPOLVL YH EHNOHQPHGLN RODQÖ EX KDUHNHWLQ \DûD\DQ NOWUOHULQ WHPHO GD\DQDNODUÖ RODQ YH IDUNOÖ \DûDP PRGHOOHUL VXQDQ GHøHUOHU VLVWHPL ]HULQGHNL \ÖNÖFÖ HWNLVLGLU %D]Ö GûQUOHU EDøOÖ ROGXNODUÖ NOWUQ GHøHUOHULQH ]DUDU JHOPHVLQ GL\H NUHVHOOHûPH\H ûLGGHWOH NDUûÖGÖUODU %XQODU oRøX ]DPDQ QHUHGHQ JHOLUVH JHOVLQ KHU WUO \HQLOLøH NDUûÖ WHPNLQOL GDYUDQDQ YH HOGHNLQLQ ND\EROPDVÖQGDQ NRUNDQ NLPVHOHUGLU %X PXKDID]DNkU GûQFHQLQ GD\DQGÖøÖ\HJkQHDUJPDQELUNOWUEHOLUOH\HQYHIDUNOÖNÖODQGHøHUOHULQo|]OPHVL\OH RUWD oÖNDFDN EHOLUVL]OLN YH EXQXQ QHWLFHVL R NOWU \DûD\DQ ELUH\OHULQ PDUX] NDODFDNODUÖ NLPOLN EXQDOÖPÖGÖU %X WDYUÖ GHVWHNOH\HQ GLøHU ELU HQGLûH GH NUHVHOOHûPH DGÖQD HJHPHQ ELU NOWUQ \HQL ELU HPSHU\DOL]P VWUDWHMLVL\OH GLøHU NOWUOHU ]HULQGH ]DWHQ NÖVPHQ PHYFXW RODQ KHJHPRQ\DVÖQÖ SDVLI NOWU QH]GLQGH PHûUXODûWÖUDUDN GDKD HWNLQKDOHJHWLUPHVLGLU .UHVHOOHûPH KDUHNHWLQH IDUNOÖ ELU DoÖGDQ EDNÖS RQX ROXPOX ELU VUHo RODUDN WDQÖPOD\DQODU GD YDUGÖU %XQODUD J|UH NUHVHOOHûPH DNÖPÖ ELOLP WHNQRORML VDQDW LOHWLûLP YH WLFDUHW JLEL HWNLQOLNOHULQ XOXVODUDUDVÖ DODQGD \RøXQOXN ND]DQPDVÖ\OD EXQODUÖQ GRøDO ELU VRQXFX RODUDN RUWD\D oÖNDQ ELU DûDPDGÖU %X VHEHSOH EX KDUHNHWLQ JHWLULOHULQGHQ NRUNPDPDN JHUHNWLøLQL LOHUL VUHUOHU 5DV\RQHO YH GLQDPLN ELU ]LKLQ \DSÖVÖQD VDKLS RODQ EX LNLQFL WU GûQUOHUH J|UH \DûDPÖPÖ]ÖQ KHU DODQÖQGD ELU GRøD NXUDOÖ JFQGH RODQ ELU GHøLûLP YH\D HYULOPH SUHQVLEL YDUGÖU <DûDPÖPÖ]D KNPHGHQ EX GHøLûLP LONHVLQLQ JHUHN ELUH\VHO YH JHUHNVH WRSOXPVDO \DûDQWÖPÖ]GD GHQJHVL]OLNOHUH \RO DoPDPDVÖ LoLQ ED]Ö \DûDP DODQODUÖQÖ EX LONHQLQ LûOHUOLøLQH DoÖN EÖUDNÖUNHQ GLøHU DODQODUÖNDSDOÖWXWDPD\Ö]2]DPDQKHUDODQLoLQIDUNOÖELUKÖ]NDWHJRULVLQLNDEXOOHQHUHN \DûDPÖPÖ]ÖQ WP GHSDUWPDQODUÖQÖ EX GRøD LONHVLQLQ VH\ULQH DoÖN WXWPDN JHUHNLU %|\OH ROXQFD NLPOLøLPL]L YH GQ\D\D EDNÖû WDU]ÖPÖ]Ö EHOLUOH\HQ NOWUHO GHøHUOHULQ GH GHøLûPHVLQHPVDDGHHWPHNJHUHNLU .UHVHOOHûPH\L IDUNOÖ NOWUOHUH PHQVXS WRSOXPODUÖQ ED]Ö HYUHQVHO GHøHUOHU ]HULQGH DQODûÖS X]ODûPDODUÖQD \RO DoDFDN ELU VUHo RODUDN DOJÖODUVDN EX PLV\RQX JHoPLû PHGHQL\HWOHULQ KLo ELULQLQ JHUoHNOHûWLUHPHGLNOHULQL J|UU] dQN HVNL PHGHQL\HWOHU \D |UIH GD\DQDQ PDKDOOL ELU NOWUQ \D GD ELU LQDQo VLVWHPLQLQ NRPûX WRSOXPODU ]HULQGH ELU Jo KDOLQH JHOLS JHQLûOHPHVL ûHNOLQGH ROPXûWXU *HUHN |UIOHULQ YH JHUHNVH LQDQo VLVWHPOHULQLQ HYUHQVHOOLN YDVÖIODUÖ ROPDGÖøÖQGDQ EX WHPHOOHU ]HULQGH NXUXOPXû GQ\D J|UûOHULQLQ WP GQ\D KDONODUÖ WDUDIÖQGDQ EHQLPVHQPHVL ]DWHQ EHNOHQHPH]GL %X VHEHSOH |UI YH LQDQFD GD\DQDQ NOWUOHU WP oDEDODUD UDøPHQ HYUHQVHO ELU PHGHQL\HW YH\D JOREDO GHøHUOHU UHWHPHPLûOHUGLU 2ODVÖ ELU FLKDQ PHGHQL\HWL YH\D ELU ]DPDQ GLOLPLQGH PHYFXW EWQ WRSOXPODUÖQ LûWLUDN HGHELOHFHøL JOREDO ELU GQ\D J|UûQQ YDU RODELOPHVL LoLQ LNL WHPHO ûDUWÖQ \HULQH JHWLULOPHVL OD]ÖPGÖU %LULQFLVL E|\OH ELU GQ\D J|UûQQ LVNHOHWLQL ROXûWXUDFDN LONHOHULQ DNÖO WHPHOLQHGD\DQPDVÖGÖUùNLQFLVLEXLONHOHULQ\D\ÖOPDYHSURSDJDQGD\|QWHPLQLQELOLQFH 2'7h)HOVHIH%|OP 8OXVDO8\JXODPDOÖ(WLN.RQJUHVL \|QHOLN LNQD PHWRGX\OD JHUoHNOHûPHVLGLU %LULQFL ûDUWWD ¶DNÖO· XQVXUXQX YXUJXODPDNOD LQDQo YH JHOHQHNOHULQ \HUHO |]HOOLNOHU WDûÖPDVÖ VHEHEL\OH HYUHQVHO NDEXOH XODûDPD\DFDNODUÖQÖ GROD\ÖVÖ\OD HYUHQVHOOLN VÖIDWÖQÖQ DQFDN EWQ LQVDQODUGD RUWDN ELU |øH RODQ DNÖO WHPHOLQGH RODELOHFHøLQL LIDGH HWPHN LoLQGLU ùNLQFL ûDUWWD ¶LNQD· \|QWHPLQL YXUJXODPDNOD DNOD GD\DQDQGHøHUOHULQ Jo YHûLGGHW X\JXODPDODUÖ\OD \D\ÖODPD\DFDøÖQÖ EX GHøHUOHULQ NXYYHWLQL |]JU LûOH\HQ ELOLQFLQ NDEXOOHQPHVLQGHQ DOGÖøÖQÖ EHOLUWPHN LoLQGLU 7HPHOLQGHVDIDNOLGHøHUOHURODQYH\|QWHPRODUDN¶LNQD·PHWRGXQXVHoHQELUGQ\D J|Uû WDULKWH EHQ]HUL ROPD\DQ ELU GQ\D J|UûGU ùQVDQÖ DOÖûÖOPÖûÖQ GÖûÖQGD ELU \DûDP PRGHOLQH VUNOH\HQ EX GQ\D J|Uû ELUH\OHU WDUDIÖQGDQ EHQLPVHQLS HWNLQOLN ND]DQÖQFD ]DPDQ LoLQGH ELUH\LQ GDKD |QFH EDøOÖ ROGXøX XOXVDO YH GLQVHO GHøHUOHULQ ]HULQGH D\UÖûWÖUÖFÖ ELU URO R\QD\DFDNWÖU 'HøHUOHU DODQÖQGD ELU GHYULP \DUDWDFDN RODQ NUHVHOOHûPH GDOJDVÖQÖQ WDULKVHO DUNDSODQÖQÖ EDûND ELU DUDûWÖUPD\D EÖUDNÖS EX \HQL GûQFH KDUHNHWL\OH KDQJL GHøHUOHULQ ND\EROXS \HULQH KDQJL GHøHUOHULQ RWXUDFDøÖQÖ LOHUL\HG|QNELUVSHNODV\RQELoLPLQGHHOHDODOÖP .UHVHOOHûPH|QFHVL\DQLKDOLKD]ÖUGDPHYFXWRODQGHøHUOHUHEDNWÖøÖPÖ]GDRQODUÖûX ûHNLOGHVÖUDOD\DELOLUL]'LQÖUNGLOYDWDQWDULK%XQODUÖQKHSVLQLQYH\DELUNÖVPÖQÖQELU DUD\D JHOPHVL\OH XOXVDO NOWU PH\GDQD JHOLU 8OXVDO NOWU oRøX ]DPDQ EDûND XOXVDO NOWUOHUL GH NDSVD\DQ ELU GQ\D J|UûQQ DOW NLPOLøL QLWHOLøLQGHGLU 'Q\D J|UûQGHNL GHøLûPHOHUNL EX X]XQ ]DPDQ LVWHU XOXVDO NOWU ROXûWXUDQ |øHOHUGHNL GHøLûPHOHUH EDøOÖGÖU .UHVHOOHûPH U]JkUÖQD PDUX] NDODQ XOXVDO NOWUQ EX WHPHO |øHOHULQL WDQÖPODPD\D oDOÖûÖUVDN ûX |]HOOLNOHU GLNNDW oHNHU %LU XOXV LoHULVLQGHNL ELUH\OHUL ED]Ö RUWDN GHøHUOHUGH ELUOHûWLUHQ EX NDYUDPODU KHU ûH\GHQ |QFH ND]DQÖOPÖû VÖIDWODU GHøLO YHULOPLû VÖIDWODUGÖU <DQL ELUH\ NLPOLøLQL ROXûWXUDQ EX |]HOOLNOHUL NHQGLVL HOGH HGLS VHoPH] .HQGLVLQL EHOOL ELU ÖUNÖQ PHQVXEX RODUDN EHOOL ELU YDWDQGD EHOOL ELU GLQGH YH EHOOL ELU GLOL NRQXûPD\D ]RUODQPÖû RODUDN J|UU %LUH\ EL\RORMLN \|QGHQ NHQGLVLQLGLøHULQVDQODUGDQQDVÖOIDUNOÖJ|U\RUVDNHQGLVLQHHPSR]HHGLOPLûEXVÖIDWODU VHEHEL\OH GH NHQGLVLQL EDûND NOWUQ LQVDQODUÖQGDQ D\UÖ J|UPHNWHGLU .LPOLøL ROXûWXUDQ |øHOHUOH GRøDGDQ JHOHQ |]HOOLNOHU DUDVÖQGD ELU SDUDOHOOLN RUWD\D oÖNPDNWDGÖU úLPGL ELU GRøD NXUDOÖ YH\D ]RUXQOX ELU ûDUW ELoLPLQGH ELUH\LQ VWQH o|NHQ EX NLPOLN EHOLUOH\HQ IDNW|UOHU JLWWLNoH |]JUOHûPH\H YH RWRQRP ROPD\D oDOÖûDQ JOREDO LQVDQÖQ NDEXOHGHFHøLELUGXUXPPXGXU" %LU NÖVPÖ 2UWDoDøGDQ GHYUDOÖQDQ EX NOWUHO GHøHUOHULQ EDûND ELU RUWDN |]HOOLøL GH DOJÖ\D GD\DQPDODUÖGÖU ,UN NDUDNWHUOHUL GLQL ELoLP YH ULWHOOHU OLQJXLVWLN VHV IDUNOÖOÖNODUÖ YHFRøUDILNDULQHOHUKHSDOJÖREMHOHULGLU<DQLDNÖOVDOOÖNWDQGRøDQYHDOJÖVÖQÖUODUÖQÖDûDQ VR\XW GHøHUOHUH ]ÖW J|UPH YH LûLWPH\H GD\DQDQ ]RUXQOX VÖQÖU EHOLUOH\HQ VRPXW GHøHUOHUGLU $OJÖ REMHVL ROPDODUÖ YH GROD\ÖVÖ\OD VÖQÖU EHOLUOHPHOHUL VHEHEL\OH ELU WDUDIWDQ ELUH\OHU DUDVÖQGD X]ODûÖPODU VDøODUNHQ GLøHU WDUDIWDQ D\UÖûPDODUD \RO DoDU %X \]GHQ EX GHøHUOHU\HUHOOLøHPDKNPROGXNODUÖQGDQHYUHQVHOOLNG]H\LQHoÖNDPD]ODU 6DøODGÖNODUÖ X]ODûÖPODUÖQ NDOLWHVLQH JHOLQFH H\OHPLQ JHULVLQGHNL HWLN YH\D SUDJPDWLN SUHQVLSOHUGHQ \RNVXQ ROGXNODUÖ LoLQ EX GHøHUOHUOH \HWLQHQ ELUH\ EHGHQVHO YH ]LKLQVHO \HWHQHNOHULQL KDUHNHWH JHoLUHPH] %XQXQ VRQXFX RODUDN PXWOXOXN YH HUGHPOLOLN PLV\RQXQX LFUD HGHPH] %LUH\LQ LQVDQ RODUDN \HWLOHULQL ROXPOX \|QGH KDUHNHWH JHoLUHPH\HQEXGHøHUOHUHEX\]GHQ¶DWÖO·GHøHUOHUGHQLOHELOLU 'LøHU WDUDIWDQ EX GHøHUOHU HWUDIÖQGD ELUOHûHQ ELUH\OHULQ ELUELUOHULQL GDKD ID]OD VHYGLNOHULQL \DUGÖPODûWÖNODUÖQÖ VD\JÖ GX\GXNODUÖQÖ GD V|\OHPHN ]RUGXU dQN GDKD <DVLQ&H\ODQ³.UHVHOOHûPH6UHFLQGH(WLN6RUXQODU |QFH GH EHOLUWWLøLPL] JLEL EX GHøHUOHU H\OHPOHULPL]LQ KHPHQ JHULVLQGHNL SUHQVLSOHU GHøLOOHUGLU GDKD X]DNWD DLGL\HW ELOGLUHQ NDYUDPODUGÖU +DWWD EX DLGL\HWOHU ED]Ö GXUXPODUGD L\LOLN YH J]HOOLNOH |]GHûOHûWLULOGLøLQGH ELUH\L VRUXPVX] GDYUDQÖûODUD LûOHGLøLN|WONOHULHUGHPRODUDNJ|UPH\HVUNOH\HELOLU %X DWÖO GHøHUOHU D\UÖFD LQVDQODUÖ KDNVÖ] NULWHUOHU ]HULQGH NDPSODUD D\ÖUÖU %LUH\LQ NHQGLVLQLQ VHoPHGLøL QH L\L QH GH N|W RODQ EX GHøHUOHU ED]ÖQGD LQVDQODU EHOOL NDWHJRULOHUHD\UÖOÖQFDEXNDWHJRULOHULQELUNÖVPÖQDVÖUINH\ILELULUDGH\OH¶L\L·GLøHUOHULQH ¶N|W·GHQLOPHVLWRSOXPODUDUDVÖQGDILWQHoÖNDUPDQÖQHQVLQVLPHWRGXGXU 0RGHUQ]DPDQODUGDLOHWLûLPYHXODûÖPDUDoODUÖQÖQKÖ]ND]DQPDVÖ\ODIDUNOÖNOWUYH \DûDP ELoLPOHULQL EHQLPVH\HQ WRSOXPODUÖQ ELUELUOHULQH NDUûÖ GX\GXNODUÖ JHOHQHNVHO NXûNXODU \DYDû \DYDû RUWDGDQ NDONPDNWDGÖU )DUNOÖ ELU GLQH YH\D ÖUND PHQVXS ROPDNOD WRSOXPODUÖQ ¶L\LOLNOHU· YH ¶N|WONOHU· EDNÖPÖQGDQ ELU LPWL\D]D VDKLS ROPD\DFDNODUÖQÖ YH\D oHNLQFH\H PDUX] NDOPD\DFDNODUÖQÖ LQVDQODU EL]]DW ELUELULOHULQL J|]OHPOH\HUHN NDYUDPÖûODUGÖU +HQ] D\GÖQODQPDPÖû NLWOHOHUL ELU DUDGD WXWPDN LoLQ NXOODQÖODQ YH DNÖOVDO JHUHNoHGHQ \RNVXQ EX DWÖO YH KDWWD oRøX ]DPDQ ]DUDU YHUHQ X]ODûÖPODUÖQ PRGHUQD\GÖQWRSOXPODUÖQGHøHUOHUVLVWHPLQGH\HUL\RNWXU %LOLP WHNQRORML HNRQRPL YH HWLN NRQXODUÖQGD ]RUXQOX RODUDN EHQ]HûHQ YH RUWDN GHøHUOHUH GRøUX VUNOHQHQ WRSOXPODUÖQ EX HøLOLPL WDPDPODPDN LoLQ XOXVDO NOWU oHPEHULQGHQ oÖNÖS EWQ LQVDQODUD KLWDS HGHQ \HQL GHøHUOHU EXOPDVÖ ûDUWWÖU %X GHøHUOHULQ HQ EDUL] YDVIÖ \HUHOOLNWHQ YH DOJÖVDOOÖNWDQ X]DN ROPDVÖGÖU %XQXQ DGÖ ¶DNOL GHøHUOHU·GLU %X GHøHUOHU D\QÖ ]DPDQGD GLQDPLN GHøHUOHUGLU ùQVDQODUÖ JHUHN GRøD\OD RODQ LOLûNLVLQGH YH JHUHNVH ELUELUOHUL\OH RODQ LOLûNLVLQGH ELULNLPFL ELU PNHPPHOOLøH J|WUU $NOLGHøHUOHUELUH\OHUYHNLWOHOHUDUDVÖQGDDQODPOÖYHYHULPOLLUDGHYHHUNLûELUOLøLQH \RODoDUNHQELUH\VHOOLøHGHJHQLûELUDODQEÖUDNÖU%LUH\LLKPDOHGHQGQ\DJ|UûOHULQLQ WDULK VUHFLQGH RUWD\D NR\GXNODUÖ PHGHQL\HW WHûHEEVOHUL KHS HNVLN NDOPÖûWÖU 7RSOXP DGÖQDELUH\LIHGDHGHQNOWUOHUVRQXQGDLQVDQVWKD\DOLGHøHUOHU\DUDWDUDNLQVDQODUÖ NHQGL NXUXQWXODUÖQD N|OH \DSPDN VXUHWL\OH ]LKQHQ QH WU KDVWDOÖNOÖ FHPDDWOHU \DUDWWÖNODUÖQÖEXJQN\DûD\DQIDUNOÖWRSOXPODU\HOSD]HVLQGHJ|UPHNPPNQGU $NOL GHøHUOHULQ HJHPHQ ROGXøX JOREDO ELU GQ\D J|UûQGH LQVDQ ELOLQFL WHPHO PHûUXL\HW ]HPLQL ROGXøXQGDQ ELU GHøHULQ GHøHU PHUWHEHVLQH oÖNPDVÖ LoLQ ELOLQo WDUDIÖQGDQ DQODûÖOPDVÖ YH ELUH\OHUDUDVÖ ELU NDEXOH XODûPDVÖ JHUHNLU %LOLQo LoLQGH NDYUDQPDVÖ PPNQ ROPD\DQ YH D\QÖ JHUHNoH ED]ÖQGD ELUH\OHUDUDVÖ ELU RUWDNOÖøD XODûDPD\DQV|]GH\FHGHøHUOHULQE|\OHELUGQ\DJ|UûQGH\HUL\RNWXU *OREDO VHYL\H\H JHOHELOPHN LoLQ \HJkQH ûDUW RODQ DNOD X\JXQOXN YH\D GHøHULQ DNÖO WHPHOOL ROPDVÖ ûDUWÖ EX GHøHUL LIDGHGH NXOODQÖODQ GLOLQ PHWDIL]LN YH\D VÖQÖUÖ EHOOL ROPD\DQ JL]HPOL NDYUDPODUGDQ DUÖQPÖû ROPDVÖQÖ GD JHUHNWLULU 6DGH DQODPÖ EHOLUJLQ V|]FNOHUOH WDQÖPODQDQ JOREDO GHøHUOHULQ JOREDO \DûDP WDU]ÖQD JHoLû VUHFL LoHULVLQGHNL NOWUOHUGHD\QÖDQODPODUÖYHUPHVLJHUHNOLGLU *OREDO ELU GQ\D J|UûQH HULûHELOPHN LoLQ JOREDO GHøHUOHU UHWHFHN RODQ LQVDQ ELOLQFLQLQEXPLV\RQXQXLFUDHGHELOPHVLLoLQ|]JUROPDVÖHQ|QHPOLNRûXOGXU$QFDN |]JUFH LûOH\HQ ELU ELOLQo NHQGLVLQL KDSVHGHQ HPSR]H HGLOPLû KDVWDOÖNOÖ GHøHUOHUGHQ NXUWDUÖS \HQL GHøHUOHU UHWHELOLU g]JU RODPDPÖû ELOLQo ]LKLQVHO LûOHYLQL IHOo HGHQ V|]GH GHøHUOHULQ ND\EROPDVÖQGDQ DFÖ KLVVHGHU (Q N|NO NLPOLøLPL] RODQ ¶LQVDQ· NLPOLøLPL]LJoOHQGLUPHNXøUXQDGLøHUHNVLNDLGL\HWOHULPL]LEÖUDNPDPÖ]GRøDOGÖU(øHU LQVDQ \DûDPÖQD ELU DPDo YHULOHELOVH\GL RQD HQ \DNÖûDQ DPDo EX WHPHO YH |] NLPOLøL LFUDHWPHNRODELOLUGL 'HøHU<DUJÖODUÖQGDg]QHOOLN1HVQHOOLN7DUWÖûPDVÖh]HULQHELUùQFHOHPH 'Ro'U6DUDdHOLN *QON NRQXûPDODUÖPÖ]GD oHûLWOL EDøODPODUGD VUHNOL RODUDN NXOODQGÖøÖPÖ] ´L\Lµ ´N|Wµ ´GRøUXµ ´\DQOÖûµ ´KDNOÖµ ´KDNVÖ]µ ´|GHYµ ´VRUXPOXOXNµ ´JHUHNOLOLNµ JLEL WHULPOHU \D GD NDYUDPODU HWLN GHøHUOHUL \D GD QLWHOLNOHUL J|VWHULUOHU %XQODUÖQ LoLQGH \HU DOGÖøÖ \DUJÖODU GD HWLN \DUJÖODU RODUDN VÖQÖIODQGÖUÖOÖU $QFDN EX HWLN \DUJÖODU GH\LPL ROGXNoDJHQLûoHUoHYHOHQPLûELUDODQÖDQODWPDNWDGÖUdQNEXoHUoHYHLoLQGH|QFHOLNOH HWLN GHøHUOHULQ ´L\Lµ ´N|Wµ JLEL GHøHU WHULPOHULQLQ WDQÖPODUÖ YH E|\OH WDQÖPODUÖQ JHoHUOLOLøLQL \D GD RODVÖOÖøÖQÖ DUDûWÖUDQ |QHUPHOHU RODELOLU ùNLQFL RODUDN DKODNVDO \NPOON \D GD VRUXPOXOXNWDQ GRøDQ DKODNVDO GDYUDQÖûÖQ JGOHULQL DUDûWÖUDQ YH VRUJXOD\DQ |QHUPHOHU RODELOLU %LU oQFV DKODNVDO HUGHPL |øWOH\HQ WHûYLN HGHQ \DUJÖODU RODELOLU YH QLKD\HW LQVDQODUÖQ NLûLOLN QLWHOLNOHULQH NLûLOLNOHULQLQ EWQQH H\OHPOHULQH JHQHO RODUDN ELU H\OHP WUQH \|QHOLN \DUJÖODU |QH VUOPû RODELOLU (WLN WHRULLoLQGHDVÖOGDUDQODPGDGHøHU\DUJÖODUÖEXVRQXQFXODUÖGÖU $VOÖQGD EX G|UW HWLN \DUJÖ WU DUDVÖQGDNL D\UÖP JHoPLûWHQ EXJQH SHN oRN HWLN ILOR]RIX WDUDIÖQGDQ DoÖN RODUDN J|UOPû YH GX\DUOÖOÖNOD HOH DOÖQPÖû GHøLOGLU +DWWD oRøXQOXNOD ILOR]RIODUÖQ HWLN NDYUDPODUÖQGD QH\LQ QH ROGXøX VRQ GHUHFH EXODQÖN ELU GXUXPGDGÖU%XGDHWLNDODQÖQGDLûOHULQROGXNoDNDUPDûÖNELUJ|UQPDOPDVÖQDQHGHQ ROPDNWDGÖU $-$\HUEXG|UWOVÖQÖIODPD\ÖYXUJXOD\DUDNEXQODUGDQVDOWELULQFLNDWHJRULQLQ\DQL HWLN GHøHU WHULPOHULQLQ WDQÖPODUÖ\OD LOJLOL RODQ |QHUPHOHU DODQÖQÖQ NDWÖNVÖ] DKODN IHOVHIHVLQL ROXûWXUGXøXQX LIDGH HGHU 2QD J|UH LNLQFL JUXEX ROXûWXUDQODU \DQL DKODNVDO VRUXPOXOXNOD LOJLOL \DUJÖODUÖQ JGOHULQL DUDûWÖUDQODU |QQGH VRQXQGD VRV\RORML YH SVLNRORML |QHUPHOHULQH LQGLUJHQHELOLUOHU $KODNVDO HUGHPL |øWOH\HQOHU LVH KLoELU ELoLPGH ELU ROJX |QHUPHVL ROPD\ÖS ELUH\L EHOLUOL WUGHQ ELU H\OHPH \|QHOWPH LûOHYLQL VWOHQHQ HPLU \D GD GLOHN \D GD QOHP WUQGH LIDGHOHUGLU %XQODU QRUPDWLI HWLNWH ERO ERO \HU DODQ LIDGHOHU ROPDNOD ELUOLNWH EXJQ oDøGDû ELU EDNÖû DoÖVÖ RODQ PHWDHWLN \D GD HOHûWLUHO HWLN DoÖVÖQGDQ |QHUPH ELOH GHøLOGLUOHU %X QHGHQOH GH ELOJL GHøHUL WDûÖGÖNODUÖQÖ V|\OHPHN VRQ GHUHFH ]RUGXU '|UGQF JUXS \DUJÖODUD \DQL GDU DQODPGD GHøHU \DUJÖODUÖQDJHOLQFHEXQODUÖQGDQDVÖOGHøHUOHQGLULOPHOHULJHUHNWLøLKHQ]WDPRODUDNJQ ÖûÖøÖQD oÖNDUÖOPÖû GHøLOGLU $QFDN EXJQ LoLQ HWLN WDUWÖûPDODUÖQ oRN E\N ELU E|OP EXDODQ]HULQGHRGDNODQPÖûJ|UQPHNWHGLU %XGHøHU\DUJÖODUÖQÖQJHUoHNPDQWÖøÖQHGLU"%XQODUROJX|QHUPHVLPLGLU\RNVDGHøLO PLGLU"ùONEDNÖûWDWDQÖPÖJHUHøLELUNLûLQLQELUWDNÖPQLWHOLNOHULNDUDNWHUL\DGDELUH\OHP LOH LOJLOL \DUJÖODU ROGXNODUÖQD J|UH EXQODUÖQ ELU ROJXVDOOÖøÖ GLOH JHWLUPHOHUL GRøDOPÖû JLEL J|UQPHNWHGLU$QFDNLûOHUKLoGHGûQOGøJLELNROD\GHøLOGLUdQNELUH\OHP\D GD NLûL ELU GHøHU V|]Fø LOH QLWHOHQPHNWHGLU YH EX GHøHU V|]FøQQ ELU ROJX\X J|VWHULS J|VWHUPHGLøL NXûNXOXGXU %XUDGDNL VRUXQ ´L\Lµ ´N|Wµ JLEL GHøHU NDYUDPODUÖQÖQ \D GD WHULPOHULQLQ QH ROGXøXQXQ QH WU YDUOÖNODU ROGXøXQXQ WDP RODUDN JQÖûÖøÖQDoÖNDUÖODPDPDVÖQGDQND\QDNODQPDNWDGÖU%XQODUJHUoHNPLLGHDOPLRODQPÖ 0HUVLQhQLYHUVLWHVL)HOVHIH%|OP 8OXVDO8\JXODPDOÖ(WLN.RQJUHVL ROPDVÖJHUHNHQPLPXWODNPÖJ|UHOLPL"(WLN\DNODûÖPODUEXVRUXODUDVRQGHUHFHIDUNOÖ \DQÖWODU YHUPLûWLU YH YHUPH\H GH GHYDP HWPHNWHGLUOHU $VOÖQGD HWLN VRUXQODUOD LOJLOL KHU DODQGD ROGXøX JLEL EX DODQGD GD WDP ELU X\XûPD]OÖN YDUGÖU %X WHPHOGHQ X\XûPD]OÖN NXûNXVX]GDUDQODPGDGHøHU\DUJÖODUÖDODQÖQÖGDGRøUXGDQHWNLOHPHNWHGLU %L] EXUDGD GLNNDWLPL]L GHøHU \DUJÖODUÖQÖQ PDQWÖNVDO \DSÖVÖQD \|QHOWWLøLPL] LoLQ EX DODQÖ GRøUXGDQ LOJLOHQGLUHQ J|UûOHUL LQFHOH\HUHN ELU GHøHUOHQGLUPH \DSPD \ROXQD JLGHFHøL]'HøHU\DUJÖODUÖQÖQPDQWÖNVDO\DSÖVÖQD\|QHOLNHQWXWDUOÖYHNDSVDPOÖDoÖNODPD \\ RUWDODUÖQD GRøUX IHOVHIH VDKQHVLQGH \HULQL DODQ 0DQWÖNoÖ 3R]LWLYLVWOHUGHQ JHOPLûWLU %XQODUÖQ \DNODûÖPÖQD GX\JXVDOFÖ NXUDP GHQLOPHNWHGLU $PD EX NXUDPÖ GD LoLQHDODQGDKDJHQHOELUGRøUXOWX|]QHOFLOLNVEMHNWLYL]PRODUDNEHOLUOHQPHNWHGLU%X \DNODûÖPÖQ WHPHOOHUL GH \\·D 'DYLG +XPH·D NDGDU J|WUOHELOLU \\·ÖQ HWNLOL GûQU %HUWUDQG 5XVVHOO·ÖQ GD HWLN HOHûWLULOHUL EDNÖPÖQGDQ D\QÖ \DNODûÖPÖ EHQLPVHGLøL GLNNDWOHUGHQNDoPDPÖûWÖU 0HWDHWLNELU\DNODûÖP\DQLELUHWLNHOHûWLULVLRODQ|]QHOFLOLøLQJHQHOVDYÖQDJ|UHWP HWLN\DUJÖODUGLOVHOJ|UQPOHULQDVÖOROXUVDROVXQEXHWLN\DUJÖ\Ö|QHVUHQLQGÖûÖQGDNL QHVQHO ELU YDUOÖøD \D GD GXUXPD GHøLO WDP WHUVLQH \DUJÖ\Ö |QH VUHQLQ NHQGL ]LKLQVHOOLøLQH NHQGL ]LKLQVHO ELU HGLPLQH J|QGHUPHGH EXOXQXUODU g] EDNÖPÖQGDQ EXUDGDHWLN\DUJÖ\Ö|QHVUHQNLûLQLQGX\JX\DGD ]LKLQVHO\|QHOLPLLOHLOJLOLELUDQODWÖP YDUGÖU RUWDGD %|\OH ROXQFD GD HWLN \DUJÖODU GDLPD |]QHO DQODWÖPODUGÖU 6RQXO RODUDN DKODNOÖOÖNGDLPDVDOWELUKRûODQPDNRQXVXGXUù\LGL\HELUûH\\RNWXUDPDGûQPHRQX YDU HGHU $KODNVDO X\XûPD]OÖNODU E\N |OoGH WXWXPODUGD NDUûÖPÖ]D oÖNDQ X\XûPD]OÖNODUGÖU $KODNVDO WDUWÖûPDODU HøHU VRQD HUGLULOHFHNVH DQFDN ûX EDøODPGD RODELOLU %HQ ´(QYHU3DûD L\L ELU DGDPGÖµGL\RUVDP VHQGH ´KD\ÖU (QYHU3DûD N|WELU DGDPGÖµGL\RUVDQEXUDGDNLWDUWÖûPDV|]JHOLPLEHQLPVHQLVXVWXUPDPDQODPÖQGD\DGD VHQLQ GX\JXODUÖQÖ EHQLPNLQH \DNODûWÖUPDP DQODPÖQGD VRQD HUGLULOHELOLU YH EHQ EX DQODPGDELU]DIHUND]DQDELOLULP<RNVDKLoELU]DPDQVHQLQ\DUJÖQÖQ\DQOÖûEHQLPNLQLQ GRøUXROGXøXDQODPÖQGDGHøLOGLUEX g]QHOFLOLøH SHN oRN NDUûÖ oÖNÖû \DSÖOPÖûWÖU ùON DNOD JHOHQOHUGHQ ELULVL |]QHOFL GûQUOHULQ KLoELU HWLN \DUJÖ |QH VUPHPHOHUL \|QQGHGLU dQN |QH VUHUOHUVH NHQGL VDYODUÖ LOH WXWDUVÖ] ELU GXUXP ROXûDFDNWÖU $QFDN ELOLQGLøL JLEL 5XVVHOO HYOLOLN ERûDQPD GRøXP NRQWURO GûPDQOÖN NÖVNDQoOÖN VXoOXOXN NRUNX VHYJL JLEL NRQXODUGD|øWYHULFL\DQLQRUPDWLIQLWHOLNWHSHNoRN|QHUPHRUWD\DNR\PXûWXU3HNLR ]DPDQ 5XVVHO HWLN \DUJÖODUÖQ PDQWÖNVDO \DSÖVÖQD |]QHOFL \DNODûÖPOÖ ELULVL RODUDN NHQGL NHQGLVL\OHoHOLûPL\RUPX".HVLQOLNOHGHøLOdQN5XVVHOO|QHVUGøILNLUOHULQELULFLN GRøUXOXNODU ROGXNODUÖQÖ LGGLD HWPL\RU 6DGHFH NHQGLVLQLQ KRûXQD JLGHQ EX DoÖGDQ NHQGLVLQLQ RQD\ YHUGLøL o|]POHUL |QH VU\RU %X DoÖGDQ 3DXO (GZDUGV·ÖQ XVODPODPDVÖQÖ GD DNWDUDELOLUL] ´)DUNOÖ EHVWHFLOHULQ HVHUOHULQLQ ELULQLQ |WHNLQGHQ GDKD VWQ ROGXøXQX V|\OH\HPH\L] dQN EXUDGDNL GXUXP WP\OH ELU EHøHQL NRQXVXGXU %X GXUXPGD EHQ 6LEHOLXV·WDQ GDKD oRN 6FKXEHUW·WHQ KRûODQGÖøÖPÖ V|\OHUVHP KLoELU ELoLPGH WXWDUVÖ] GDYUDQPÖûROPDP 6DGHFH ûX ûHNLOGH WXWDUVÖ] RODELOLUGLP (øHU EHQLP 6FKXEHUW·LWHUFLKLPLQVHQLQ6LEHOLXV·XWHUFLKLQGHQGDKDGHøHUOLROGXøXQXV|\OHVH\GLPµ $\QÖ ûHNLOGH ELU |]QHOFL GHRUWD\D DKODN \DUJÖODUÖ NR\GXøXQGD ¶VHQLQ HWLN \DUJÖODUÖQVDOW QH KLVVHWWLøLQOH LOJLOL \DUJÖODUGÖU EHQLPNLOHUVH QHVQHO GRøUXOXNODUGÖU· GHPHGLNoH KLoELU ELoLPGH WXWDUVÖ] GDYUDQPÖû ROPD] %X GXUXP WÖSNÖ :LWWJHQVWHLQ·ÖQ ûX \DNODûÖPÖQD EHQ]HPHNWHGLU:LWWJHQVWHLQHWLNYHHVWHWLN\DUJÖODUÖQGÖûGQ\DGDQHVQHOELUNDUûÖOÖNODUÖ ROPDGÖøÖQÖ EX QHGHQOH DQODPGDQ \RNVXQ ROGXNODUÖQÖ \DQL QH GRøUX QH \DQOÖû RODELOHQ |QHUPHOHUROGXNODUÖQÖ|QHVUQFHNHQGLVLQH´VHQLQEXV|\OHGLNOHULQL\DGD\D]GÖNODUÖQÖ 6DUDdHOLN³'HøHU<DUJÖODUÖQGDg]QHOOLN1HVQHOOLN7DUWÖûPDVÖh]HULQH QDVÖO DQODPDOÖµ GL\H VRUXOPXû R GD ´EHQLPNLOHU GH ELU PHUGLYHQ J|UHYL J|UPHNWHGLU oÖNDFDøÖQÖ] \HUH oÖNWÖNWDQ VRQUD HOLQL]OH LWLS \ÖNDELOLUVLQL]µ GHPLûWLU *|UOGø JLEL |QHPOLRODQVDYXQXODQILNLUOHUGHQoÖNDELOHFHNRODQWXWDUOÖVRQXoODUÖYXUJXODPDNWÖU $PD EX DODQGD \DSÖODQ GDKD VDUVÖFÖ NDUûÖ oÖNÖûODU NDUûÖVÖQGD |]QHOFLOHU J|UûOHULQL ELUD] GDKD JHOLûWLUPH \ROXQD JLWPLûOHUGLU gUQHøLQ ´[ L\LGLUµ GHQGLøLQGH EXQXQ VRQXO DQODPÖ ´[·GHQ KRûODQÖ\RUXPµ GHPHNWLU úX KDOGH EXQODU ELUELULQH |]GHû |QHUPHOHU ROX\RUODU g\OH LVH ELULQL NDQÖWOD\DQ ROJXODU |WHNLVLQL GH NDQÖWODPDOÖ |UQHøLQ 5XVVHOO·ÖQ DWHLVW ROGXøXQX NDQÖWOD\DQ WP YHULOHU RQXQ WDQUÖQÖQ YDUOÖøÖQÖ \DGVÖ\DQ ELU NLûL ROGXøXQXGDNDQÖWODPÖûROXU3HNLELULVL´GRøXPNRQWURON|WELUX\JXODPDGÖUµGHUVH |]QHOFLOLøHJ|UHEXQXQDQODPÖ´GRøXPNRQWUROX\JXODPDVÖQÖRQD\ODPÖ\RUXPµROX\RU $QFDNEXLNLVLQLGHVWHNOH\HQYHULOHUELUYHD\QÖPÖ"gUQHøLQNLûLQLQGRøXPNRQWUROQ RQD\ODPDGÖøÖ \DUJÖVÖQÖ GHVWHNOH\HQ ROJXODU GRøXP NRQWUROQH NDUûÖW ELU WRSOXOXøD \H ROPDVÖ DOH\KLQGH \D]ÖODU \D]ÖS NRQXûPDODU \DSPDVÖ DKODNVDO NRQXPXQD HWNLQOLNOHULQH GHVWHN ROPDVÖ JLEL RWREL\RJUDILN ROJXODU RODFDNWÖU 7P EX ROJXODU RQXQ ¶GRøXP NRQWURO X\JXODPDVÖQÖ RQD\ODPÖ\RUXP· \DUJÖVÖQÖ GRøUXODPD\DELOLU DPD WP EX ROJXODU ¶GRøXPNRQWUROX\JXODPDVÖN|WGU·\DUJÖVÖQÖQDVÖOGHVWHNOH\HELOLUNL"úXKDOGHEXLNL |QHUPHELUELULQHHûGHøHUGHøLOPLû%|\OHFHWPHWLN|QHUPHOHUNLûLQLQKRûODQPD\DGD KRûODQPDPD GX\JXODUÖ LOH LOJLOL |QHUPHOHUH LQGLUJHQHPH] %XQGDQ GD |]QHOFLOLøLQ HWLN \DUJÖODUÖQÖQDQODPÖ\ODLOJLOLRODUDNKLoWHX\JXQELUJ|UûROPDGÖøÖVRQXFXoÖNDFDNWÖU %XQXQ ]HULQH |]QHOFLOHU GLOOHQGLULOGLøL ûHNOL\OH NXUDPODUÖQÖQ QH DQODPD JHOGLøLQL ELUD] GDKD DoÖN KDOH JHWLUPH oDEDVÖQD JLUPLûOHUGLU gUQHøLQ 5LFKDUG%UDQGW·D J|UH ELU NLûL ¶[ L\LGLU· GHGLøL ]DPDQ DVOÖQGD ûXQX LIDGH HWPHNWHGLU (øHU [ LOH LOJLOL RODUDN WP ROJXODUD VDKLS ROVD\GÖP YH HWLN RODUDN WXWDUOÖ ROVD\GÖP [·L RQD\ODUGÖP gUQHøLQ $YXVWUDO\DOÖ GûQU -RKQ 0DFNLH·\H J|UH EL]OHU ELU ûH\LQ L\L ROGXøXQX V|\OHGLøLPL] ]DPDQ KRûODQPDPÖ]ÖQ \DQÖ VÖUD RQXQ EHOLUOL QHVQHO ELU QLWHOLøH VDKLS ROGXøXQX GD GûQPHN LVWL\RUX] $PD GûQPHN LVWHPHPL] LOH E|\OH ELU QHVQHO QLWHOLN YDU ROPXû ROPX\RU 6RQXo RODUDN ¶[ L\LGLU· LIDGHVL\OH EL]LP RQX RQD\ODPDPÖ]GDQ GDKD ID]ODVÖQÖ NDVWHWPHPL]H NDUûÖQ E|\OH ELU QHVQHO ELU ¶L\L· QLWHOLøL EXODPDGÖøÖPÖ] LoLQ EX \DUJÖ LOH LOJLOL RODUDN VDKLS ROGXøXPX] GRøUXQXQ WP [·L RQD\ODGÖøÖPÖ]Ö LIDGH HWPHNWHGLU %|\OHFH |]QHOFLOLN L\L YH N|W JLEL |]HO QLWHOLNOHULQ YDUROXûXQX \DGVÖGÖøÖ |OoGH VHV JHWLUHQELUNXUDPRODUDNNDEXOHGLOHELOLU 6RQ RODUDN EX EDøODPGD GX\JXVDOFÖ HPRWLYH NXUDPÖQÖQ V|]Q HGHFHøL] $QFDN |]QHOFLOLøLQ HQ WDQÖQPÖû YH HWNLOL ROPXû RODQ EX WUQH JHoPHGHQ |QFH QHVQHOFLOLøLQ JHQHO VRUXODUÖQD GD |]HW RODUDN ELU J|] DWPDN |]QHOFLOLøLQ \HULQLQ GDKD NROD\ EHOLUJLQOHûPHVLQHNDWNÖVDøOD\DFDNWÖU 2OGXNoDIDUNOÖODûPDODUROPDVÖQDNDUûÖQEXUDGDEX\DNODûÖPÖLNLDQDGRøUXOWXRODUDN J|USHOHDOPDNNRQX\XoRNID]OD\D\PDPDNDGÖQD\DUDUOÖRODFDNWÖU 1HVQHOFLOLøLQ ELU WLSL GHøHU \DUJÖODUÖQÖQ NRQXVXQXQ GDLPD QHVQHO \DQL \DUJÖ\Ö |QH VUHQLQ ]LKQLQLQ GÖûÖQGD GRøDO ELUûH\ ROGXøXQX |QH VUHU %X GRøDOûH\ KHU QHROXUVD ROVXQ EL]LP GHQH\LPLPL]LQ ELU QHVQHVLGLU %X QHGHQOH HWLN \DUJÖODU GRøDO ELOLPOHUGH NXOODQÖODQ ELU WU \|QWHPOH GRøUXODQDELOLU \D GD \DQOÖûODQDELOLUOHU %X \|QWHP KLo NXûNXVX] J|]OHPGLU %X \DNODûÖPÖ EHOLUOH\HQ ILOR]RIODUD QHVQHO GRøDOFÖODU GHQLU %X QHVQHO GRøDOFÖOÖøÖQ HQ ELOLQHQ IRUPX \DUDUFÖOÖN XWLOLWDUL]P GÖU 1RUPDWLI ELU DKODN NXUDPÖ ROPDNWDQ GDKD oRN PHWDHWLN ELU NXUDP RODUDN DOJÖODQPD\D oDOÖûÖOGÖøÖQGD \DUDUFÖOÖNûXQXLIDGHHGHU¶[GRøUXGXU\DGD[L\LGLU·GHPHN[HQID]ODVD\ÖGDLQVDQLoLQ PPNQ RODQ HQ E\N PXWOXOXøX VDøODU· GHPHNWLU %XUDGD ¶[ L\LGLU· \DUJÖVÖ \DUDUFÖ GRøUXOXN |OoWQH EDûYXUXODUDN YH VWHOLN QH GHQOL oRN LQVDQD \DUDU VDøODGÖøÖQD 8OXVDO8\JXODPDOÖ(WLN.RQJUHVL EDNÖODUDN GRøUXODQPD\D oDOÖûÖOÖU gUQHøLQ ELULVL ¶GRøXP NRQWURO X\JXODPDVÖ L\LGLU· GHUVH EX ¶L\L ROPD·QÖQ NDUûÖOÖøÖ RODUDN WRSOXPXQ HQ E\N NHVLPLQH QH WU \DUDUODU VDøODGÖøÖ J|]OHP \ROX\OD EHOLUOHQPH\H oDOÖûÖOÖU 3HNL DPD EX X\JXODPD ELU NLûL\H ELOH ]DUDU JHWLUPLû ROVD WDQÖP JHUHøL RQXQ LoLQGH \LQH L\L ROPD\D GHYDP PÖ HGHFHN" *HUoHNWHEXDODQGDGDLûOHUKLoGHVRUXQVX]GHøLOGLU%XJ|Uû$PHULNDOÖGûQU-RKQ 'HZH\WDUDIÖQGDQELUD]GDKDVLVWHPDWL]HHGLOPLûWLU2QDJ|UHGHH\OHPLPL]LQYH\DHWLN LONHQLQ VRQXoODUÖ DPSLULN NDQÖWODUOD GRøUXODQDELOPHOLGLU YH EXQD EDøOÖ RODUDN HWLN \DUJÖODUÖPÖ]VRQXoODUÖQVÖQDYÖQGDQEDûDUÖ\ODoÖNDELOPHOLGLU %X J|UûH GH E\N LWLUD]ODU ROPXûWXU %LU NH] PXWOXOXøX KD] LOH HûOHûWLULUVHN oRN VD\ÖGD LQVDQÖQ RODELOGLøLQFH KD] DOPDVÖQÖ VDøOD\DQ ELU G]HQHN ]QWO VRQXoODU GRøXUDELOLU$\UÖFDVRQXoODUÖQÖQNRQWURO\DGDLûOHQPHVLEDNÖPÖQGDQ]RUOXNODURODELOLU YH \LQH EX L]OH\LûJ|]OHP KDQJL ]DPDQ VUHFL ER\XQFD RODFDNWÖU gUQHøLQ ELOLPVHO WÖS E\FONWÖEEÖQDJ|UHVRQXoODUÖEDNÖPÖQGDQ\DUDUOÖYHoRNGDKD\D\JÖQRODELOLU$QFDN KHUELOLPVHOX\JXODPDPXWODND\DUDUOÖVRQXoODUGRøXUXUGL\HPL\RUX] 1HVQHOFLOLøLQ ELU GLøHU WU VH]JLFLOLN HQWLV\RQL]P GLU 6H]JLFLOHUH J|UH GX\XODUD YH Lo J|]OHPH HN RODUDN ELU GH DKODNVDO VH]JL YH\D LoJ|U GL\HELOHFHøLPL] ELU \HWLPL] GDKD YDUGÖU %X \HWL LOH NLûLOHU KLo ROPD]VD HQ WHPHO HWLN \DUJÖODUÖQ GRøUXOXøXQX NDYUDUÖ]%X\HWLELUWUDQODPD\HWLVLGLUDSULRULGLU%LUDQGD¶LoHGRøPD·GHQLOHQûH\LOH KLoELU LOJLVL \RNWXU 7HUVLQH XVVDO ELU \HWLGLU %X NXUDPD J|UH WHPHO DKODNVDO LONHOHU PDQWÖN YH PDWHPDWLN LONHOHUL\OH D\QÖ NRQXPD VDKLSWLU $PD EXQODU ELU WU WDQÖP GD GHøLOGLU dQN EXQODU ROXPVDO GRøUXOXNODU NDWHJRULVLQGH \HU DOPD]ODU HYUHQGHNL JHUoHNYH]RUXQOXLOLûNLOHUL\DQVÖWÖUODU%XNXUDPÖQROGXNoDHVNLWHPVLOFLOHULQGHQ6DPXHO &ODUNH ´DNÖO VDKLEL ELU LQVDQ EXQODUÖQ GRøUXOXøXQX \DGVÖUVD EX GXUXP JHRPHWUL \D GD DULWPHWLNWHNL GRøUXODUÖ \DGVÖPDNOD D\QÖ DQODPD JHOLUµ GHPHNWLU \\·GDEXJ|UûWXWDQODUDUDVÖQGD'DYLG5RVV$&(ZLQJ1LFRODL+DUWPDQQ·ÖQDGODUÖ VD\ÖODELOLU *(0RRUH·GD 3ULQFLSLD (WKLFD·VÖQGD EX J|UûH \DNÖQ GûPûWU 2QD J|UH L\LYHN|WVÖUDGDQGX\XGHQH\LPLLOHYHULOHPH\HQELUWUQHVQHOQLWHOLNOHUHLûDUHWHGHUOHU YH EX QLWHOLNOHU \DOÖQ ELU \DSÖGD ROGXNODUÖ LoLQ WDQÖPODQDPD]ODU )DNDW 0RRUH D SULRUL HWLN ELU \HWLGHQ V|] HWPHPHNWH YH HWLN WDULKLQGH ûLPGL\H GHN \DSÖODQ WP L\L WDQÖPODUÖQÖQGDJHoHUVL]OLøLQL´NDSDOÖVRUXDoÖNVRUXµJLELELUWDNÖPXVODPODPD\ROODUÖLOH NDQÖWODPD\D oDOÖûPDNWDGÖU $VOÖQGD 0RRUH·XQ oDOÖûPDVÖ oRN E\N |OoGH PHWDHWLN ELU oDOÖûPDGÖUYHNHQGLQH|]JGU<XNDUÖGDV|]HGLOGLøLJLELVH]JLFLOHUGHGHL\L·QLQKLoELU WDQÖPÖ \RNWXU %X GXUXPGD QH WU DoÖNODPD \DSÖOÖUVD \DSÖOVÖQ VH]JLFL QHVQHOFLOLN GH \HWHUVL]NDOPD\DPDKNPGXU 0RRUH·XQL\LWDQÖPODQDPD]\DUJÖVÖJHUoHNWH|]QHOFLOLN\DNODûÖPÖQÖELUEDûND\|QGHQ GHVWHNOHU J|UQPHNWHGLU 1LWHNLP 0DQWÖNoÖ 3R]LWLYLVWOHU :LWWJHQVWHLQ·ÖQ ´HWLN \DUJÖODU DQODPGDQ \RNVXQGXUµ \DNODûÖPÖ NDGDU 0RRUH·XQ ´L\L WDQÖPODQDPD]µ \DUJÖVÖQGDQ GD E\N Jo DODUDN NHQGL ELOJLELOLPVHO \DNODûÖPODUÖQÖQ GD ÖûÖøÖ DOWÖQGD HWLN \DNODûÖPODUÖQÖ UDKDWoD IRUPOH HWPLûOHUGLU %|\OHFH \\·GD HQ oRN NRQXûXODQ YH HQ HWNLOL HWLN NXUDPODUGDQELULRUWD\DoÖNPÖûROX\RUGX%XNXUDPDGX\JXVDOFÖNXUDPGHQGLøLQL]DWHQ V|\OHPLûWLN %XQODU |QFO RODUDN 0RRUH·XQ L\L WDQÖPODQDPD] |QHUPHVLQGHQ \ROD oÖNDUODU DPD \LQH 0RRUH·XQ YXUJXODGÖøÖ \DOÖQ ELU QLWHOLøL J|VWHUGLøL LoLQ GHøLO DQODPVÖ] ROGXøXDQODPGDQ\RNVXQROGXøXLoLQWDQÖPODQDPD](øHUPXWODNDELUDQODPÖROPDOÖGÖU GL\H ÖVUDU HGLOLUVH R ]DPDQ ûX V|\OHQPHOLGLU ù\L YH |WHNL HWLN \NOHPOHU EHWLPOH\LFL \D GD ELOLûVHO DQODPGDQ \RNVXQ RODUDN VDOW GX\JXVDO ELU DQODPD VDKLSWLUOHU %LUH\OHUGH ROXûDQGX\JXVDOOÖNLVHWDQÖPODQDELOHFHNWUGHQELUûH\GHøLOGLU%XQHGHQOHRQODUDJ|UH DKODN \DUJÖODUÖQÖQ LûOHYL |WHNL NXUDPODU WDUDIÖQGDQ ûLPGL\H GHN KHS \DQOÖû DQODûÖOPÖûWÖU 6DUDdHOLN³'HøHU<DUJÖODUÖQGDg]QHOOLN1HVQHOOLN7DUWÖûPDVÖh]HULQH %XHWLN\DUJÖODUGRøUX\DGD\DQOÖûRODELOHFHNWUGHQ\DUJÖODUGHøLOGLUdQNRQODUROJX |QHUPHOHUL GHøLOGLU 2QODUÖQ LûOHYL KHUKDQJL ELU ûH\ KDNNÖQGD ELOJL YHUPHN GHøLOGLU +DWWD EL]LP NHQGL GX\JXODUÖPÖ] KDNNÖQGD GD ELOJL YHUPH]OHU (WLN \DUJÖODUÖQ LûOHYL GLQDPLNWLU EL] RQODUÖ GX\JXODUD LûDUHW HGHQ QOHPOHU JLEL \D GD GX\JXODUÖ KDUHNHWH JHoLUHQ HPLUOHU YH \LQH LQVDQODUÖQ H\OHPOHULQL HWNLOHPHN ]HUH YHULOHQ HPLUOHU JLEL NXOODQÖUÖ] (øHU ´6OH\PDQ 'HPLUHO L\L ELU DGDPGÖµ GL\RUVDP EX NDEDFD ´6OH\PDQ 'HPLUHO oRN \DûDµ GHPHNOH Hû DQODPOÖGÖU (øHU ELULVL ´JHOLU YHUJLVL YHULUNHQ YHUJL NDoÖUPDPDOÖGÖUµ GL\RUVD EX WÖSNÖ ´YHUJL NDoÖUPD KDDµ GHPHNOH Hû DQODPOÖGÖU 6DGHFH EXUDGD EHOLUOL |]HO ELU WRQ YH YXUJXODPD LoLQGH NRQXûDUDN GRøUXGDQ GRøUX\D HPLU YHUPHNWHQ NDoÖQÖOPDNWDGÖU úX KDOGH HWLN \DUJÖODU DODQÖQGD NDUûÖPÖ]D oÖNDQ X\XûPD]OÖNODU GX\JXODUÖPÖ]GDQ JGOHQHQ WDYÖU YH WXWXPODUGDNL X\XûPD]OÖNODUGÖU %X QHGHQOHHWLNWDUWÖûPDODUEHONLVRQDHUGLULOHELOLUDPDo|]POHQHPH] *HOLQHQ EX QRNWDGD RUWD \RO WXWDQ ED]Ö GûQUOHU GH HWLN \DUJÖODUÖQ KHP GX\JXVDO KHP GH EHWLPOH\LFL ELU DQODP WDûÖGÖøÖQÖ J|VWHUPH DUD\ÖûÖ LoLQH JLUPLûOHUGLU GHQHELOLU %XUDGDNL WHPHO WH] |UQHøLQ ´6OH\PDQ 'HPLUHO L\L ELU LQVDQGÖUµ GHQGLøLQGH EXQX GL\HQ NLûL 6OH\PDQ 'HPLUHO·H NDUûÖ |QH oÖNDQ KRûODQPD GX\JXODUÖQÖ LIDGH HWPHNOH ELUOLNWH \LQH GH 6OH\PDQ 'HPLUHO·LQ LoWHQOLøL LQVDQVHYHUOLøL ELOJHOLøL JLEL QLWHOLNOHUL ]HULQH ROJXVDO ELUWDNÖP LGGLDODU |QH VUPHNWHGLU 9H \LQH ELULVL ´YHUJL NDoÖUÖOPDPDOÖGÖUµ GHGLøLQGH R ELU WU HPLU YHUPHNWHGLU DPD ELU WDUDIWDQ GD YHUJL NDoÖUPDQÖQ RUJDQL]H WRSOXPXQ WHPHOLQL DOWWDQ o|NHUWPH\H G|QûHELOHFHøL \ROOX ELU ELOJL YHUPLû ROPDNWDGÖU $QFDN \LQH GH HWLN \DUJÖODUÖQ EHWLPOH\LFL ELU DQODPD VDKLS ROPDVÖQD L]LQ YHUHQ EX GûQUOHU EXUDGD GDLPD ´GRøDO ELU ûH\µ |QH VUGNOHULQGH |]HO ELU \HWLQLQ ND\QDNOÖN \DSPDVÖQD JHUHNVLQLP ROPDNVÖ]ÖQ EX GRøDO ûH\LQ D\ÖUW HGLOHELOHFHøLQH LQDQÖUODU gUQHøLQ 6OH\PDQ 'HPLUHO·LQ \UHNOL YH YDWDQVHYHU ROXS ROPDGÖøÖQÖ DQOD\DELOPHN LoLQ JHUHNVLQLP GX\XODQÖQ WP ELU WU GX\X J|]OHPLQLQ \HULQH JHWLULOPHVLGLU 'X\JXVDOFÖ NXUDPÖQ DOGÖøÖ EX ELoLPH LVH ´GX\JXVDOFÖ GRøDOFÖOÖNµ GHQPHNWHGLU%XGD|]QHOFLOLNOHQHVQHOFLOLøLQEHOLUOLWUOHULQLQELUOHûWLULOPH\HoDOÖûÖOPDVÖ DQODPÖQD JHOPHNWHGLU 'X\JXVDOFÖ NXUDP LOH GRøDO QHVQHOFLOLN ELUELUOHULQL EWQOHPH \|QHOLPLLoLQHJLUPLûOHUGLU 7P EX DoÖNODPDODUGDQ oÖNDQ VRQXFD J|UH HWLN \DUJÖODUÖQ ELOJL GHøHUL DoÖVÖQGDQ VDOW GX\JXVDO ELU DQODP WDûÖGÖNODUÖ \DNODûÖPÖ ROGXNoD JoO RODUDN JHUHNoHOHQGLULOPHVLQH NDUûÖQ KHP VÖUDGDQ LQVDQ KHP GH KLo GH D] ROPD\DQ ELU GûQU JUXEXQX \HWHULQFH LNQD HGHPHPHNWHGLU (WLN \DUJÖODUÖQ VDGHFH GX\JXVDO ELU DQODP WDûÖPDVÖQÖQ \DQÖQGD \D GD|WHVLQGHQHVQHOELUYHUL\HGHLûDUHWHWPHOHULJHUHNWLøLLQDQFÖ\DGD\DNODûÖPÖWHPHOLQL VDQÖUÖP û|\OH ELU EHNOHQWLGHQ DOPDNWDGÖU (WLN GHøHU \DUJÖODUÖ EL] LQVDQODUÖQ \DûDPÖQÖ E\N|OoGHHWNLOH\HQYHKDWWD\|QOHQGLUHQ\DUJÖODUGÖU'DYUDQÖûODU]HULQGHE|\OHVLQH \|QOHQGLULFLOLN JF RODQ EX \DUJÖODUÖQ PDQWÖNVDO \DSÖODUÖ EDNÖPÖQGDQ GD JoO YH VDøODP ROPDODUÖ JHUHNWLøL LQDQFÖ VDQNL WXWDUOÖ GûQPHQLQ GRøDO ELU VRQXFXGXU g]QHOFLOHULQEHWLPOHGLøLELoLPL\OHNDUDUVÖ]ELUPDQWÖNVDOYHGLOVHO\DSÖHWNLJF\NVHN RODQ EX \DUJÖODUD DGHWD \DNÖûWÖUÖODPDPDNWDGÖU %X V|\OHQHQOHUGHQ oÖNDQ VRQXFD J|UH GHøHU \DUJÖODUÖQÖQ QHVQHO ELU YHUL\H LûDUHW HWPHVL JHUHNWLøLQL |QH VUHQ \DNODûÖPODUÖQ WHPHOLQGH\LQHGX\JXVDOLQVDQVDOELUWXWXPXQYDUOÖøÖGLNNDWLoHNHUJLELGLU%XDODQGDNL DUD\ÖûODUVRQDHUPLûGHøLOGLU +DVWDQH<|QHWLPLQLQ+HNLP²+DVWDùOLûNLVLQH0GDKDOHVLQLQ(WLN %R\XWODUÖ 'U1HVULQdREDQRøOX +DVWDQHOHU WÖEEÖQ GDKD GRøUXVX WHGDYL HGLFL KHNLPOLøLQ DPDFÖQÖ JHUoHNOHûWLUPHN LoLQ G]HQOHQHQ oDøGDû KL]PHW NXUXPODUÖGÖU +DVWDQH \|QHWLPL ´KDVWDODUÖQ L\LOHûWLULOPHVLµ RODQ EX DPDFÖQ JHUoHNOHûPHVL LoLQ ELU DUDoWÖU <|QHWLPLQ J|UHYOHUL LOH KHNLPKDVWD LOLûNLVLQLQ |]HUNOLøL EX DPDoOD X\XPOX ROPDOÖGÖU dQN KL]PHW VXQXPXQXQ PHUNH]LQGH KHNLP²KDVWD LOLûNLVL YDUGÖU +HNLP²KDVWD LOLûNLVL VÖUDVÖQGD RUWD\DoÖNDQDKODNLGHøHUVRUXQODUÖ7ÖEEL(WLNDODQÖQÖQNRQXVXGXU%XLOLûNLJHoPLûWHQ JQP]H GRøDVÖ JHUHøL |]HUN ROPXû ELU LOLûNLGLU +DVWDQHOHULQ HYULPLQGH JHOLQHQ QRNWD YH ELOLPVHO²WHNQLN JHOLûPHOHULQ HWNLVL\OH EX |]HUNOLøLQ NXUXP \|QHWLPL WDUDIÖQGDQ VÖQÖUODQGÖUÖOPDVÖ V|] NRQXVX ROPD\D EDûODPÖûWÖU %X VÖQÖUODPDODUÖQ WHPHO DPDoOD X\XPOX NXUXPXQ NHQGLQL JHOLûWLUPHVL YH LûOHYVHOOLøLQLQ DUWWÖUÖOPDVÖQD \|QHOLN FLGGLGHøHUVRUXQXROXûWXUPDGDQ\DSÖOPDVÖ|QHPOLGLU *HOLûHQ WÖS WHNQRORMLVL WRSOXPVDO LOLûNLOHULQ oRN ER\XWOXOXøX YH VL\DVDO JHOLûPHOHU KHNLP²KDVWD LOLûNLVLQL GH HWNLOHPHNWHGLU gWH \DQGDQ ELUH\LQ |]HUNOLøL NDYUDPÖQÖQ JLGHUHN |QHP ND]DQPDVÖ KHNLP²KDVWD LOLûNLVLQH \DQVÖPDNWD KDVWDQHOHUGH KDVWD PHUNH]OL \|QHWLP \DNODûÖPODUÖ NDEXO J|UPHNWHGLU dDøGDû KDVWDQH \|QHWLPOHUL WRSOXPXQ YH ELUH\OHULQ EHNOHQWL YH JHUHNVLQLPOHULQL HQ L\L ELoLPGH NDUûÖODPD\Ö KHGHIOH\HQ ´'HYDPOÖ .DOLWH ù\LOHûWLULOPHVLµ \|QWHPLQL X\JXODPD\D \DQVÖWDELOGLNOHUL RUDQGDEDûDUÖOÖROPDNWDGÖUg]QHVLYHQHVQHVLLQVDQROGXøXLoLQ|WHNLUHWLPYHKL]PHW UHWLPL DODQODUÖQGDQ D\UÖODQ KHNLPOLN PHVOHøLQGH KDVWD\Ö |]QHOHûWLUHQ EX \|QHWLP ELoLPLQLQ X\JXODPD\D DNWDUÖOPDVÖ WHGDYL HGLFL KHNLPOLNWH YHULOHQ KL]PHWWH NDOLWH\L JHOLûWLUPHN DPDFÖ\OD WRSOXPVDO VL\DVDO GHøLûPHOHULQ HWNLVL\OH YDUÖODQ ELU VUHoWLU *QP]GH GHøLûHQ YH NDUPDûÖNODûDQ KDVWDQHOHUGH VXQXODQ KL]PHWL GHQHWOHPHN YH JHOLûWLUPHN J|UHYL\OH \NPO \|QHWLPLQ KHNLP²KDVWD LOLûNLVLQH HWNLOHUL X\JXODPDGD GHøHUVRUXQX\DUDWPD\DEDûOD\ÖQFD\|QHWLPNDUûÖVÖQGDLOLûNLQLQ|]HUNOLøLNDYUDPÖWÖEEL HWLNDoÖVÖQGDQVRUXQNPHVLRODUDNJQGHPHJHOPLûWLU +DVWDQH<|QHWLPLQLQ+HNLPOHUHYH+DVWDODUD.DUûÖ6RUXPOXOXøX 7ÖEEL HWLN VRUXQ NPHOHULQL LUGHOHUNHQ |QHPOL RODQ LNL NDYUDP KDN YH VRUXPOXOXNODUGÖU +DVWDQH \|QHWLPL VDøOÖN KL]PHWL YHUHQ YH DODQODU DUDVÖQGD JHoHQ LOLûNLQLQED]Ö\|QOHUL\OHWDUDIODUÖQKHUELULQHNDUûÖD\UÖVRUXPOXOXNODUWDûÖU +DVWD KDNODUÖ DoÖVÖQGDQ KDVWDQH \|QHWLPLQLQ HWLN X\JXODPDODUÖQÖQ DPDFÖ KHU ELU KDVWDQÖQKDNODUÖQDVD\JÖJ|VWHUHUHNKDVWDOÖøÖQWHGDYLVUHFLQGHKDVWD\ODNDPXVDOYHLoLû LOLûNLOHULQL HWLN \DNODûÖPODUOD o|]POH\HUHN KDVWDQÖQ L\LOHûPHVL VRQXFXQX VDøODPD\D oDOÖûPDNWÖU dREDQRøOX +DVWDQH \|QHWLPOHULQLQ HWLN GDYUDQÖûÖ |QFHOLNOH KDVWDQÖQ |QHULOHQ WHGDYL \|QWHPLQL UHGGHWPHVLQL GH NDSVD\DFDN ELoLPGH RQXQ GHøHUOHULQHYH|]HUNOLøLQHVD\JÖJ|VWHULOPHVL\OHEDûODU<HULQHJ|UHKDVWDQÖQKDVWDQH\H XODûÖPÖQÖQHQNROD\\ROGDQVDøODQPDVÖLOHEDûODPDVÖJHUHNHQLOLûNLRQDKDVWDOÖøÖLOHLOJLOL ELOJLOHULQ JHUHNHQ |OoOHUGH YHULOPHVL X\JXODQDFDN WHGDYL \|QWHPOHULQLQ *D]LhQY7ÖS)DN7ÖSGRNWRUX.DPX<|QHWLPLX]P7ÖEEL(WLN%LOLPGRNWRUX 8OXVDO8\JXODPDOÖ(WLN.RQJUHVL \DUDUÖQÖQ]DUDUÖQÖQ DQODWÖOPDVÖ KDVWD WHGDYLVL LOH LOJLOL NDUDU DODELOHFHN \HWHUOLOLøH XODûWÖøÖQGDGDLUDGHVL\OHDOGÖøÖNDUDUDVD\JÖJ|VWHUHUHNR\|QGHLûOHPOHULNROD\ODûWÖUÖFÖELU \DSÖGD ROPDOÖGÖU $PHULFDQ 0HGLFDO $VVRFLDWLRQ +DVWDQHQLQ ELUH\LQ VDøOÖNOÖ \DûDP KDNNÖQD LOLûNLQ \DVDO VRUXPOXOXNODUÖQÖQ IDUNÖQGD RODUDN JHUHNOL DFLO |QOHPOHUL DOPDVÖ EXQODUÖ \DSDUNHQ KDVWDQÖQ YH \DNÖQODUÖQÖQ RQXQ KDVWDOÖøÖQÖQ \DûDPÖQGDNL ELULFLNOLøLQLQJ|]GHQX]DNWXWXOPDGDQNRQX\ODLOJLOLRODUDNELOJLOHQGLULOPHVL|QHPOLGLU +DVWDQH \|QHWLPL WDUDIÖQGDQ KDVWD HøLWLP |øUHWLP SROLWLNDVÖ ROXûWXUXOPDOÖ YH EX GRøUXOWXGD KDVWD\D KDNODUÖ YH VRUXPOXOXNODUÖ NRQXVXQGD oHûLWOL ELoLPOHUGH ELOJL YHULOPHOLGLU +DVWDOÖøÖQÖQ QHGHQOHULQLQ WDQÖ WHGDYL YH EDNÖPÖ LoLQ JHUHNOL RODQ JLULûLPOHULQKDVWD\DYHDLOH\H|øUHWLOPHVLKDVWDQÖQVDøOÖNKL]PHWLYHUHQOHUOHRODQLOHWLûLP YH LûELUOLøLQL DUWÖUÖU L\LOHûPH VUHFLQL KÖ]ODQGÖUÖU +DVWD YH DLOH WHGDYL YH EDNÖPOD HOGH HGLOHQ L\LOHûPH\L VUGUPHN LoLQ oDUHVL]OLN NDGHUFLOLN EDøÖPOÖOÖN GDYUDQÖûODUÖQÖ NHQGL VDøOÖøÖLoLQVRUXPOXOXNDOPDGDYUDQÖûODUÖQDG|QûWUU%LUVDøOÖNNXUXOXûXQGDEXQXQOD LOJLOL ELU ELULPLQ NXUXOPDVÖ LoLQ NDUDU YHULOGLNWHQ VRQUD \Dû JUXSODUÖ YH GHøLûLN VDøOÖN VRUXQODUÖQÖ LoLQH DODQ HøLWLP²|øUHWLP SURJUDPODUÖ KD]ÖUODQPDOÖ EHOJHOHQGLULOPHOL X\JXODQPDOÖ L]OHQPHOL GHøHUOHQGLULOPHOLGLU ND\GHGLOPHOL +HGHIOHQHQ YH DOÖQDQ HøLWLP²|øUHWLP VRQXoODU VRQXoODUÖ EHOLUOL VDøOÖN DUDOÖNODUOD NXUXOXûXQXQ DPDoODUÖQD X\JXQOXN J|VWHUPL\RUVD RQODUÖQ HNVLN YH DNVD\DQ \|QOHUL JLGHULOPHOL YH VUHNOLOLøL VDøODQPDOÖGÖU +DVWD YH DLOHQLQ VDøOÖN VRUXQXQX DQODPDODUÖ KDVWDQHQLQ WDQÖ WHGDYL YH EDNÖP KL]PHW X\JXOD\ÖFÖODUÖ LOH LûELUOLøL LoLQGH ROPDODUÖ HøLWLP²|øUHWLP SURJUDPÖQÖQ LoHULøLQH YH X\JXOD\ÖFÖODUÖQ SURIHV\RQHO EHFHULOHULQH EDøOÖGÖU dRUXK EV %LU KDVWDQÖQ WHGDYL YH EDNÖPÖQGDQ DPDoODQDQ WHGDYLGHQ HQ NÖVD VUHGH HQ L\L VRQXFX DOPDN YH EXQX VUGUHELOPHNWLU %X DPDFD YDUPDN LoLQ KDVWDQÖQ YH\D DLOHQLQ KDVWDOÖN QHGHQOHULQL ELOPHOHUL WHGDYL SODQÖQÖ HNVLNVL] X\JXODPDODUÖ KDVWDOÖøÖQ WHNUDUÖQÖ |QOHPH ELOJLOHULQL ND]DQPDODUÖ YH EWQ EXQODUGD VRUXPOXOXN DOPDODUÖ JHUHNPHNWHGLU +DVWDDLOH NHQGLOHULQL LOJLOHQGLUHQ VDøOÖNVRUXQXQX DQODGÖNODUÖQGD WHGDYL YH EDNÖP LoLQ JHUHNOL LûELUOLøL YH VRUXPOXOXN SD\ODûÖPÖQD NDWÖODFDNWÖU +DVWD HøLWLP ² |øUHWLPL KDVWDQH\HNDEXO|QFHVLQGHEDûODWÖOPDOÖYHVDøOÖNVRUXQXQXQQHGHQOHULYHGRøDVÖQDJ|UH KDVWD WDEXUFX ROGXNWDQ VRQUD GD VUGUOPHOLGLU dRUXK E V $NDED\DVKL +DVWDQH \|QHWLPL KDVWDODUD DLW ELOJLOHULQ JL]OLOLøLQLQ NRUXQPDVÖQGDQ JHQHO RODUDN VRUXPOXGXU +DVWDOÖNODUÖQ JUXSODQGÖUÖOGÖøÖ GRV\DODU YH ELOJLVD\DUGD WXWXODQ ND\ÖWODU JL]OLOLN NXUDOODUÖ DoÖVÖQGDQ GHQHWOHQPHOLGLU %LUoRN ONHGH KDVWDQH ND\ÖWODUÖQÖQ ELOJLVD\DUODU DUDFÖOÖøÖ\OD WXWXOPDVÖ EX ELOJLOHULQ JL]OLOLN VÖQÖUODUÖ LOH LOJLOL VRUXQODU \DûDQPDVÖQD QHGHQ ROPDNWDGÖU .XûNXVX] EX \|QHWLPOHULQ VRUXPOXOXN DODQÖQGDNL VRUXQODUGDQELULGLUdREDQRøOXYHhQDO +HNLPOHU \DVDO RODUDN X\PDN ]RUXQGD ROGXNODUÖ JL]OLOLN NXUDOODUÖQD X\JXQ GDYUDQVDODU GD ELOJLVD\DUODUD JLULOHQ ELOJLOHUH R E|OPGH \D GD EDûND E|OPGH oDOÖûDQ ELULVL NROD\OÖNOD JLUHELOLU YH |UQHøLQ KDVWDQÖQ FLQVHO \DûDPÖ GD LoLQGH ROPDN ]HUH WP ELOJLOHUHXODûDELOLU+DVWDQHQLQELOJLVD\DUKDWODUÖQDJLUPH\LEDûDUDQKHUKDQJLELULELOHEX ELOJLOHUL HOGH HGHELOLU %X NRQXGD KHNLPOHULQ JHUHNHQL \DSPDVÖQD NDUûÖQ ELU N|W KHNLPOLN \D GD KHNLP KDWDVÖ X\JXODPDVÖ JLEL VUPHNWH RODQ EX EXQDOÖP o|]POHQLQFH\H NDGDU NXUDOODUÖQ G]HQOHQPHVLQL EHNOHPHNVL]LQ HWLN \DNODûÖPODUOD |]HQ J|VWHUHUHN |QOHP DOPDOÖ YH\D \|QHWLPOH X]ODûDUDN ûLIUH NXOODQÖOPDVÖQÖ |QHUPHOL\L]<RNVDELOJLOHUL\NOHPH\LUHGGHWPHNGDKDX\JXQELUHWLNo|]PRODFDNWÖU -D\DZDUGHQD 1HVULQdREDQRøOX³+DVWDQH<|QHWLPLQLQ+HNLP+DVWDùOLûNLVLQH0GDKDOHVLQLQ(WLN%R\XWODUÖ +HNLP²KDVWD DUDVÖQGD GûQFH D\UÖOÖNODUÖQÖQ D]DOPDVÖQD \DUGÖPFÖ RODFDN GHVWHNOH\LFL ELU LOLûNL\L ELoLPOHQGLUPHN LoLQ LOHWLûLP EHFHULVLQLQ NDUûÖOÖNOÖ JHOLûWLULOPHVL JHUHNOLGLU %LOJL GRøUXGDQ X\JXODPD\D G|QûHPH] X]PDQOÖN YH SURIHV\RQHOOLN JHUHNWLUHQ DODQODUGD EXQXQ \DQÖQGD ELU VRQUDNL DGÖP \HQL WHNQLNOHU |øUHQHUHN EHFHULOHULJHOLûWLUPHNYHGDYUDQÖûODUGDGHøLûLNOLN\DSPDNWÖU.XUW]YHDUNV +DVWDQH\|QHWLPLSURIHV\RQHOELOJLYHEHFHULQLQHWNLOLNXOODQÖOPDVÖQÖQDUDoODUÖQGDQELUL RODQ LOHWLûLPLQ DUWPDVÖQÖ KHGHIOH\HUHN EXQD \|QHOLN HøLWVHO YH PHNkQVDO G]HQOHPHOHU \DSPDOÖGÖU ´ù\L ELU KHNLP ROPDQÖQ \ROX KDVWDODUOD VDøOÖNOÖ LOHWLûLP NXUPDNWDQ JHoHUµ <NVHN NDOLWHOL WHGDYL X\JXODPDN LoLQ HWNLOL LOHWLûLP ]RUXQOXGXU 'RøUX LOHWLûLP KHNLP²KDVWD DUDVÖQGD ]RUOXNODUD QHGHQ RODQ \DQOÖû DQODPDODUGDQ GRøDQ oDWÖûPDODUÖ D]DOWÖU GDKD KDVWD PHUNH]OL ELU \DNODûÖP VHUJLOHQPHVLQH \RO DoDU %|\OHFH KHNLPOHULQ WDQÖODUÖ GDKD GRøUX KDOH JHOLUNHQ NDUDUODUÖ SD\ODûDQ YH KD]ÖUODQDQ WHGDYL SODQODUÖQD GDKD X\XPOX RODQKDVWDODUODNOLQLNEDûDUÖ\NVHOHFHNWLU.XUW]YHDUNV +DVWDQH\|QHWLPLVDøOÖNSHUVRQHOLQHNHQGLVDøOÖøÖQÖNRUXPDVÖLoLQJHUHNOLWÖEELDUDo JHUHoYHIL]LNL\DSÖ\ÖVDøODPDNOD\NPOGU6DøOÖNSHUVRQHOLQLQNHQGLQLNRUXPDNLoLQ DOPDVÖ JHUHNHQ |QOHPOHUL ELOGLøL YH X\JXODGÖøÖ YDUVD\ÖOPDNWDGÖU .RUXQPD\D \|QHOLN GRQDQÖP VDøODQPÖ\RUVD \|QHWLPLQ R LûOHPLQ \DSÖOPDVÖQÖ EHNOHPH KDNNÖ \RNWXU 7UNL\H·GHNLX\JXODPDGDELUoRNKDVWDQHGHEXQODUÖQVDøODQPDGÖøÖQÖELOL\RUX]$FLOYH\D NURQLN VRUXQODUÖQ o|]PQGH ELUoRN NH] VDøOÖN SHUVRQHOLQLQ |]YHULVL GHYUH\H JLUPHNWHGLU %D]Ö EXODûÖFÖ KDVWDOÖNODUD NDUûÖ JHUHNVL] EXODûPD NRUNXVXQX YH |Q\DUJÖ\Ö \RN HWPHN LoLQ SHUVRQHOLQ NRUXQPD NRQXVXQGD VUHNOL HøLWLPL\OH ELUOLNWH VDøOÖN SHUVRQHOLQL NRUXPD\D \|QHOLN GRQDQÖPÖQ VDøODQPDVÖ HWNLQ ELU o|]P VDøOD\DFDNWÖU dREDQRøOXhQDOV gUJWOHUGH PRGHUQ GHQHWLP DQOD\ÖûÖ JHUHøL KDVWDQHOHUGH \|QHWLP ELUOLNWH oDOÖûWÖøÖ SHUVRQHOLQ HøLWLPLQGHQ YHULPOL ELU ELoLPGH oDOÖûPD\D \|QOHQGLULOPHVLQGHQ YH oDOÖûPDODUÖQ JGOH\LFL ELU RUWDP LoLQGH GHøHUOHQGLULOPHVLQGHQ VRUXPOXGXU %X SODQODPDQÖQ \DSÖODELOPHVL oDOÖûDQ SHUVRQHOLQ KDQJL Jo oHûLWOHULQGHQ HWNLOHQGLøLQLQ PHVOHNLGHøHUVLVWHPOHULQLQELOLQPHVL\OHRODQDNOÖGÖU$VWODUÖQÖHWNLOHPH\ROODUÖQÖL\LELOHQ ELU \|QHWLFL PRGHUQ VDøOÖN |UJWQQ YHULPLQL DUWÖUPD YH oDOÖûDQODUÖQ GR\XPXQX VDøODPD JLEL LNL |QHPOL DPDFÖQÖ JHUoHNOHûWLUPHGH GDKD EDûDUÖOÖ RODFDNWÖU .DVDSRøOX V $PDoODUÖ L\L VDSWDQPÖû YH oDOÖûDQODU WDUDIÖQGDQ |]PVHQPLû ELU NXUXPGD HWNLOL ELU GHQHWLP LûOHYOHULQ DNVD\DQ \|QOHULQLQ VDSWDQPDVÖ YH G]HOWLOPHVLQH RODQDN VDøOD\DFDNWÖU +DVWDQHOHUGH \|QHWLP KHNLP YH KDVWD\D oHûLWOL VRUXPOXOXNODU \NOH\HUHN YH GHQHWOH\HUHNLOLûNL\HJ|UHYLJHUHøLPGDKDOHHGHFHNWLU +DVWDQH<|QHWLPL$oÖVÖQGDQùOLûNL\H0GDKDOH*HUHNoHOHUL 6DøOÖN KL]PHWOHULQGH NDOLWH NDYUDPÖ KL]PHWL WDOHS HGHQOHULQ LVWHN YH JHUHNVLQLPOHULQL NDUûÖODPDQÖQ \DQÖQGD ELOLPVHO YH WHNQLN RODQDNODUÖQ NXOODQÖPÖQÖ GD LoHUPHNWHGLU +L]PHW VXQXPXQGD DPDoODQDQ VRQXFD XODûPDN LoLQ NOLQLN DOW\DSÖ GHVWHN KL]PHWOHUL JLEL WP KL]PHW ELULPOHULQGH VUHNOL YHULELOJL WRSODPD GHøHUOHQGLUPH YH L\LOHûWLUPHOHULQ ELU HûJGP LoLQGH \UWOPHVL JHUHNLU dDøÖPÖ] LQVDQÖ JHOLûHQ VDøOÖN ELOLQFL LOH VDøOÖøÖ\OD GDKD oRN LOJLOHQPHNWH YH RODQDNODUÖ |OoVQGH HQ L\L WDQÖ YH WHGDYL RODQDNODUÖQD XODûPD\Ö LVWHPHNWHGLU 6DøOÖN KL]PHWOHULQLQ GHøLûLN DODQODUGD YH \NVHN G]H\GH HøLWLP J|UPû X]PDQODUD YH PRGHUQ WDQÖ WHGDYL DUDo ² 8OXVDO8\JXODPDOÖ(WLN.RQJUHVL JHUHoOHULQ NXOODQÖPÖQD JHUHNVLQLP J|VWHUPHVL LVH DûÖUÖ PDOL\HW DUWÖûODUÖQD QHGHQ ROPDNWDGÖU dRUXK V %XQXQ VRQXFXQGD |QFHOLNOH $%'·GH YH |]HOOLNOH ILQDQVPDQÖ VDøOD\DQ KNPHW YH VLJRUWD ûLUNHWOHULQLQ EDVNÖVÖ\OD KDVWDQÖQ WHGDYLVLQL HWNLOH\HQ ELU NÖVÖP NOLQLN YH LGDUL VUHoOHULQ L]OHQPHVLQL KHGHI DODQ VWDQGDUWODU JHOLûWLULOPLûWLU +DVWD WHGDYL YH EDNÖPÖQGDNL KÖ]OÖ IL\DW DUWÖûODUÖ \DQÖQGD LQVDQODUÖQ VDøOÖNOÖ YH X]XQ ELU \DûDP VUPH LVWHNOHUL \DûDP NDOLWHVL EHNOHQWLVLQLQ \NVHOPHVL VDøOÖN KL]PHWOHUL VXQXPXQGD\HQL\DNODûÖPODUGRøXUPDNWDGÖU+DVWDOÖN\|QHWLPLVUHFLQGHULVN\|QHWLPL VUHo NRQWURO NRQXODUÖ SODQODPDODUGD \HU DOPDNWDGÖU %|\OHFH ´\|QHWLPOL KDVWD EDNÖPÖµNDYUDPÖ\|QHWLPVUHFLQHJLUPHNWHGLU%XNDYUDPGDQVDøOÖNKL]PHWLVXQXPX |QFHVLQGH KHU KDVWD LoLQ D\UÖ D\UÖ KHVDSODQPDN ]HUH KDVWDQÖQ WHGDYLVL YH EDNÖPÖQÖ HWNLOH\HQVDøOÖNPDVUDIODUÖQÖQKDVWDYH|GHPH\L\DSDFDNNXUXPXQ|QFHGHQKHVDSODPD \DSPDVÖQD \DUGÖPFÖ RODFDN ELoLPGH \|QOHQGLULOPHVL LoLQ NXOODQÖODQ WHNQLNOHU EWQ DQODûÖOPDNWDGÖU 2 KDVWD\D VXQXODQ WP KL]PHWOHULQ VÖQÖUOÖ ND\QDN NXOODQÖPÖ oHUoHYHVLQGH RQXQ KHU DûDPDVÖQÖ L]OH\HUHNVRQXoWDPDNVLPXP \DUDUÖQ HOGH HGLOPHVLQL DPDoOD\DQELUVUHoRODUDNWDQÖPODQPDNWDGÖU%X\HQL\DNODûÖPODUVDøOÖNNXUXOXûODUÖQGD YHULOHQ KL]PHW SHUIRUPDQVODUÖQÖQ L\L WDQÖPODQPDVÖ YH |OoOPHVLQL JHUHNWLUPHNWHGLU dRUXKV %X VUHoWH KHNLP²KDVWD LOLûNLVLQH |QFHVLQGHQ SODQODQDQ LOLûNL VÖUDVÖQGD YH VRQXFD \|QHOLN ELU PGDKDOH ROGXøX J|UQHQ ELU JHUoHNWLU 7HGDYL \|QWHPOHULQH J|UH VWDQGDUWODûWÖUÖOPÖû KDVWDQHGH NDOPD VUHOHUL EHOLUOHQLU WHGDYL ER\XQFD KDQJL G|QHPGH NLPOHULQ QHOHUGHQ VRUXPOX RODFDøÖ |QFHGHQ \D]ÖOÖ ND\ÖWODUOD \|QOHQGLULOLU YH \DSÖODQ LûOHULQ VWDQGDUWODUD X\JXQOXøX KHU DûDPDGD LOJLOL NRQX\D J|UH KD]ÖUODQPÖû IRUPODUOD GHQHWOHQLU %XPGDKDOHQHGHQL\OHKHNLP²KDVWDLOLûNLVLQLQ|]HUNOLNDODQÖQÖVÖQÖUOD\DQNRûXOODUÖQ JHUHNoHOHULQLQ L\L DoÖNODQPDVÖ RODQDNODU HOYHUGLøLQFH |QFHGHQ VDSWDQDQ NXUDOODUOD EHOLUOHQPLûROPDVÖYHULOHQKL]PHWWHQLWHOLøLQ\NVHOWLOPHVLDoÖVÖQGDQJHUHNOLGLU+DVWDQH \|QHWLPLQLQ KHNLP²KDVWD LOLûNLVLQH HWNLOHUL NLûLVHO ROPDPDOÖ YH NLûLOLN KDNODUÖQÖ ]HGHOH\LFL QLWHOLN WDûÖPD\DQ VWDQGDUW LûOHPOHUOH ROPDOÖGÖU %X VWDQGDUWODU VÖN \DûDQDQ VRUXQODUD o|]P RODFDN GHQH\LPOHUOH ROXûDFDøÖQGDQ VRUXQ ROXûPDGDQ |QOHP DOÖQPDVÖQD NDWNÖGD EXOXQXU $\UÖFD LOLûNL\H JHUHNVL] \HUH PGDKDOH HWPHGHQ GHQHWLP LûOHYLQL NROD\ODûWÖUDFDøÖ JLEL VRUXQ oÖNDQ QRNWDODUÖQ JHUL\H G|QN DUDûWÖUÖOPDVÖQGD YH LOHUL\H \|QHOLN SODQODPDODUGD EX VWDQGDUW ND\ÖWODU \RO J|VWHULFL RODFDNWÖU +DVWDQH NXUXPXQXQ |UJWOHQPH G]HQLQGH VRUXQ \DUDWDQ DNVDNOÖNODUÖQ o|]P GH \|QHWLPLQ J|UHYOHULDUDVÖQGDGÖU %|\OHFH \|QHUJHOHULQ KDVWDQÖQ WHGDYL KD]ÖUODQDUDN SODQÖQÖQ X\JXODQPDVÖ KD]ÖUODQPDVÖQGD GDKD D] KDWD \RO J|VWHUHQ \DSÖOPDVÖQÖ LûOHP YH YH JHUHNVL] WDUWÖûPDODUÖQ |QOHQPHVLQL VDøODU dRUXK D +DVWD ER\XWXQGD LVH KDVWDQHOHUGH KDVWDODUÖQ |]HUNOLøLQL VDYXQXUNHQ VÖQÖUVÖ] ELU |]HUNOLNWHQ V|] HGHPH\L] %XUDGD KDVWD KDNODUÖ YH VRUXPOXOXNODUÖ\OD ELUOLNWH KDVWDQHQLQ NXUDOODUÖ YH KDVWDQHQLQ \DVDODU NDUûÖVÖQGDNL\NPOONOHULKDNNÖQGDGDKDVWDELOJLOHQGLULOPHOLGLU+DVWDODUDEDûNDODUÖQÖ UDKDWVÖ] HWPHGHQ KDVWDOÖøÖQÖQ EDNÖPÖQÖ HQJHOOHPH\HFHN ELoLPGH HQ JHQLû |]HUNOLN DODQÖQÖQ VDøODQPDVÖQD oDOÖûÖOPDOÖGÖU %X QHGHQOH KDVWDQHOHUGH KDVWD HøLWLP|øUHWLP SURJUDPODUÖ ROXûWXUXOPDVÖ GDKD L\L LOHWLûLP NXUXODQ KDVWDODU ROXûWXUDFDøÖQGDQ KDVWDQHQLQKL]PHWNDOLWHVLQLQ\NVHOPHVLQH\|QHOLNYHHWLNDoÖVÖQGDQKDVWDPHUNH]OLL\L ELUDGÖPRODUDN\|QHWLPLQVRUXPOXOXNDODQÖQGDGÖU 1HVULQdREDQRøOX³+DVWDQH<|QHWLPLQLQ+HNLP+DVWDùOLûNLVLQH0GDKDOHVLQLQ(WLN%R\XWODUÖ *HoPLûWHQJQP]HKHNLP²KDVWDLOLûNLVLQGHQLWHOLN|QHPOLROPXûWXU$QFDNGDKD ELUH\VHO \DNODûÖPOD VUGUOHELOHQ PXD\HQHKDQH KHNLPOLøLQGH JHQHOGH |OoW KHNLPLQ QOHQPHVL YH KDVWD VD\ÖVÖQÖQ DUWPDVÖ \D GD D]DOPDVÖ ROPXûWXU %XUDGD QLWHOLøLQ WHN ELU QLFHOLNVHO \|QWHPOH NÖVPHQ GH ROVD GHøHUOHQGLULOPHVL V|] NRQXVXGXU 6RUXPOXOXN KL]PHWL VXQDQ YH VRQXoODUÖQGDQ HWNLOHQHFHN RODQ ´WHNµ KHNLPLQGLU *QP]GH KDVWDQHOHUGHYHULOHQWDQÖWHGDYLYHEDNÖPKL]PHWOHULQGHNLNDUPDûÖNKL]PHWVXQXPXQGD QLWHOLøLQ |OoOPHVL KDVWDQHQLQ \|QHWLPLQLQ ELUoRN DoÖGDQ JHUHNOL ELU VRUXPOXOXøXGXU 7RSOXPVDO YH ELUH\VHO KDNODUOD LOJLOL HNRQRPL HøLWLP Lû GR\XPX YHULPOLOLN HWNLOLOLN JLEL ER\XWODU LoHUHQ ELU GHQHWLP VUHFLQLQ NLûLVHOOLNWHQ X]DN \|QWHPOHUOH KL]PHWH |]HO VWDQGDUWODUOD GHQHWOHQPHVL JHUHNOLGLU %XUDGD \DOQÖ]FD WHN WHN ELUH\OHULQ GHøLO WP oDOÖûDQODUÖQ WDNÖP ELoLPLQGH \HVL ROGXNODUÖ KDVWDQHQLQ ELU VLVWHP RODUDN KDVWDODU DUDFÖOÖøÖ\ODWRSOXPDNDUûÖELUEDûDUÖ\DGDEDûDUÖVÖ]OÖøÖV|]NRQXVXGXU <|QHWLPLQg]HOOLN*|VWHUHQ8]PDQOÖN$ODQODUÖQD(WNLOHUL +DVWDQH \|QHWLPLQLQ LQVDQÖ EWQVHOOLøL LoLQGH YH ´FDQOÖµ RODUDN J|UHQ YH DUDFÖVÖ] LOHWLûLP NXUDQ NOLQLNoL KHNLP LOH KDVWDVÖ DUDVÖQGDNL LOLûNL\H HWNLOHUL DoÖVÖQGDQ ED]Ö X]PDQOÖN DODQODUÖQD J|UH IDUNOÖOÖNODU YDUGÖU 7ÖSWD SURIHV\RQHO PHVOHNL ELOJL \DQÖQGD HWNLOL LOHWLûLP NXUPD EHFHULVL VDøOD\DQ WHNQLNOHUL ELOPHNOH RQODUÖ X\JXODPDGDNL GDYUDQÖûD G|QûWUHUHN NXOODQPDN DUDVÖQGDNL IDUNÖQ DOWÖQÖ oL]HUHN LOHUL X]PDQOÖN JHUHNWLUHQKHNLP²KDVWDDUDVÖQGDNLLOHWLûLPGHKDVWDQH\|QHWLPLQNRQXPXQXLUGHOH\HOLP +DVWDQH \|QHWLPLQLQ FHUUDKL DODQODUÖQGDNL KHNLP²KDVWD LOLûNLVLQGH EHNOHQWLVL KDVWDOÖøÖQ X\JXQ \|QWHPOHUOH WDQÖVÖQÖQ NRQXODUDN VDøOÖN DoÖVÖQGDQ LVWHQPH\HQ GXUXPX |QOH\HQ D]DOWDQ \D GD \RN HGHQ WHGDYL \|QWHPLQLQ KDWDVÖ] RODUDN X\JXODQPDVÖ YH VRQXFXQ KDVWD WDUDIÖQGDQ EHNOHQHQOH X\XPOX ROPDVÖGÖU %X EHNOHQWLQLQ JHUoHNOHûWLULOPHVL YH GHQHWLPL DoÖVÖQGDQ KDVWDODUÖQ FHUUDKL WHGDYL VUHFLQGH \|QHWLPLQ ED]Ö \D]ÖOÖ LûOHP VWDQGDUWODUÖ ROXûWXUPDVÖ JHUHNLU 6DøOÖN VRUXQXQXQ DQODûÖOPDVÖ LoLQ KDVWD²KHNLP DUDVÖQGD |QFHOLNOH L\L ELU LOHWLûLP NXUXODUDN WDQÖ \|QWHPOHUL X\JXODQPDOÖGÖU $VÖO FHUUDKL WDQÖ L\L VDSWDQPDOÖ RQXQ JHUHNoHOHUL YHULOHELOPHOL YH DPHOL\DW|QFHVLLûOHPOHUL\L\DSÖOPDOÖGÖU%XQDEDøOÖRODUDNFHUUDKLDPHOL\DWODUVÖUDVÖQGD KHNLP²KDVWD DUDVÖQGD HWNLQOLN²HGLOJHQOLN ELoLPLQGHNL LOLûNL WLSLQLQ JHoHUOL ROPDVÖQD NDUûÖQ WRSOXPVDO YH VL\DVDO DoÖGDQ HYULOHQ KDVWD KDNODUÖ NDYUDPÖ GRøUXOWXVXQGD LOLûNLQLQ DPHOL\DW |QFHVL YH VRQUDVÖ DûDPDODUÖQGD NDUDUODUÖ SD\ODûPDQÖQ V|] NRQXVX ROGXøX ELU KHNLP KDVWD LOLûNLVL EHNOHQWLVL WP DODQODUGD ROGXøX JLEL FHUUDKL DODQODUGD GD LVWHQHQ LOLûNL WU RODUDN EHOLUPHNWHGLU g]HOOLNOH WP FHUUDKL WHGDYL \|QWHPOHULQLQ ED]HQ \DûDPVDO |QHP WDûÖ\DQ ED]HQ GH \DûDPVDO |QHPL ROPD\DQ YH VÖQÖUOÖ ELU \DUDU LoLQ YFXW EWQOøQH ]DUDU YHUGLøL GûQOUVH EX DODQGDNL NDUDUÖQ KDVWD\OD SD\ODûÖOPDVÖ YH D\GÖQODWÖOPÖû RQDPÖQ |QHPL GDKD L\L DQODûÖODELOLU 0HUHGLWK YH :RRG &HUUDKL DODQODUGD DFLO DPHOL\DWODU GÖûÖQGD WDQÖ NR\PD\D \|QHOLN NRQWURO YH LQFHOHPHOHUOH EDûOD\DQ LOLûNL WHGDYL \|QWHPLQLQ VHoLPL VHoLOHQ WHGDYLQLQ JHUoHNOHûWLULOPHVLYHWHGDYLVRQUDVÖL]OHPOHUL\OHVUGUOPHNWHGLU $PHOL\DW|QFHVLQGHEXRODøDQLQFHOHPHOHULQVRQXoODUÖYHQHDPDoODQDUDNDPHOL\DWD JLULOGLøL DoÖNoD \D]ÖOPDOÖGÖU $PHOL\DW NDUDUÖQÖQ R DQGD YH\D LOHULGH RUWD\D oÖNDFDN ELU VRUXQ QHGHQL\OH \DSÖOGÖøÖ KDVWD\D DQODWÖOPDOÖ EX ND\ÖWODUD JHoLULOPHOLGLU %XUDGD |]HOOLNOH LOHUGH RUWD\D oÖNDFDN ELU VRUXQXQ JLGHULOPHVL DPDoODQÖ\RUVD DPHOL\DWÖQ JHUHNoHVLL\LYHULOPHOLEXQODUJHUHNLUVHOLWHUDWUGHQWDQÖPODQDUDN\D]ÖOPDOÖGÖU$PHOL\DW ROPD]VD QH RODFDøÖ EXQXQ \DQÖQGD DPHOL\DWÖQ NRPSOLNDV\RQODUÖ DoÖNODQPDOÖ DPHOL\DW NDUDUÖ KDVWD\OD SD\ODûÖODUDN DOÖQPDOÖGÖU dRUXK D %D]Ö KDVWDQH \|QHWLPOHUL 8OXVDO8\JXODPDOÖ(WLN.RQJUHVL |UQHøLQ ùVWDQEXO·GDNL &HQWHU +RVSLWDO KHU DPHOL\DW NDUDUÖQÖQ LOJLOL X]PDQODUGDQ ROXûWXUXOPXû ELU NXUXO WDUDIÖQGDQ GHøHUOHQGLULOLS RQD\ODQGÖNWDQ VRQUD JHUoHNOHûWLULOPHVLQLLVWHPHNWHGLUOHU7HPSR $PHOL\DWNDUDUÖQÖQKDVWDWDUDIÖQGDQDOJÖODQDUDNEHQLPVHQPHVLYHRQXQD\GÖQODWÖOPÖû RQDPÖQÖQ \D]ÖOÖ RODUDN DOÖQPDVÖ |QHPOLGLU %X KDVWDOÖøÖQ DOJÖODQPDVÖ YH L\LOHûPH VUHFLQH ROXPOX NDWNÖ \DSPDNWD YH KDVWD PHPQXQL\HWLQL DUWÖUPDNWDGÖU 0HUHGLWK 3 :RRG & V *HQHOOLNOH ELOLQGLøL JLEL DPHOL\DW |QFHVL JHUHNOL RODøDQ LQFHOHPHOHULQ WDPDPÖ \DSWÖUÖOPDOÖ YH GHøHUOHQGLULOPHOLGLU \ÖOÖQGD 7UN 7DELSOHU %LUOLøL <NVHN 2QXU .XUXOX WDUDIÖQGDQ ELU FHUUDKD YHULOHQ D\ PHVOHNWHQ PHQ FH]DVÖQÖQ JHUHNoHVL DPHOL\DW |QFHVL DNFLøHU JUDILVLQLQ LVWHQPHVLQH NDUûÖQ EXQXQ GHøHUOHQGLULOPHGHQ DPHOL\DWD JLULOLS KDVWDQÖQ DNFLøHUOHULQGHNL VRUXQ QHGHQL\OH ND\EHGLOPHVLGLU 5DGLNDO V $%'·QGH -RKQ +RSNLQV +DVWDQHVLQGH J|] NOLQLøLQGH KDVWDQÖQ FHUUDKL WDQÖVÖ QHGHQL\OH \DWÖUÖOPDVÖ YH \DWÖû |QFHVL VDSWDQPDPÖû EDûND DODQODUÖ LOJLOHQGLUHQ VRUXQODU QHGHQL\OH LûOHP \DSÖOPDGDQ EDûND E|OPH VHYN HGLOPHVL KL]PHW NDOLWHVLQL GûUHQ LVWHQPH\HQ ELU ROD\ RODUDN J|UOPûWU dRUXKD $PHOL\DW VRQUDVÖQGD DPHOL\DW VUHFL GRV\D\D \D]ÖOPDOÖGÖU +DVWDQÖQ DPHOL\DW VRQUDVÖ \DNÖQPDODUÖQÖQ JLGHULOPLû \D GD D]DOPÖû ROPDVÖ |QHPOLGLU +DVWD\D EXQGDQ VRQUDNL VUHo NRQXVXQGD ELOJL YHULOPHOL YH R NRQWUROOHU LoLQ ]DPDQ VDSWDQDUDN L]OHQPHOLGLU%|\OHFHDPDoODQDQVRQXFDXODûÖOÖSXODûÖOPDGÖøÖL]OHQHUHNGHQHWOHQPHOLGLU &HUUDKLDODQODUGDEDûOÖFDVÖNÖQWÖ\DUDWDQGXUXPODUDPHOL\DW|QFHVLEHOLUOHQPH\HQELU JLULûLPLQ \DSÖOPDVÖ ONHPL]GH YH 'Q\D·GD WÖS KXNXNXQXQ NXVXU RUDQÖ HQ WDUWÖûPDOÖ GXUXPODUÖQGDQDPHOL\DW\HULQGHSHQVWDPSRQXQXWXOPDVÖDPHOL\DWÖWDPDPODQPÖûELU KDVWDQÖQ WHNUDU DPHOL\DWD DOÖQPDVÖ JLEL ROD\ODUGÖU $ûoÖRøOX V %XQODU KDVWDQH \|QHWLPLQLQ DODFDøÖ |QOHPOHUOH D]DODELOHFHN ´|]HQ \NPOOø NXVXUODUÖµQGDQVD\ÖOPDNWDGÖU +DVWDQH \|QHWLPL DoÖVÖQGDQ \HQLGRøDQ KHNLPOLøL NOLQLN KHNLPOLNWH HWLN VRUXQODUÖQ HQ \RøXQ ROGXøX DODQODU LoLQGHGLU %XUDGDNL VRUXQODU YH o|]POHUL HULûNLQ NOLQLN KHNLPOLøLQGHQ ROGXNoD IDUNOÖGÖU <HQLGRøDQ DODQÖQGD HWLN VRUXQODUÖ DQQH YHYH\D EDED\OD ELUOLNWH NOLQLN KHNLPL EDNÖP VRUXPOXODUÖ YH KDVWDQH \|QHWLPL \DûDPDNWDGÖU .DUDUÖ YHULUNHQ DLOH LOH SD\ODûPDVÖQD NDUûÖQ KHNLPLQ EXUDGDNL VRUXPOXOXøX HULûNLQ NOLQLNGDOODUÖQDRUDQODGDKDID]ODGÖUdQNJ|]GHQJHoLULOPLû/L]ERQ%LOGLUJHVLQHJ|UH ´oRFXN KDNNÖQGD NDUDU DOPD\Ö VWOHQPHVL |QHULOHQ \DVDO WHPVLOFLµ +DWXQ RODQ DQQHEDEDQÖQ NDUDUÖ oRFXøX HWNLOH\HFHN DQFDN KHNLP GH NHQGLQL VRQXoWDQ VRUXPVX] KLVVHGHPH\HFHNWLU %HEHN YH RQXQ VRUXQODUÖ\OD oRøX GXUXPGD EDû EDûD NDODQ SHGLDWULVWOHU KDVWDQHOHUGH HWLN NXUXOODUÖQ |QHPLQL HQ oRN GLOH JHWLUHQ KHNLP JUXSODUÖQGDQELULROPDNWDGÖUODUdREDQRøOXYH7DQÖU $PHULND·GD \ÖOÖQGD ´'RH %HEHN .XUDOODUÖµ GL\H WÖS WDULKLQGH \HULQL DODQ YH HWLN WDUWÖûPD \DUDWDQ VUHoWH ELUL 6SLQD %LILGD·OÖ |WHNLVL 'RZQ 6HQGURPOX LNL EHEHøLQ DQQH²EDEDODUÖ JHOHFHNWHNL \DûDP NDOLWHVL DoÖVÖQGDQ FHUUDKL JLULûLP NDUûÖWÖ NDUDU YHUPLûOHUGLU .LQODZ 3HDERG\ <HQLGRøDQ FHUUDKLVL YH \RøXQ EDNÖP ELULPOHULQGH VÖN NDUûÖODûÖODQ HWLN VRUXQODUGD ELULPGH J|UHYOL VDøOÖN HOHPDQODUÖQÖQ YH EHEHøLQDQQHEDEDVÖQÖQ\DûDPIHOVHIHVLGHøHUYHLQDQoODUÖNDUDUYHULOPHVLQLYHH\OHPH JHoLOPHVLQL|QHPOL|OoGHHWNLOHPHNWHGLU6DøOÖNHOHPDQODUÖWHPHOHWLNLONHYHNXUDPODUÖ J|]|QQHDOGÖNODUÖYHKDVWDKDNODUÖQDVD\JÖOÖRODUDNDQQHEDEDODUÖQVRUXQLOHEDûHWPH JFQH VD\JÖ GX\GXNODUÖ RUDQGD EHEHN LoLQ HQ \DUDUOÖ RODQÖQ VHoLPLQH NDWNÖGD EXOXQDELOHFHNOHUGLU $OJÖHU YH DUN +DVWDQH \|QHWLPOHUL GH EX DODQGDNL 1HVULQdREDQRøOX³+DVWDQH<|QHWLPLQLQ+HNLP+DVWDùOLûNLVLQH0GDKDOHVLQLQ(WLN%R\XWODUÖ HWLN NXUXOODUÖ ELU DQ |QFH NXUDUDN EXQODUD HWNLQ LûOHYVHOOLN ND]DQGÖUPDOÖGÖU .DUDU VUHFLQGH /L]ERQ %LOGLUJHVLQGH \HU DOGÖøÖ JLEL DQQH²EDEDQÖQ NDUDUÖ GLNNDWH DOÖQPDOÖ D\UÖFD NRQX\X RQXQOD LOJLOL RODUDN EHEHøLQ EDNÖPÖQGDQ VRUXPOX RODQODUOD YH LOJLOL WÖEEL SHUVRQHOOHSD\ODûDFDNHWLNNXUXOODUÖEXUDGDHWNLOLROPDOÖGÖU <HQLGRøDQ KHNLPOLøLQGH NOLQLN HWLN VRUXQODUÖQ XOXVDO YH XOXVODUDUDVÖ ER\XWODUÖ GD YDUGÖU gUQHøLQ ONHPL]GH JHOLûPLû ONHOHUH RUDQOD EHEHN |OP RUDQODUÖQÖQ oRN \NVHN ROGXøX DûÖODPD G]H\OHULQLQ LVWHQHQ ·ON RUDQODUD XODûDPDGÖøÖ VDøOÖN RUWDPÖQGDGRøXPVDODQRPDOLOLYH\DSUHPDWUHEHEHNOHULQ\DûDWÖOPDVÖLoLQSDUDYHoDED KDUFDQPDVÖGRøUXPXGXU"%XQDKHNLPLQNDUûÖODûWÖøÖROD\G]H\LQGHEDNWÖøÖPÖ]GDRQXQ DoÖVÖQGDQNXûNXVX]\DûDWPDoDEDVÖQGDQEDûNDELUVHoHQHNROPDPDOÖGÖU +DVWDVÖQÖ \DûDWPDN LONHVL KHU ûH\GHQ |QFH JHOHQ KHNLPOLN DQOD\ÖûÖQD NDUûÖ PDOL\HW YH VDøODP GRøDQ EHEHN |OPOHULQGHNL ID]ODOÖN JHUHNoH J|VWHULOHUHN SUHPDWUHOHULQ \DûDWÖOPDVÖoDEDVÖQÖHWLNELUVRUXQRODUDNLOHULVUHQOHUEXOXQPDNWDGÖU<X7ÖEEL WHGDYL\H EDûODQPDPDVÖQÖ \D GD RQXQ VUGUOPHPHVLQL GHVWHNOH\HQ oHûLWOL J|UûOHU YDUGÖU %XQODUGDQ ED]ÖODUÖ VDøOÖN HOHPDQÖQÖQ EHEHøLQ JHOHFHNWHNL \DûDP NDOLWHVLQL GûQHUHNNDUDUYHUPHVLQLVDYXQXUNHQ&DQLDQRED]ÖODUÖDUDoJHUHoHNRQRPLN \N SHUVRQHO VÖQÖUOÖ ND\QDNODUÖQ SD\ODûÖPÖ LoLQH DODQ \DNODûÖPODUÖ GHVWHNOHPHNWHGLU 3LQFK .DUûÖ J|UûWHNLOHUL GH oDEDODUÖQÖ VUGUPHNWH YH VDøOÖN SROLWLNDODUÖQGD ND\QDN D\UÖOPDVÖ KDVWDQH \|QHWLPOHULQLQ NRQX\D |QHP YHUPHVL YH\D HQ D]ÖQGDQ UHIHUDQVPHUNH]OHULNXUXOPDVÖLVWHøLQGHEXOXQPDNWDODU .RQXPX]%DøODPÖQGDhONHPL]GHNL+XNXNVDO'XUXP $QD\DVDPÖ]GD´KXNXNGHYOHWLµRODUDNWDQÖPODQDQ7UNL\H&XPKXUL\HWL'HYOHWL·QGH |]HO VHNW|U YH NDPX KDVWDQHOHULQGHNL oDOÖûPD LOLûNLOHULQL ELoLPOH\HQ KXNXNVDO G]HQOHPHOHU YDUGÖU <|QHWLP KXNXNX \D GD \|QHWVHO \DUJÖ NDSVDPÖQD JLUHELOHFHN EX KXNXNVDO G]HQOHPHOHU |]HOOLNOH KDVWDQH oDOÖûDQODUÖQÖQ KL]PHW YHUGLNOHUL NLûLOHUOH KDVWDODUOD LOLûNLOHUL NHQGL DUDODUÖQGDNL Lû JHUHøL NXUXODQ UHVPL LOLûNLOHU YH \|QHWLPOH RODQ LOLûNLOHU oHUoHYHVLQGH EDøOD\ÖFÖGÖU <|QHWLP EX LOLûNLOHU DøÖQGD \DVDODUOD VDSWDQDQ GHQHWLPJ|UHYLEDøODPÖQGDLOLûNL\LHWNLOH\HQKXNXNVDOVRUXPOXOXNWDûÖPDNWDGÖU hONHPL]GHKHNLP²KDVWDLOLûNLVLQLQJHUoHNOHûWLøLKDVWDQHOHUKXNXNVDORODUDN\|QHWLP \HWNLVL DoÖVÖQGDQ NDPX KDVWDQHOHUL YH |]HO KDVWDQHOHU RODUDN LNL\H D\UÖOPDNWDGÖU hONHPL]GH ´+XVXVL +DVWDQHOHU .DQXQXµ DGOÖ ELU \DVD ROPDNOD ELUOLNWH NDPX KDVWDQHOHUL\OH LOJLOL ELU \DVD \RNWXU <DWDNOÖ 7HGDYL .XUXPODUÖ ùûOHWPH <|QHWPHOLøL 6DøOÖN %DNDQOÖøÖQD EDøOÖ \DWDNOÖ WHGDYL NXUXPODUÖQÖQ LûOHWLOPHVLQH LOLûNLQ KNPOHU LoHUPHNWHGLU %X \|QHWPHOLøLQ |]HOOLøL GD\DQGÖøÖ ELU \DVDQÖQ EXOXQPD\ÖûÖGÖU 2\VD ELU ´g]HO +DVWDQHOHU 7]øµ YH EXQXQ GD\DQGÖøÖ ´+XVXVL +DVWDQHOHU .DQXQXµ YDUGÖU 6D\ÖVDO DoÖGDQ oRN RODQ NDPX KDVWDQHOHUL LOH LOJLOL \DVD YH W]N ROPD\ÖûÖ LOJLQo ELU GXUXPGXUg]FDQYH*HQoV hONHPL]GH KDVWDQH \|QHWLPLQLQ \HWNL YH J|UHYOHUL WDULKOL 1R %DNDQODU .XUXOX NDUDUÖ\OD 1R LOH WDULKOL 5HVPL*D]HWH GH \D\ÖQODQDQ ´<DWDNOÖ 7HGDYL .XUXPODUÖ ùûOHWPH <|QHWPHOLøLµ LOH WDQÖPODQPÖûWÖU %X \|QHWPHOLøLQ DPDFÖ \DWDNOÖ WHGDYL NXUXPODUÖQGD oHûLWOL KL]PHWOHULQ X\JXODPD HVDVODUÖQÖ SHUVRQHOLQ J|UHY \HWNL YH VRUXPOXOXNODUÖQÖ EHOLUOHPHN YH VUDWOL NDOLWHOL HNRQRPLN ELU KDVWDQH LûOHWPHFLOLøLVDøODPDNRODUDNEHOLUWLOPLûWLU .DPXGD YH\D |]HO KDVWDQHGH oDOÖûDQ KHNLP LOH KDVWD DUDVÖQGDNL LOLûNLQLQ JHUoHNOHûPH ELoLPL QDVÖO ROXUVD ROVXQ EXUDGD KDVWDQÖQ KHNLP VHoPH KDNNÖ ROGXøX YH |]HOKXNXNLOLûNLVLQLQYHNDOHWEXOXQGXøXNDEXOHGLOPHOLGLUg]HOOLNOHKHNLPLQWHGDYL\L 8OXVDO8\JXODPDOÖ(WLN.RQJUHVL LGDULKXNXNNXUDOODUÖQDJ|UHGHøLOEDøÖPVÖ]WÖSNXUDOODUÖQDJ|UH\DSWÖøÖXQXWXOPDPDOÖGÖU $ûoÖRøOXV 6DøOÖN %DNDQOÖøÖ·QÖQ oÖNDUGÖøÖ +DVWD +DNODUÖ <|QHWPHOLøL 6D\ÖOÖ 6DøOÖN +L]PHWOHUL 7HPHO .DQXQX·QXQ 0DGGHVLQLQ F EHQGLQH YH VD\ÖOÖ 6DøOÖN %DNDQOÖøÖ·QÖQ 7HûNLODW YH *|UHYOHUL +DNNÖQGD .DQXQ +NPQGH .DUDUQDPH·QLQ 0DGGHVLQH GD\DQÖODUDN KD]ÖUODQPÖû ELU PHWLQGLU %X PHWLQ VD\ÖOÖ 5HVPL *D]HWH·GH \D\ÖQODQDUDN \UUOøH JLUPLûWLU %X \|QHWPHOLN LOH \DVDO G]HQOHPH DOWÖQD DOÖQDQ KDNODUÖQ ´VDøOÖN KL]PHWLQGHQ \DUDUODQPD NRQXVXQGD VÖUI LQVDQ ROPDN KDVHEL\OH VDKLS ROXQDQ YH 7UNL\H &XPKXUL\HWL $QD\DVDVÖ XOXVODUDUDVÖ DQWODûPDODU NDQXQODU YH GLøHU PHY]XDW LOH WHPLQDW DOWÖQD DOÖQPÖû EXOXQDQ KDNODUÖQµ WDQÖPODQPDVÖQÖQ KHGHIOHQGLøLJ|UOPHNWHGLU +DVWDQH \|QHWLPLQLQ LOLûNLQLQ |]HUNOLøLQH HWNLVL GHQHWLP DPDoOÖ YH \DVDO oHUoHYHGH VRUXPOXOXN RODUDN RUWD\D oÖNPDNWDGÖU %X HWNLQLQ HWLN ND\JÖODU ROXûWXUGXøX GûQOHQ \|QOHUL WDUWÖûÖODELOLU DQFDN EX WDUWÖûPD VRQXoODUÖQÖQ X\JXODPD\D \DQVÖPDVÖ LoLQ \DVDOODûPDVÖ JHUHNLU 6RQXoWD LOLûNL\H \|QHOLN YH HWLN DoÖVÖQGDQ VRUXQ \DUDWDQ ED]Ö KXNXNVDO HWNLOHU WDUWÖûPD\D DoÖN ROPDNOD ELUOLNWH \|QHWLPLQ KXNXNVDO VRUXPOXOXøX LoLQGHGLU hONHPL]GH \|QHWLPLQ X\JXODPDODUÖQÖQ KXNXN GÖûÖQD oÖNDUDN LOLûNL\H YH LOLûNLQLQ |]HUNOLøLQH \DQVÖGÖøÖ ROD\ODU KXNXNVDO GXUXPXQ \DUDWWÖøÖ WHUV HWNLOHUGHQ GDKD ND\JÖ YHULFLGLU ´+XNXN 'HYOHWLµ JHOHQHøL \HULQH NRûXOODUD J|UH ELoLPOHQHQ ´LOLûNLOHU DøÖµ HWNLQOHûPHNWHGLU 7HN WHN ROD\ODU G]H\LQGH ROGXøXQGDQ NDQÖWODQPDVÖ YH VLVWHPOL ELU ELoLPGH HOHûWLULOPHVL GH JoON \DUDWPDNWDGÖU g]HOOLNOH KHNLP YH LûNHQFH J|UHQ LQVDQODUÖQ WHGDYLVL PDKNPODUÖQ WHGDYLVL JHUHNVL] SHULQH PXD\HQHVL JLEL NRQXODUGD \|QHWLPOHULQ LOLûNL\H JHUHNVL] \HULQH J|UH HWLN GÖûÖ PGDKDOHOHUGH EXOXQGXøX J|]OHQPHNWHGLU %X WÖEEL HWLN VRUXQ ROPDQÖQ |WHVLQGH WRSOXPVDO GHøHU VRUXQX RODUDN GûQOHELOLU 8OXVODUDUDVÖ+XNXNVDO'XUXP ´+HNLPOLN $KODNÖ 8OXVODUDUDVÖ <DVDVÖµ 'Q\D 7DELSOHU %LUOLøL·QLQ \ÖOÖQGD /RQGUD·GD \DSÖODQ ·QF *HQHO .XUXOX·QGD EHQLPVHQPLû ·QFL 'Q\D 7DELSOHU .XUXOX·QGD6\GQH\YH·LQFL'Q\D7DELSOHU%LUOLøL*HQHO.XUXOX·QGD 9HQHGLN JHOLûWLULOPLûWLU %XQD J|UH NRQXPX] EDøODPÖQGD KHNLPOHULQ JHQHO RODUDN J|UHYOHUL DUDVÖQGD ´KHNLP PHVOHøLQL KHU ]DPDQ HQ \NVHN G]H\GH VUGUHFHNWLU +HNLP KDVWDODUÖQÖQ \DUDUÖ LoLQ |]JU YH EDøÖPVÖ] RODUDN YHUHFHøL NDUDUODUÖ oÖNDU JGOHULQLQ HWNLOHPHVLQH L]LQ YHUPH\HFHNWLU +HNLP KDQJL oHûLW WÖEEL X\JXODPD LoLQGH ROXUVD ROVXQ LQVDQÖQ GHøHULQH VD\JÖ YH VHYHFHQOLN J|VWHUHFHN YH JHUHN WHNQLN JHUHNVH DKODN \|QQGHQ EWQ\OH EDøÖPVÖ] \HWHUOL ELU WÖEEL KL]PHW VDøODPD\D NHQGLQL DGD\DFDNWÖUµ QRNWDODUÖ EXOXQPDNWDGÖU $\UÖFD &HQHYUH %LOGLUJHVL·QGH EHQLPVHQHQ KHNLP DQGÖQGD ´'LQ GLO ÖUN SDUWL SROLWLNDODUÖ \D GD WRSOXPVDO GXUXPOD LOJLOL GHøHUOHQGLUPHOHULQ J|UHYLPOH KDVWDPÖQ DUDVÖQD JLUPHVLQH L]LQ YHUPH\HFHøLPµ ELoLPLQGH YXUJXODQGÖøÖ JLEL KDVWD²KHNLP LOLûNLVLQLQ |]HUNOLøLQLQ |QHPL DoÖNoD GLOH JHWLULOPHNWHGLU &H]DHYOHUL KHNLPOHUL LûNHQFH YH KHNLP $,'6 YH KHNLP VRUXPOXOXøX NRQXOXELOGLUJHOHUGHGHGHøLûLNDQODWÖPODUODLOLûNLQLQ|]HUNOLøLQLQ|QHPLEHOLUWLOPHNWHGLU 77%V /L]ERQ%LOGLUJHVL+DVWD+DNODUÖ'Q\D7DELSOHU%LUOLøL·QLQ*HQHO.XUXOX·QGD (\OO(NLP /L]ERQ3RUWHNL] EHQLPVHQPLûWLU .RQXPX]OD LOJLOL NÖVÖPODUÖ ûXQODUGÖU 1HVULQdREDQRøOX³+DVWDQH<|QHWLPLQLQ+HNLP+DVWDùOLûNLVLQH0GDKDOHVLQLQ(WLN%R\XWODUÖ 8\JXODPD\D \|QHOLN DKODNL YH \DVDO JoONOHULQ YDU RODELOHFHøLQL J|] |QQH DOPDNOD ELUOLNWH KHNLP KHU ]DPDQ LoLQ KHP NHQGL YLFGDQÖQD J|UH KHP GH KDVWDQÖQ HQ oRN \DUDUÖQD RODFDN ûHNLOGH GDYUDQPDOÖGÖU %LOGLUJH WÖS PHVOHøLQLQ KDVWDODUÖQD VDøODPD\D oDOÖûWÖøÖ NLPL WHPHO KDNODUÖ GLOH JHWLUPHNWHGLU <DVDO GXUXP \D GD KNPHWLQ WXWXPX KDVWDODUÖQ EX KDNODUÖQÖ \DGVÖ\RUVD KHNLPOHU EX KDNODUÖQ HOGH HGLOPHVL \D GD RQDUÖOPDVÖ LoLQ \ROODU DUDPDOÖGÖU %X KDNODUÖQ DUDVÖQGD |UQHøLQ ûXQODUD \HU YHULOPHNWHGLU D +DVWDQÖQ KHNLPLQL |]JUFH VHoPH KDNNÖ YDUGÖU E +DVWDQÖQ GÖûDUÖGDQ KHUKDQJL ELU NDUÖûPD ROPDGDQ NOLQLN YH DKODNL \DUJÖODUD |]JUFH YDUDELOHQ ELU KHNLP WDUDIÖQGDQ EDNÖOPD\D KDNNÖ YDUGÖU F +DVWDQÖQ \HWHUOL ELOJLOHUL DOGÖNWDQ VRQUD WHGDYL\L NDEXO HWPH\H \D GD \DGVÖPD\D KDNNÖ YDUGÖU G +DVWDQÖQ NHQGLVL\OH LOJLOL WÖEEL YH NLûLVHO ELOJLOHULQ JL]OLOLøLQH JHUHNHQ VD\JÖ\Ö J|VWHUPHVLQL KHNLPGHQ EHNOHPH\H KDNNÖYDUGÖU77%V 'Q\D 7DELSOHUL %LUOLøL·QLQ \ÖOÖQGD +DPEXUJ·WD WRSODQDQ *HQHO .XUXOX·QGD EHQLPVHGLøL ´6DøOÖN %DNÖPÖQGD 'HYDPOÖ .DOLWH ù\LOHûWLULOPHVLQGH $QD dL]JLOHUµ ELOGLUJHVLQLQ PDGGHVLQGH ´'HYDPOÖ NDOLWH L\LOHûPHVL LoLQ DKODNL DQD KDWODU WP KHNLPOHUL VDøOÖN EDNÖP KL]PHWOHULQL KDVWDODU LoLQ VDøOD\DQ NXUXPODUÖ YH GHøHUOHQGLUPHKL]PHWOHULQLUHWHQOHULLOJLOHQGLULUµPDGGHVLQGH\HWNLOLOHUWDUDIÖQGDQ GHøHUOHQGLUPHYHJHQHOGHQHWLPEDûOÖøÖDOWÖQGD\|QHWLPLQHWNLVLDoÖVÖQGDQNRQX\ODLOJLOL RODUDN ûX GLOH JHWLULOPLûWLU ´6DøOÖN EDNÖPÖQÖQ NDOLWH GHøHUOHQGLUPHVL YH KL]PHWOHUGH GHYDPOÖ NDOLWH DUWÖûÖ KHU KHNLP YH NXUXPXQ HWNLQOLøLQLQ ELU SDUoDVÖGÖU 6DøOÖN VXQXPX \HWNLOLOHUL WDUDIÖQGDQ JHUoHNOHûWLULOHQ XøUDû HWNLQOLøLQLQ GHQHWLPL D\UÖ ELU LûWLU YH VDøOÖN EDNÖPÖ GHøHUOHQGLUPHVLQGHQ D\UÖ WXWXOPDOÖGÖU +HNLPOHULQ GHøHUOHQGLUPHVLQLQ VRQXoODUÖ XOXVDO \DVDODU WHUVLQL J|VWHUPHGLNoH VDøOÖN KL]PHWL \HWNLOLOHUL YH LOJLOL KHNLPOHULQ GHQHWLPOHUL DQODûPDN ND\GÖ\OD GHQHWLP NXUXPODUÖQÖQ DPDoODUÖ LoLQ NXOODQÖODELOLUµ%XPHWQLQPDGGHVLQGHLVHWÖEELEDNÖPGHøHUOHQGLULOHFHNVH´HWNLQOLøL GHøHUOHQGLUHQELUKHNLPROPDOÖGÖUµJ|UûOHULQH\HUYHULOPHNWHGLU77%V 6DøOÖN KL]PHWOHUL VXQXPXQGD NDOLWH NDYUDPÖ ´XOXVODUDUDVÖ JHoHUOLOLøL RODQ J|VWHUJHOHUGHNL VWDQGDUWODUD X\JXQ WDQÖ WHGDYL YH EDNÖP KL]PHWOHULQLQ \DQÖ VÖUD WP KL]PHW VUHoOHULQGH KDVWDODUÖQ EHNOHQWL YH JHUHNVLQLPOHULQLQ WDP RODUDN NDUûÖODQPDVÖµ RODUDN WDQÖPODQDELOLU =RUOXWXQD 7RSOXPVDO VL\DVDO DoÖGDQ VDøOÖN KL]PHWOHULQGH JHOLQHQ QRNWDGD 'Q\D 7DELSOHU %LUOLøL·QLQ ELOGLUJHOHUL EX NRQXGD GD X\JXQ \RO J|VWHULFL ROPDNWDGÖU %XQODU oDOÖûPDPÖ]GD VDYXQXODQ J|UûOHULQ |]\OH GH X\XP LoLQGHGLU +DVWDQH \|QHWLPLQGH NDOLWHQLQ JHOLûWLULOPHVL ELU JHUHNOLOLN RODUDN EHOLUOHQLS WÖEEL HWLN DoÖVÖQGDQ |]HQOL ROXQPDVÖ JHUHNHQ QRNWDODUD GLNNDW oHNLOPHNWHGLU $QFDN EXQODUÖQGD ]DPDQ LoLQGH RUWD\D oÖNDFDN \HQL NRûXOODUD J|UH J|]GHQ JHoLULOLS GHøLûWLULOHELOHFHNOHULQLNXûNXVX]J|]DUGÖHGHPH\L]hONHOHUDUDVÖGHøHUVLVWHPOHULQLQYH WÖEEL HWLN LONHOHULQ DOJÖODQPDVÖQGDNL NOWUHO IDUNOÖOÖNODU GûQOPHOLGLU &KHQJ YH DUNDGDûODUÖ $\UÖFD ONHPL]LQ NRûXOODUÖQÖQ \DUDWWÖøÖ KHNLP VD\ÖVÖ KDVWDQH VD\ÖVÖ IL]LNVHO DOW\DSÖ NOWUHO GRNX \DSÖODQ DUDûWÖUPDODUOD VDSWDQDQ EL]H |]J GHøHU VLVWHPLQLQ J|] |QQH DOÖQPDVÖ\OD \DSÖODFDN KXNXNVDO G]HQOHPHOHULQ GDKD X\JXQ RODFDøÖDoÖNWÖU%XQXQ|QDûDPDVÖEXDODQGD\DSÖODFDNHWLNWDUWÖûPDODUGÖU 6RQXoYHgQHULOHU +DVWDQH \|QHWLPLQLQ LOLûNLQLQ |]HUNOLøLQH PGDKDOHVL WÖEEÖQ YH KDVWDQHQLQ WHPHO DPDoODUÖGRøUXOWXVXQGDKDVWDODUÖQHQVWG]H\GHL\LOHûWLULOPHVLDPDFÖQD\|QHOLNHQD] GHøHU ND\EÖ\OD HQ oRN \DUDUÖ ROXûWXUDFDN ELoLPGH NLûLVHO ROPD\DQ \|QWHPOHUOH YHULOHQ 8OXVDO8\JXODPDOÖ(WLN.RQJUHVL KL]PHWLQ QLWHOLøLQL \NVHOWPHN LoLQ \DSÖOPDOÖGÖU <|QHWLPLQ LOLûNLQLQ |]HUNOLøLQL VÖQÖUOD\DQ HWNLOHULQL JHUHNoHOHQGLUHUHN \DUDU²]DUDU GHQJHVLQL L\L NXUPDVÖ JHUHNOLGLU %X GHQJHQLQ ROXûWXUXOPDVÖQD \|QHOLN oDOÖûPDQÖQ VRQXoODUÖ GRøUXOWXVXQGD X\JXODPD\D \DQVÖWÖOPDVÖJHUHNWLøLQLGûQGøP]ED]Ö|QHULOHUGHEXOXQPDNLVWL\RUX] 6DøOÖN VL\DVDODUÖ KHUNHVH JHUHNVLQGLøL ]DPDQ XODûDELOHFHøL KDNNDQL\HW DGDOHW HûLWOLN JLEL HWLN LONHOHU GRøUXOWXVXQGD KL]PHW VXQXOPDVÖQÖ VDøOD\DFDN ELoLPGH ROXûWXUXOPDOÖGÖU %XQXQ LoLQ \DQVÖ] ELOLPVHO DUDûWÖUPDODUÖQ YHULOHULQGHQ \DUDUODQÖODUDNWRSOXPXQVDøOÖNG]H\LQLQJHOLûWLULOPHVLQH\|QHOLN|QHULOHUGL]JHVL VDSWDQPDOÖGÖU 6DøOÖN \|QHWLPL LOH LOJLOL oDøGDû \DNODûÖPODU GRøUXOWXVXQGD KXNXNVDO G]HQOHPHOHU GHQHWOHQPHVL\OH D\QÖ \DSÖOPDOÖGÖU DPDo LoLQ 6DøOÖN oDOÖûDQ \|QHWLPLQLQ ELULPOHULQ ELU HOGHQ HûJGPOHQPHVL VDøODQPDOÖGÖU +DVWDQHOHU WRSOXPVDO JHUHNVLQLPOHUH J|UH GHQJHOL ELoLPGH NXUXOPDOÖGÖU 6DøOÖN KL]PHWOHULQGH |QHPOL \HU WXWDQ WHGDYL HGLFL YH EDNÖP KL]PHWOHULQLQ YHULOGLøL KDVWDQHOHULQ |]HOOLNOHUL VDSWDQDUDN EX |]HOOLNOHU ÖûÖøÖQGD |UJWOHQPHOLGLU dDøGDû |UJW NXUDPODUÖQGDQ \DUDUODQDUDN \|QHWLP ELOLPVHO² WHNQLN JHOLûPHOHUL X\JXODPD\D DNWDUDELOHFHN NHQGLQL \HQLOH\HUHN GHøLûWLUHELOHFHNELoLPGH\DSÖODQPDOÖGÖU +DVWDQHOHUGH KL]PHWLQ WHPHO DPDFÖ KDVWDODUÖQ L\LOHûWLULOPHVLGLU $UDo²DPDo LOLûNLVL XQXWXOPDGDQ NXUXPXQ WHPHO DPDFÖQÖ JHUoHNOHûWLUPHVL LoLQ LûOHYVHOOLøL DUWWÖUÖOPDOÖGÖU +DVWDQHOHUGH QH\LQ QDVÖO QHGHQ \|QHWLOHFHøL VRUXODUÖQÖQ LUGHOHQPHVL JHUHNOLGLU 6DøOÖN oDOÖûDQODUÖQÖQ YH KDVWDODUÖQ RGDN QRNWDVÖQGD GHøHUOHQGLULOPHVL |QHPOLGLU 2 ]DPDQ \|QHWLP ELU DPDo GHøLO EX DPDFÖQ VDøODQPDVÖ\|QQGHELUDUDoROPDNWDGÖU ùQVDQ KDNODUÖQÖQ HYULOPHVL\OH KDVWD KDNODUÖ JQGHPH JHOPLûWLU .DOLWHOL KL]PHW VXQXPXQGD KDVWDQÖQ KL]PHWLQ QLWHOLøLQL DOJÖODPDVÖ |QHPOLGLU 7RSODP NDOLWH \|QHWLPL KDVWD\Ö YH KHNLPL |]QHOHûWLUHUHN NDOLWHOL KL]PHW VXQXPXQX VDøOD\DFDN ELU\|QHWLPELoLPLGLU *QP]GH KDVWDQHOHUGH YHULOHQ WDQÖ WHGDYL YH EDNÖP KL]PHWOHULQGHNL NDUPDûÖN KL]PHW VXQXPXQGD QLWHOLøLQ |OoOPHVL KDVWDQHQLQ \|QHWLPLQLQ ELUoRN DoÖGDQJHUHNOLELUVRUXPOXOXøXGXU 7RSOXPVDO YH ELUH\VHO KDNODUOD LOJLOL HNRQRPL HøLWLP Lû GR\XPX YHULPOLOLN HWNLOLOLNJLELER\XWODULoHUHQELUGHQHWLPVUHFLQLQNLûLVHOOLNWHQX]DN\|QWHPOHUOH KL]PHWH|]HOVWDQGDUWODUODGHQHWOHQPHVLJHUHNOLGLU +DVWDQH \|QHWLPLQLQ \DSÖVÖ YH \|QHWLFLQLQ NLPOLøL NRQXVXQGD IDUNOÖ J|UûOHU YDUGÖU .DOLWH GHQHWLPLQLQ ELU \|QHWLFL HNLS WDUDIÖQGDQ KHU DûDPDGD \DSÖODELOPHVL DPDFÖ\OD \|QHWLP VUHFL SD\ODûÖOPDOÖGÖU .DQÖPÖ]FD L\L LûOH\HQ ELU \|QHWLP WDNÖPÖQÖQ QLWHOLøL |QGHULQLQ NLPOLøLQGHQ |QHPOLGLU %LU WÖEEL KL]PHW NXUXPXQXQ \|QHWLP HNLELQLQ VRUXPOXOXøXQX DODFDN KHNLPLQ NOLQLN J|UHYOHULQGHQ X]DNODûPÖû \|QHWLP HøLWLPL DOPÖû ELU KHNLP ROPDVÖQÖQ GRøUX RODFDøÖNDQÖVÖQGD\Ö] .DOLWHQLQ JHOLûWLULOPHVL ELU JHUHNOLOLNWLU %XUDGD WÖEEL HWLN DoÖVÖQGDQ |]HQOL ROXQPDVÖ JHUHNHQ QRNWDODUD GLNNDW HGLOPHOLGLU ùOLûNLQLQ |]HUNOLøLQL VÖQÖUOD\DQ QHGHQOHULQ JHUHNoHOHULQLQ HQ D] GHøHU ND\EÖ \DUDWDFDN YH NLûLVHO ROPD\DQ ELoLPGH KD]ÖUODQDQ IRUPODUOD ELOLPVHO YHUL RODUDN NXUXPX JHOLûWLUPHN DPDFÖ\OD LOJLOL LQVDQODUÖQ RQD\Ö DOÖQDUDN YH ELUH\VHO ROPD\DQ GHQHWLP LoLQ NXOODQÖOPDVÖ VRUXQODUÖQDûÖOPDVÖQD\DUGÖPFÖRODFDNWÖU 1HVULQdREDQRøOX³+DVWDQH<|QHWLPLQLQ+HNLP+DVWDùOLûNLVLQH0GDKDOHVLQLQ(WLN%R\XWODUÖ .D\QDNODU $NDED\DVKL$)HWWHUV0'(OZ\Q76´)DPLO\&RQVHQW&RPPXQLFDWLRQDQG $GYDQFH 'LUHFWLYHV IRU &DQFHU 'LVFORVXUH²$ -DSDQHVH &DVH DQG 'LVFXVVLRQµ -RXUQDORI0HGLFDO(WKLFV9RO,VVSS $OJÖHU / 8\DU * ´<RøXQ %DNÖP +HPûLUHOLøLQLQ (WLN <|QOHULµ ,,, 7ÖEEL (WLN 6HPSR]\XPX%LOGLULOHUL.LWDEÖ%L\RHWLN'HUQHøL<D\ÖQÖ<g.PDW$QNDUDV &DQLDQR ' ´(QG RI /LIH 'HFLVLRQV IRU 6XUJLFDO 1HRQDWHV ([SHULDQFH LQ 1HWKHUODQVDQG86$µ-RXUQDORI3HGLDWULF6XUJHU\ &KHQJ ),S0 :RQJ . . <DQ : : ´&ULWLFDO &DUH (WKLFV LQ +RQJ.RQJ² &URVV²&XOWXUDO&RQIOLFWVDV(DVW0HHWV:HVWµ-RXUQDORI0HGLFLQHDQG3KLORVRSK\9RO ,VVSS dREDQRøOX1´+DVWD+DNODUÖ$oÖVÖQGDQ+DVWDQHOHUGH<|QHWLP(WLøLµ,,,7ÖEEL (WLN6HPSR]\XPX%LOGLULOHUL%L\RHWLN'HU<D\ÖQÖ<g.PDW$QNDUDV dREDQRøOX17DQÖU*´<HQL'RøDQ$ODQÖg]HOLQGH3HGLDWULGH(WLN6RUXQODUµ 6UHNOL7ÖS(øLWLPL'HUJLVLV dREDQRøOX 1 hQDO 6 E ´(WLN YH 'HRQWRORML $oÖVÖQGDQ $,'6+,9µ *QFHO %LOJLOHU ,ûÖøÖQGD $,'6+,9 7UN (F]DFÖODUÖ %LUOLøL <D\ÖQÖ $QNDUD V dRUXK 0 ´6DøOÖN +L]PHWOHULQGH .DOLWH YH 3HUIRUPDQV .DYUDPÖQGDNL *HOLûPHOHUµ6DøOÖN+L]PHWOHULQGH7RSODP.DOLWH<|QHWLPL9H3HUIRUPDQVgOoPHG0 dRUXK+DEHUDO(øLWLP9DNIÖ$QNDUDV dRUXK 0 D +DVWDQH <|QHWLPLQLQ +HNLP²+DVWD ùOLûNLVLQH (WNLOHUL .RQXVXQGD g]HO*|UûPH dRUXK 0 E +DVWD (øLWLP YH gøUHWLPL *D]L hQLYHUVLWHVL .DOLWH *QOHUL 6HPSR]\XPXQGD6XQXODQ$oÖû.RQXûPDVÖ +DWXQú´dRFXNODUÖQ6DøOÖN+DNNÖµ(WLN%XQXQ1HUHVLQGH$72\D\V -D\DZDUGHQD + ´$,'6 DQG 3URIHVVLRQDO 6HFUHF\ LQ WKH 8QLWHG 6WDWHVµ 0HGLFDO 6FLHQFH/DZ(QJODQGS .DVDSRøOX $ 6DøOÖN 6RV\RORMLVL 7UNL\H·GHQ $UDûWÖUPDODU 6RV\RORML 'HUQHøL <D\ÖQODUÖ9,$QNDUD .LQODZ . ´7KH &KDQFLQJ 1DWXUH RI 1HRQDWDO (WKLFV LQ 3UDFWLVHµ &OLQLF LQ 3HULQDWRORML .XUW] 6 6LOYHUPDQ - 'UDSHU - 7ÖSWD ùOHWLûLP 7HNQLNOHUL oHY 6 <HQLoHUL $ <XUGDoDOÖû0<DûDUODU%H\D]<D\ùVWDQEXO 0HUHGLWK 3 :RRG & ´,QMXU\ ,QWR WKH 3RWHQWLDO 9DOXH RI DQ ,QIRUPDWLRQ SDPSKOHW RQ &RQVHQW WR 6XUJHU\ WR ùPSURYH 6XUJHRQ ² 3DWLHQW &RPPXQLFDWLRQµ 4XDOLW\LQ+HDOWK&DUH g]FDQ&*HQo0)7UN6DøOÖN0HY]XDWÖ$72\D\ùPDMPDWù]PLU 3HDERG\-´+RZ6PDOOLVWRR6PDOOWR+RZ0XFKLVWRR0XFK(WKLFDO,VVXHV DWWKH/LPLWVRI1HRQDWDO9LDELOLW\µ&OLQLFLQ3HULQDWRORML 3LQFK : ´(WKLFDO 'HFLVLRQ 0DNLQJ IRU +LJK 5LVN ,QIDQWV 7KH 3DUHQWV· 3HUVSHFWLYHµ1XUVLQJ&OLQLF1RUWK$PHULFD 5DGLNDO*D]HWHVL 8OXVDO8\JXODPDOÖ(WLN.RQJUHVL 7UN 7DELSOHUL %LUOLøL D 6DøOÖNOD ùOJLOL 8OXVODUDUDVÖ %HOJHOHU <D\ÖQD +D]ÖUOD\DQ ) 6D\HN$QNDUD 7(032GHUJLVL <DWDNOÖ 7HGDYL .XUXPODUÖùûOHWPH <|QHWPHOLøL WDULKOL1R %DNDQODU .XUXOXNDUDUÖ\ODWDULKOL5HVPL*D]HWH1R <X 9 ´([WUHPH 3UHPDWXULW\ &OLQLFDO DQG (WKLFDO ,VVXHV 7KH $YXVWUDOLDQ 3HUVSHFWLYHµ QG :RUOG &RQJUHVV 2I 3HULQDWDO 0HGLFLQH $EVWUDFW ERRN 5RPD )ORUHQFH6HSWHPEHUV =RUOXWXQD < ´6DøOLN +L]PHWOHULQGH 7RSODP .DOLWH <|QHWLPL HG 0 dRUXKµ 6DøOÖN <|QHWLPLQGH 'HYDPOÖ .DOLWH ù\LOHûWLUPH +DEHUDO (øLWLP 9DNIÖ \D\ $QNDUD V dHYUH(WLøLYH%L\RORMLNdHûLWOLOLN 3URI'U0XVD'RøDQ dHYUHYHùQVDQ ùQVDQ WU LON NH] PLO\RQ \ÖO |QFH RUWD\D oÖNPÖû YH R JQGHQ EHUL oHYUHVL LOH LOLûNL LoLQGH ROPXûWXU ùQVDQ GLøHU WP FDQOÖODUGD ROGXøX JLEL oHYUHVL LOH PDGGH YH HQHUML LOLûNLVL LoLQGHGLU %X VUHQLQ DQFDN VRQ \ÖOOÖN VUHVLQH LOLûNLQ ELOJL YH EXOJXODU YDUGÖU %X VRQ G|QHPLQ LON \ÖOOÖN VUHVLQGH DYFÖOÖN YH WRSOD\ÖFÖOÖNOD \DûDPÖQÖ VUGUHQ LQVDQ ND\QDNODUÖ LKWL\DFÖ |OoVQGH NXOODQPÖûWÖU .D\QDNODUÖQEROROGXøXEXG|QHPGHLQVDQQIXVXQXELUWUODUWÖUDPDGÖøÖJLEL]DPDQ ]DPDQ oHûLWOL IHODNHWOHUH GH PDUX] NDOPÖûWÖU dHYUHGHNL ND\QDNODUÖQ WNHQPHVL LQVDQRøOXQX \HQL DUD\ÖûODUD VRNPXû YH \HQL DODQODUD J|o HWPHVLQL VDøODPÖûWÖU ùQVDQ YH oHYUHHWNLOHûLPLLQVDQÖQIL]LNVHOYH]LKLQVHO\DSÖVÖQÖQûHNLOOHQPHVLQH\RODoPÖûWÖU *QP]GHQ\ÖO|QFHVLQGHWDUÖP\DSPD\ÖYH\HUOHûLNKD\DWDJHoPH\L EDûDUDQ LQVDQ WU EHVLQ DUWÖûÖQD EDøOÖ RODUDN QIXVXQX GD DUWÖUPD HøLOLPLQH JLUPLûWLU $QFDN GHøLûLN ]DPDQODUGD RUWD\D oÖNDQ oHûLWOL KDVWDOÖNODU YH NÖWOÖNODUD EDøOÖ RODUDN QIXVXQXELUWUODUWÖUDPDPÖûWÖU %LOLP YH WHNQRORMLN JHOLûPHOHULQ EHUDEHULQGH JHWLUGLøL HQGVWUL YH WÖSWD ND\GHGLOHQ JHOLûPHOHU WP \DûDPÖ GRøDO IDNW|UOHUFH EHOLUOHQHQ LQVDQRøOXQXQ |Q SODQD oÖNPDVÖQD VHEHS ROPXûWXU %|\OHOLNOH LQVDQRøOX DUWÖN PDNLQH NXOODQPD\D YH GRøDO DODQODUÖ WHKGLW HWPH\H EDûODPÖûWÖU $\UÖFD WÖSWDNL JHOLûPHOHU KDVWDOÖNODUOD PFDGHOHGH LQVDQÖQ UROQ DUWÖUPÖûWÖU +HU ûH\LQ LQVDQ LoLQ ROXûWXUXOGXøX LONHVLQGHQ KDUHNHW HGHQ LQVDQRøOX oHYUHVLQLDFÖPDVÖ]FDWNHWPH\HEDûODPÖûWÖU ùQVDQ PHUNH]OL DQWKURSRFHQWULF EL\RORMLN GQ\D PRGHOL oHûLWOL LQDQo VLVWHPOHULQLQ GH GHVWHøL LOH DVÖUODUFD NDEXO J|UPûWU %X J|UûH J|UH LQVDQ WP FDQOÖODUÖQ HQ DNÖOOÖVÖ ROXS EL\RORMLN GQ\DQÖQ HQ PHUNH]LQGHGLU ´+HU ûH\ RQXQ LoLQ GRøDGD \DUDWÖOPÖûWÖUµ %DûND ELU GH\LûOH KHU ûH\ GRøD VW JoOHULQ HVHULGLU ùQVDQÖQ \DSDELOHFHøLKLoELUûH\\RNWXU6DGHFHLWDDWHWPHN]RUXQGDGÖU%XJ|UûHLONNDUûÖoÖNDQ 7KRPDV 0DOWKXV YH &KDUOHV 'DUZLQ·GLU 'DUZLQ·LQ \ÖOÖQGD \D\ÖQODGÖøÖ 7UOHULQ .|NHQLLVLPOLNLWDEÖQDJ|UHPHYFXWWUOHURUJDQLNHYULPYHGRøDOVHoLOLPOH\DûDPEXOXU 'DUZLQ EX HVHULQGH WP FDQOÖ WUOHULQLQ GRøDO VHoLOLPOH HYULP \ROX\OD ROXûWXøXQX RUWD\D NR\PXû YH FDQOÖODUÖQ IHQRWLSLN \DSÖVÖQÖQ ROXûPDVÖQGD oHYUHQLQ UROQH LûDUHW HWPLûWLU %X EXOJXODU ) 5HGL YH / 3DVWHXU WDUDIÖQGDQ YLWDOLVWLN J|UûH NDUûÖ RUWD\D DWÖODQYHVHEHSVRQXoLOLûNLVLQHYHPHNDQLVWLNJ|UûHGD\DOÖ|QHPOLEXOJXODUGÖUùûWHEX QRNWDGDQ KDUHNHWOH WP FDQOÖOÖN ROD\ODUÖQÖQ GRøD VW JoOHUFH NRQWURO HGLOGLøL ûHNOLQGHNL YDUVD\ÖP \HULQL GRøDO VHoLOLPOH WP FDQOÖODUÖQ RUJDQLN HYULP VRQXFXQGD ROXûWXøXQDLOLûNLQELOLPVHOJ|UûHEÖUDNPÖûWÖU %LOLP YH WHNQRORMLGH ND\GHGLOHQ JHOLûPHOHU LQVDQRøOXQXQ JHoPLûWH \DûDGÖøÖ oHYUH IHODNHWOHULQLNÖWOÖNODUÖVDOJÖQKDVWDOÖNODUÖWHNUDUJ|]GHQJHoLUPHVLQLVDøODPÖûWÖUg]HOOLNOH HQGVWUL GHYULPL VRQUDVÖQGD HQGVWULQLQ \RøXQ ROGXøX \|UHOHUGH RUWD\D oÖNDQ oHYUH VRUXQODUÖ FLGGL VDøOÖN SUREOHPOHULQL GH EHUDEHULQGH JHWLUPLûWLU %X VRUXQ PDGHQOHU FLYDUÖQGD oRN EHOLUJLQGLU 7P EX ROD\ODUD UDøPHQ LQVDQODU VDKLS ROGXNODUÖ \DQOÖû 2'7h%L\RORML%|OP 8OXVDO8\JXODPDOÖ(WLN.RQJUHVL GHøHUOHU QHGHQL\OH EXQXQ VRUXPOXVXQXQ LQVDQÖQ NHQGLVL ROGXøXQX ELU WUO J|UHPHPLûWLU %L\RORMLNdHûLWOLOLN &DQOÖ WUOHULQLQ HNRORMLOHULQH YH KDELWDWODUÖQD EDøOÖRODUDN VHUJLOHGLNOHUL GHøLûHELOLUOLN YH YDU\DV\RQD ´EL\RoHûLWOLOLNµ DGÖ YHULOLU %L\RORMLN oHûLWOLOLN NRQXVXQGD GQ\DGD EXOXQDQ WUOHULQ WHVSLWLQH \|QHOLN DUDûWÖUPDODU X]XQ ]DPDQGÖU GHYDP HWPHNWHGLU ´'Q\DGD PHYFXW WU VD\ÖVÖ QHGLU"µ ´%XJQH NDGDU QH NDGDU WU ROXûPXûWXU"µ JLEL VRUXODUD \DQÖW YHUPHN KD\OL ]RUGXU %LOLQHQ WU VD\ÖVÖ PLO\RQ FLYDUÖQGD ROPDNOD EHUDEHU JHUoHN VD\ÖVÖQÖQ EXQXQ oRN |WHVLQGH ROGXøX GûQOPHNWHGLU %XJQH NDGDU ROXûPXû WU VD\ÖVÖ LVH PHYFXW WU VD\ÖVÖQÖQ NDWÖ NDGDUGÖU 'Q ROGXøX JLEL \DUÖQÖQ GQ\DVÖQGD GD EL\RORMLN oHûLWOLOLN \DûDPÖQ VLJRUWDVÖ ROPD\D GHYDP HGHFHNWLU )DNDW EXJQ JHOLQHQ QRNWD LWLEDUÖ LOH VDGHFH 7URSLNDO <DøPXU 2UPDQÖ·QGD \ÖOGD ND\EHGLOHQWUVD\ÖVÖFLYDUÖQGDROXSEXJQGHWUGHPHNWLU %L\RORMLN oHûLWOLOLøLQ NRUXQPDVÖQD \|QHOLN RODUDN %HUQ 5DPVDU &,7(6 JLEL oHûLWOL XOXVODUDUDVÖ DQODûPDODU LP]DODQPÖûWÖU $QFDN oRøX ]DPDQ LQVDQÖQ GHøHU \DUJÖODUÖQD \|QHOLNHWLNER\XWXVÖQÖUOÖNDOPÖûWÖU %L\RORMLN oHûLWOLOLøLQ NRUXQPDVÖQD \|QHOLN LON FLGGL DGÖP5LR·GD \ÖOÖQGD DWÖOPÖû YH SUHQVLS NDEXO HGLOPLûWLU %X SUHQVLSOHULQ \DûDPD JHoLULOPHVLQH \|QHOLN RODUDN KD]ÖUODQDQ H\OHP SODQÖ $*(1'$ LoLQGH EXOXQGXøXPX] \]\ÖOÖQ oHYUH SROLWLNDVÖQÖQ oHUoHYHVLQL oL]PHNWHGLU %X H\OHP SODQÖQGD NRQXQXQ LQVDQ ER\XWX DøÖUOÖNOÖ RODUDN LûOHQPLûWLU 6UGUOHELOLU NDONÖQPD LoLQ PXWODN VXUHWOH GRøDO \DûDP YH oHYUHNRUXQPDOÖND\QDNODUL\L\|QHWLOPHOLGLU%XEDøODPGDRUPDQWDKULEDWÖ|QOHQPHOL KDVVDV HNRVLVWHPOHU L\L \|QHWLOPHOL o|OOHûPH LOH PFDGHOH HGLOPHOL EL\RORMLN oHûLWOLOLN NRUXQPDOÖoHYUHX\XPOXEL\RWHNQRORMLYH\DûDPûHNLOOHULGHVWHNOHQPHOLGLU 7UNL\H·GH $*(1'$ GRNPDQÖQD SDUDOHO RODUDN KD]ÖUODQDQ 7UNL\H 8OXVDO dHYUH (\OHP 3ODQÖ LOH (øLWLP YH .DWÖOÖP 5DSRUX LON NH] XOXVDO G]H\GH oDøGDû ELU \DNODûÖPOD VRUXQXQ NHVLQ o|]P LoLQ oHYUH HWLøL YH EXQD LOLûNLQ KHU G]H\GHNL HøLWLPLQLoHULøLQLQEHOLUOHQPHVLEDNÖPÖQGDQ|QHPOLJHOLûPHOHUGLU ùQVDQYHdHYUHùOLûNLVL ùQVDQ YH oHYUHVL DUDVÖQGDNL LOLûNLQLQ WDULKL LON LQVDQÖQ GRøDGD RUWD\D oÖNWÖøÖ DQGDQ LWLEDUHQ EDûODU %XJQ VD\ÖODUÖ PLO\RQ RODQ FDQOÖODUGDQ ELU WDQHVL GH LQVDQ WUGU ùQVDQ KDYDGD EXOXQDQ RNVLMHQL DOÖU YH NDUERQGLRNVLWL KDYD\D EÖUDNÖU 7P EHVLQ PDGGHOHUL oHYUHGH EXOXQDQ KD\YDQVDO YH ELWNLVHO ND\QDNODUGDQ HOGH HGLOLU *L\HFHN LoHFHN \DNDFDN EDUÖQDN YH LODo KDPPDGGHOHUL \LQH oHYUHGHQ HOGH HGLOLU g\OH LVH LQVDQRøOXQXQ \DûDPÖ oHYUHGHNL V|] HGLOHQ PDGGHOHUH EDøOÖGÖU dHYUHVL\OH PDGGH YH HQHUML LOLûNLVL LoLQGH RODQ LQVDQRøOX WP FDQOÖ WUOHUL JLEL NHQGL \DûDPD RUWDPÖQÖQ ELU ELUH\LGLU %LU GûQUQ GH\LPL\OH ´'RøDQÖQ HNRQRPLVL YH LQVDQÖQ HNRORMLVL ELUELULQGHQD\UÖOPD]ELUEWQQSDUoDODUÖGÖU%XQODUÖD\ÖUPD\DoDOÖûPDNWHKOLNHOLGLUµ \]\ÖOÖQ LNLQFL \DUÖVÖQGD LYPH ND]DQDQ HNRORML ELOLPL oHYUH\L FDQOÖ YH FDQVÖ] HOHPDQODU LOH ELU EWQ RODUDN GHøHUOHQGLUPLûWLU dHYUH VRUXQODUÖ LQVDQÖQ HVHULGLU dHYUH NHQGLVLQH QH \DSÖOÖUVD \DSÖOVÖQ EXQODUD EHOOL |OoOHUGH \DQÖW YHUPHNOH EHUDEHU oRøX]DPDQWDKULSROPDNWD\DGDNLUOHQPHNWHGLU%HONLGHNHQGLHNRVLVWHPLQLWHUN HGHQYHNHQGLNXUGXøXVXQLRUWDPODUGD\DûD\DQ\HJkQHWULQVDQGÖU&KXUFKLO·LQGH\LPL LOH ´%L] HYOHULPL]L HYOHULPL] GH EL]OHUL ûHNLOOHQGLULUµ 7P FDQOÖ RUJDQL]PDODU KHP oHYUHOHUL KHP GH ELUELUOHUL LOH LOLûNL LoLQGHGLU &DQOÖODUÖQ oHYUHOHUL LOH RODQ LOLûNLOHUL JHoLUGLNOHUL RUJDQLN HYULPH YH NHQGL JHQHWLN \DSÖODUÖQD EDøOÖGÖU ùûWH EX QHGHQOH 0XVD'RøDQ³dHYUH(WLøLYH%L\RORMLNdHûLWOLOLN GQ\DQÖQ GHøLûLN \|UHOHULQGH GHøLûLN FDQOÖ WUOHULQL EXOXUX] 'XUXP LQVDQ WU LoLQ GH D\QÖGÖU .XWXSODUGD \DûD\DQ HVNLPRODUÖQ \DûDPÖ NXWXS oHYUHVLQFH EHOLUOHQLUNHQ %RUQHR·GD\DûD\DQ\HUOLKDONÖQ\DûDPÖGDWURSLNDOoHYUHNRûXOODUÖQFDEHOLUOHQLU'XUXP EXLQVDQODUÖQHWLN\DSÖODUÖQGDGDNHQGLQLJ|VWHULU ùQVDQ YH oHYUH LOLûNLVL ]DPDQ LoLQGH IDUNOÖ VH\LU L]OHU %XQXQ HVDV QHGHQL LQVDQÖQ ROXûWXUGXøX ´VRV\DO VLVWHPLQµ ]DPDQOD oRN GHøLûPHVL YH EXQXQ HNRVLVWHPH WHN WDUDIOÖ \DQVÖPDVÖGÖU 8]PDQODU EX HNRVLVWHP YH VRV\DO VLVWHPL EHUDEHUFH HNRVRV\DO VLVWHP RODUDN GDKD VW ELU \DSÖGD ELUOLNWH HOH DOPDNWDGÖU *QP]H NDGDU oHYUH YH LQVDQ LOLûNLVL o DûDPDGD GHøHUOHQGLULOLU %XQODUGDQ LON DûDPDGD LQVDQRøOX ELOLQoVL]GLU %X QHGHQOH EX GHYUH\H ´ELOLQoVL] YDUROXû GHYULµ DGÖ YHULOLU ùQVDQRøOX oHYUHQLQ YH oHYUHGH ROXS ELWHQOHULQ NHQGLVLQH QDVÖO \DQVÖ\DFDøÖQÖQ IDUNÖQGD GHøLOGLU %X GHYUH \]\ÖOD NDGDU JHoHQ VUH\L NDSVDU dRøX ]DPDQ EX ELOLQoVL] YDUROXûXQ IDWXUDVÖ DøÖU ROPXû YH ELUoRN PHGHQL\HW RUWDGDQ NDONPÖûWÖU 8]PDQODU HVNL <XQDQ YH 5RPD·QÖQ o|NûQQ DUNDVÖQGD $NGHQL] oHYUHVLQGHNL oHYUH VRUXQODUÖQÖQ \DWWÖøÖQÖ LGGLD HWPHNWHGLUOHU ùNLQFLGHYUH|QELOLQoOHQPHQLQEDûODGÖøÖHWLNGHøHUOHULQFLGGLRODUDNUHYL]HHGLOPH\H EDûODGÖøÖ G|QHPL NDSVDU %X G|QHP \]\ÖOÖQ LNLQFL \DUÖVÖQGDQ ·OL \ÖOODUD NDGDU VUHU%XQHGHQOHEXG|QHPH´ELOLQoOHQPHG|QHPLµDGÖYHULOLU hoQF G|QHP LVH ·OL \ÖOODUGD EDûOD\ÖS JQP]GHGH GHYDP HGHU %X G|QHP ´ELOLQoOL ROXû G|QHPLµ RODUDN LVLPOHQGLULOLU %X G|QHPGH HNRORML ELOLPLQLQ WHPHO SUHQVLSOHULQH GD\DOÖ RODUDN WP FDQOÖODUÖQ ELUELUOHUL YH oHYUHOHUL LOH RODQ LOLûNLOHUL LQFHOHQPHNWHGLU$UWÖNLQVDQPHUNH]OLELU\DûDPPRGHOLQLQ\HULQLWPFDQOÖODUÖQLoLQGH \HU DOGÖøÖ ´HNRVHQWULNµ \DûDP PRGHOLQH WHUN HWWLøL J|UOU %WQ FDQOÖODU |QHPOLGLU 7PQQ URO HNRVLVWHP EWQ LoLQGH YD]JHoLOPH]GLU %XQODUGDQ KHUKDQJL ELULVLQH ELU ûH\ ROPDVÖ WP \DûDPÖ WHKGLW HWPHNWHGLU %X ELOLPVHO J|Uû LVH \HQL ELU \DûDP ûHNOLQLYHNDONÖQPDPRGHOLQLQRUWD\DDWÖOPDVÖQÖEHUDEHULQGHJHWLUPLûWLU7PNDONÖQPD SODQODUÖQÖQ GRøDQÖQ NRUXQPDVÖQÖ J|]HWPHVL JHUHNWLøLILNULQGHQ KDUHNHWOHVUGUOHELOLU NDONÖQPD \]\ÖOÖQ PRGHOLGLU %X QHGHQOH EXQXQ KD\DWD JHoLULOPHVL LûL LVH HQ VW G]H\GH VRUXPOX YDWDQGDû \HWLûWLUPH YH NDWÖOÖPOD LOLQWLOLGLU %X KLo ûSKHVL] ELU HWLN ROD\ÖGÖU%XQXQLoLQ·OL\ÖOODUVRQUDVÖQGDoHYUHHøLWLPLDGÖLOH\HQLELUGLVLSOLQRUWD\D oÖNPÖûWÖU %L\RORMLNdHûLWOLOLøHùOLûNLQ.RUXPDdDEDODUÖ %XJQ LYHGL RODUDN o|]POHQPHVL JHUHNHQ NRQX DUWDQ QIXVXQ ND\QDN VRUXQXGXU g]HOOLNOH EHVLQ GDUERøD]Ö LQVDQ \DûDPÖQÖ WHKGLW HWPHNWHGLU 'Q\D QIXVXQXQ ·VL DoOÖN ·VL LVH VDøOÖNOÖ LoPH VX\XQGDQ \RNVXQ ROPDQÖQ \RO DoWÖøÖ VDøOÖN VRUXQODUÖ LOH NDUûÖ NDUûÖ\DGÖU %X GXUXP GQ\DQÖQ GHøLûLN ONHOHULQGHNL LQVDQ \DûDP VUHVLQL ELOH HWNLOHPHNWHGLU6RUXQXQo|]PKHUQHNDGDULONHWDSWDELOLPYHWHNQRORMLNXOODQÖPÖLOH PPNQ JLEL J|UQU LVH GH NHVLQ o|]P EL\RORMLN oHûLWOLOLøLQ NRUXQPDVÖ YH VUGUOHELOLU \DûDP LONHOHULQH X\JXQ HWLN GHøHUOHULQ WP ELUH\OHUFH VHUJLOHQPHVL LOH PPNQGU %L\RORMLN oHûLWOLOLøLQ |]HOOLNOH \DNÖQ JHoPLûWH 5LR 'Q\D =LUYHVL |QFHVLQGHNL NRUXPD SROLWLNDODUÖQGD EXQODUÖQ NXUXPGD NRUXQDELOHFHøLQGHQ KDUHNHWOH oHûLWOL JHQ EDQNDODUÖ WRKXP EDQNDODUÖ YE NXUXPVDO \DSÖODU ROXûWXUXOPXûWXU 5LR·GD \DSÖODQ GHøHUOHQGLUPHOHUGH EXQXQ DPDoODUÖQ oRN JHULVLQGH NDOGÖøÖ VDSWDQPÖû YH JHOLûPHNWH RODQONHOHULQER\XWODUÖQÖDûDQELUX\JXODPDROGXøXEHOLUOHQPLûWLU%XQHGHQOHoHYUHQLQ YH GROD\ÖVÖ\OD EL\RORMLN oHûLWOLOLøLQ NRUXQPDVÖQÖQ VDGHFH oHYUH\L ROXûWXUDQ KDYD VX 8OXVDO8\JXODPDOÖ(WLN.RQJUHVL WRSUDN YH EL\RORMLN oHûLWOLOLN JLEL ELOHûHQOHULQLQ YXUJXODQPDVÖ LOH PPNQ RODPD\DFDøÖ DQODûÖOPÖûWÖU dQN NRQX HNRQRPLN HNRORMLN SROLWLN HøLWVHO YH EXQODUÖQ WPQQ ]HULQGHHWLNVRUXQXRODUDNRUWD\DoÖNPÖûWÖU %LOLP YH WHNQRORMLGHNL JHOLûPHOHU EHUDEHULQGH JHQ WHNQRORMLOHULQL RUWD\D NR\PXû YH WUDQVJHQLNoHûLWOLRUJDQL]PDODU\DYDû\DYDûSD]DUODUDJLUPH\HEDûODPÖûWÖU+HUQHNDGDU XOXVODUDUDVÖ G]H\GH WUDQVJHQLN RUJDQL]PDODU YH EXQODUÖQ UQOHULQH LOLûNLQ ´%L\RJYHQOLN3URWRNROµJLELV|]OHûPHOHU\UUOøHJLUPHNWHLVHGHLûLQ|]XOXVODUÖQ NHQGL Lo \|QHWLPOHUL LOH LOJLOLGLU 8OXVDO PHY]XDW KNPOHUL PXWODN VXUHWOH EL\RORMLN oHûLWOLOLøL NRUXPDOÖ NDPXR\XQX EX NRQXGD ELOJLOHQGLUPHOL NRQX\D LOLûNLQ HWLN GHøHUH VDKLS ELUH\OHU ROXûWXUPDOÖ YH RQODUÖQ VLVWHPH NDWÖOÖPÖQD RODQDN YHUPHOLGLU *HOLûPLû ONHOHUGHHWLNHWOHQGLUPHQLQL\L\DSÖOPDVÖYHHWLNQHGHQOHUGHQGROD\ÖSD]DUGDWUDQVJHQLN UQOHUGRøDOUQOHUGHQoRNXFX]GXU dHYUH(WLøL ùQVDQEL\RORMLN\DSÖVÖLWLEDUL\OHWÖSNÖGLøHUFDQOÖODUJLELEHOOLEL\RORMLNPROHNOOHUGHQ \DSÖOPÖûWÖU1DVÖONLFDQOÖODUDOHPLQLDQODPDNLoLQFDQOÖOÖøÖYHRQXQGDHQDOWEDVDPDNWD FDQOÖ ELULPL RODQ KFUHVLQL oDOÖûPDNOD LûH EDûOÖ\RUVDN D\QÖ ûHNLOGH oHYUH VRUXQODUÖQÖQ KHUWUOVQQDUNDVÖQGD\DWDQHVDVVRUXPOXQXQLQVDQROGXøXQXELOPHNJHUHNLUùQVDQ oHYUHVLQL ELOHUHN YH\D ELOPH\HUHN WDKULS HWPHNWHGLU %XQXQ QHGHQL oHYUH GHøHUOHULQLQ |QHPLQLQ IDUNÖQGD RODPDPDNWDQ JHoHU %XQXQ WHGDYLVL LVH LQVDQRøOXQXQ ´JHUoHNoLOLN WHUDSLVLµ LOH JHUoHøLQ IDUNÖQD YDUPDVÖ YH X\JXQ oHYUHGHøHU VLVWHPOHULQH VDKLS RODELOPHVLLOHPPNQGUùûWHEXQHGHQOHGLUNLGRøDDUWÖNNHQGLQLWDPLUHGHPHPHNWH DNDUVXODU SLVOLN WXWPDNWD YH RN\DQXVODU NLUOHQPHNWHGLU %XQODUÖQ WP HWLN HNVLNOLøLQGHQND\QDNODQÖUùQVDQÖGLøHUFDQOÖODUGDQD\ÖUDQGX\JXGûQFHYHEHONLGHHQ |QHPOLVLHWLNGHøHUOHULGLU &KDLVVRQ·D J|UH HWLN ´LQVDQOÖøÖ PXWOXOXøD WDûÖ\DQ WXWXP YH GDYUDQÖûODUGÖUµ %X GûQFHWDU]ÖX]XQYDGHGHND\QDNODUÖQHWNLQNXOODQÖPÖQÖYHVUGUOHELOLU\DûDPÖLûDUHW HWPHNWHGLU 0XWOXOXN VDGHFH WHN WDUDIOÖ DûÖUÖ WNHWLP GHøLOGLU dHYUH HWLøL oHYUHQLQ X\JXQ NXOODQÖOPDVÖQÖ YH ND\QDNODUGDQ WNHQPHGHQ \DUDUODQPD\Ö JHUL G|QûPO NXOODQPD\Ö YH oHYUH\L NLUOHWPHGHQ \DûDPD\Ö |QJ|UU 'XUXP JHOLûPLû YH JHOLûPHNWH RODQ ONHOHUGH IDUNOÖOÖN VHUJLOHU 'Q\D QIXVXQXQ NDGDUÖQÖ ROXûWXUDQ JHOLûPLû ONHOHULQ ND\QDNODUÖQ NDGDUÖQÖ WNHWPHVLQLQ GH oHYUH HWLøL LOH EDøGDûPDGÖøÖ ELU JHUoHNWLU g\OH LVH \]\ÖOÖQ EDûÖQGD ROGXøXPX] EX JQOHUGH EX WHPHO VRUXQXQ o|]POHQPHVLNDoÖQÖOPD]J|UQPHNWHGLU ·OL \ÖOODUGD NRUXPDFÖOÖN EDøODPÖQGD ´DUD]L HWLøLµ YH ´EL\RHWLNµ NRQXODUÖ JQGHPH JHOPLûWLU %X EDøODPGD /HRSROG oHYUH HWLøLQH LOLûNLQ RODUDN ´EL\RORMLN NRPQLWHQLQ EWQOøQ PHYFXW \DSÖQÖQ NRUXQPDVÖQÖ YH HVWHWLN \DSÖQÖQ PXKDID]D HGLOPHVLQH \|QHOLN GDYUDQÖûODUÖQ GRøUX EXQODUÖQ DNVL RODQODUÖQÖQ LVH \DQOÖû ROGXøXQX LIDGH HWPHNWHGLU %X WHPHOGH oHYUH HWLøLQLQ JHQHO oHUoHYHVLQLQ oL]LOPHVL EDNÖPÖQGDQ GRøUX ROPDNOD EHUDEHU HVDV LWLEDUL\OH oHYUHQLQ NRUXQPDVÖ RQD X\JXQ \DûDPûHNOLQLQYHVUGUOHELOLUNDONÖQPDPRGHOOHULQLQEHQLPVHQPHVLLOHLOJLOLGLU .D\QDNoD %DUHW-0YHDUN%LRORJ\3UHQWLFH+DOO(QJOHZRRG&OLIIV1 0XUG\ :+ (WKLFDO DQG 3KLORVRSKLFDO $VSHFWV RI %LRGLYHUVLW\ &RQVHUYDWLRQ %LRORJL 0XVD'RøDQ³dHYUH(WLøLYH%L\RORMLNdHûLWOLOLN 'DUZLQ&7KH2ULJLQRI6SHFLHV7KH0RGHUQ/LEUDU\1HZ<RUN1<SS -DFNVRQ:0DQDQG(QYLURQPHQW:0&%URZQ&R,RZD 'RøDQ0dHYUHYHùQVDQ,6HFDQ<D\ÖQODUÖ$QNDUD :LOVRQ(2%LRGLYHUVLW\1DWLRQDO$FDG3UHVV1HZ<RUN 'RøDQ 0 ´7UNL\H·GH %L\RoHûLWOLOLN YH %LWNLVHO *HQ .D\QDNODUÖ 7UNL\H·QLQdHYUH.RQXVXQGD7DUDI2OGXøX8OXVODUDUDVÖ6|]OHûPHOHU$QNDUD $*(1'$ 5LR 'HFODUDWLRQ RQ (QYLURQPHQW DQG 'HYHORSPHQW 81 3XEO *HUoHøLµdHYUHYHùQVDQ -XQH5LR 'RøDQ 0 ´7UNL\H·GH 6UGUOHELOLU .DONÖQPD dDEDODUÖ YH %L\RoHûLWOLOLNµdHYUHYHùQVDQ 0D\50´+RZ0DQ\6SHFLHVDUHWKHUHRQ(DUWK"µ6FLHQFH 9RON 7/ ´3URMHFW 6\QWKHVLV DQG (QYLURQPHQWDO (GXFDWLRQµ 6FLHQFH (GXFDWLRQ 'RøDQ 0 ´ùQVDQ dHYUH YH dHYUH (øLWLPLµ %L\RORML (øLWLPLQGH dHYUH 6RUXQODUÖQD <DNODûÖP 6HPSR]\XPX +DFHWWHSH hQLYHUVLWHVL <D\ÖQODUÖ $QNDUD V 'RøDQ0´7UNL\H·GH*HQHWLN(UR]\RQµdHYUHYHùQVDQ 'RøDQ0´8OXVDO*QGHP7UNL\H·GH)HQ(øLWLPL3URJUDPODUÖYH dHYUH(øLWLPLµ,9)HQ%LOLPOHUL(øLWLPL.RQJUHVL(NLP$QNDUD 'RøDQ 0 ´6WRFNKROP .RQIHUDQVÖQGDQ *QP]H 7UNL\H·GH dHYUH (øLWLPLµdHYUHYHùQVDQ &KDLVVRQ(-2XU&RVPLF+HULWDJH=\JRQ 0XUG\ :+ ´(WKLFDO DQG 3KLORVRSKLFDO $VSHFWV RI %LRGLYHUVLW\ &RQVHUYDWLRQµ %LRORJLFDO $FDGHP\RI6FLHQFH 'LYHUVLW\ 3UREOHPV DQG &KDOLHQJHV 3HQQV\OYDQLD %LUùQVDQ+DNNÖ2ODUDN<DûDPD+DNNÖYH6RUXQODUÖ $UDû*|U++DOXN(UGHP $PD H\OHPOHU QDVÖO \DSÖOÖUVD YH YHULOHQ ûH\OHU QDVÖO YHULOLUVH DGDOHWOL RODFDNODU EXQX ELOPHN VDøOÖøD \DUDUOÖ ûH\OHUL ELOPHNWHQ GDKD E\N LûWLU $ULVWRWHOHV1LNRPDNKRV·D(WLND *LULû %LOGLULPLQ DPDFÖ \DûDPD KDNNÖ YH VRUXQODUÖQÖ WDUWÖûPDNWÖU <DQÖWÖQÖ DUDPD\D oDOÖûWÖøÖP VRUX ûXGXU ùûNHQFH |OP FH]DVÖ |WHQD]L YH NUWDM RODUDN ELOLQHQ DERUWXV X\JXODPDVÖ KHU ]DPDQ ELU \DûDPD KDNNÖ LKODOL PLGLU" 6RUXQXPX IHOVHIL EDNÖû LOH VHULPOHPH\H oDOÖûDFDøÖP \]\ÖOÖQ EDûÖQGD LQVDQOÖøÖQ \] \]H JHOGLøL GQ\D SUREOHPOHULQGHQ ELULVL RODQ \DûDPD KDNNÖQD YH VRUXQODUÖQD IHOVHIL DoÖGDQ \DNODûPDQÖQ JHUHNOLOLøL DoÖNWÖU %X JHUHNOLOLN LQVDQFD \DûDPDQÖQ JHUoHNOHûHFHøL ELU GQ\D |]OHPLQGHQ GRøPDNWDGÖU <DûDPD KDNNÖQÖQ QH ROGXøXQX YH KDQJL GXUXPODUGD LKODO HGLOGLøLQL KDQJL GXUXPODUGD LKODO HGLOPHGLøLQL ELOPHGLNoH RQXUXQX NRUXPD ELOLQFL GQ\DEDUÖûÖQÖYHLQVDQÖQRQXUXQX]HGHOH\HQELOLQoNDUûÖVÖQGDJoORODPD\DFDNWÖU $QFDN EX KDNNÖQ NDYUDPÖQÖQ LoHULøLQLQ \HWHULQFH VRUJXODQGÖøÖQÖ V|\OHPHN ROGXNoD JoWU )UDQVÖ] ILOR]RI $OEHUW &DPXV ¶¶oDøÖQÖ DQODPD \ROXQGD ELU oDED·· RODUDNNDOHPHDOGÖøÖ%DûNDOGÖUDQùQVDQDGOÖ\DSÖWÖQGD\DûDPDKDNNÖQDLOLûNLQVRUJXODPD\Ö ûX V|]OHUOH GLOH JHWLUPHNWHGLU ¶¶gQP]GH GXUDQ ûX |WHNLQL |OGUPH\H \D GD |OGUOPHVLQHER\XQHøPH\HKDNNÖPÖ]ROXSROPDGÖøÖQÖELOPHGLøLPL]VUHFHKLoELUûH\ ELOHPH\L] %XJQ KHU H\OHPG|QS GRODûÖS GROD\OÖ \D GD GROD\VÖ] |OGUPH\H YDUGÖøÖQD J|UH |OGUPHPL] JHUHNLS JHUHNPHGLøLQL JHUHNL\RUVD QHGHQ JHUHNWLøLQL JHUHNPL\RUVD QHGHQJHUHNPHGLøLQLELOPHGLNoHH\OHPHJHoHPH\L]··&DPXV <DGVÖ\DPD\DFDøÖPÖ] LON ûH\LQ ¶¶EDûNDVÖQÖQ \DûDPDVÖ·· ROGXøXQX GûQHQ &DPXV \DûDPD KDNNÖ NDYUDPÖQÖQ LoHULøLQL ELU NH] GDKD VRUJXODPDPÖ]D RODQDN YHUPHNWHGLU<DûDPDKDNNÖYHVRUXQODUÖQÖWDUWÖûPD\DJHoPHGHQ|QFHWHPHOLQVDQKDNNÖ NDYUDPÖQDDoÖNOÖNJHWLUPHNJHUHNL\RU %LUùQVDQ+DNNÖ2ODUDN<DûDPD+DNNÖ 7HPHO ELU LQVDQ KDNNÖ RODQ \DûDPD KDNNÖQÖQ GQ\DPÖ]GD ELU SUREOHP RODUDN YDUOÖøÖQÖ VUGUPHVLQLQ QHGHQOHULQLQ EDûÖQGD EX KDNNÖQ QH\LQ WDOHEL ROGXøXQXQ YH QHGHQ NRUXQPDVÖ JHUHNWLøLQLQ \HWHULQFH ELOLQFLQH YDUÖODPDPDVÖ YH LQVDQ KDNODUÖQÖQ QH ROGXøXNRQXVXQGDNLELOJLVL]OLøLQYHNDUJDûDQÖQVUSJLWPHVLJHOPHNWHGLU 3URI 'U ùRDQQD .XoXUDGL· \H J|UH LQVDQ KDNODUÖ ¶¶KHU LQVDQOD LOJLOL·· ED]Ö JHUHNOHUL GLOH JHWLUPHNWLU %X JHUHNOHU LQVDQÖQ GHøHULQL WDQÖPD YH NRUXPD LVWHPOHUL RODUDN \DQL LQVDQODUÖ ¶¶\DOQÖ]FD LQVDQ ROGXNODUÖ LoLQ·· NRUXPD LVWHPOHUL RODUDN RUWD\D oÖNPDNWDGÖU .XoXUDGL D ùIDGH GH V|] JHoHQ ¶¶LQVDQÖQ GHøHUL··QGHQ QH DQODûÖOPDNWDGÖU" ùQVDQÖQGHøHULLQVDQÖQGLøHUYDUOÖNODUOD\DGDLQVDQROPD\DQKHUûH\OHLOJLVLEDNÖPÖQGDQ |]HOGXUXPXYHEX|]HOGXUXPXQGDQGROD\ÖVDKLSROGXøXED]ÖKDNODUEDûNDELUGH\LûOH *D]LhQLYHUVLWHVL*D]L(øLWLP)DNOWHVL)HOVHIH*UXEX(øLWLPL$QDELOLP'DOÖ 8OXVDO8\JXODPDOÖ(WLN.RQJUHVL LQVDQÖQ YDUOÖNWDNL |]HO \HULGLU ùQVDQÖQ GHøHUL RQXQ |]HOOLNOHUL \D GD \DSÖVDO RODQDNODUÖGÖU.XoXUDGL .XoXUDGL WHPHO LQVDQ KDNODUÖQGDQ LQVDQD |]J RODQDNODUÖ NLûLOHUGH NRUXPD LVWHPOHUL RODUDN DQODPDNWDGÖU %X KDNODU ¶¶KHUNHVLQ KHUNHVWH KHUNHV LoLQ·· NRUXQGXøX KDNODUGÖU 2QD J|UH NLûL LVWHPOHULQGH GH ED]Ö |QHPOL IDUNODU YDUGÖU ùVWHPOHUGHQ ELU NÖVPÖ LQVDQÖQ RODQDNODUÖ\OD GRøUXGDQ GRøUX\D LOJLOLGLU %X LVWHPOHU LQVDQD |]J HWNLQOLNOHUL JHUoHNOHûWLULUNHQ NLûLOHUH GRNXQXOPDPDVÖQÖQ LIDGHVLGLU %X KDNODU ¶¶EWQ LQVDQODUÖQ HûLW ROGXøX KDNODUÖQ ELU NÖVPÖQÖ·· ROXûWXUPDNWDGÖU ¶¶7HPHO |]JUONOHU·· GH EX NLûL KDNODUÖQÖQ \DVDO JYHQFHOHULGLU %LOGLULPLQ NRQXVXQX ROXûWXUDQ \DûDPD KDNNÖ EX WU ELU LVWHPL GLOH JHWLUPHNWHGLU 'LøHU ELU LVWHP WU LVH LQVDQÖQ RODQDNODUÖQÖ JHOLûWLUHELOPHVLQLQ |QNRûXOODUÖ LOH LOJLOLGLU (øLWLP VDøOÖN oDOÖûPD EX WU LVWHPOHUH |UQHNWLU.XoXUDGLD 7HPHO ELU LQVDQ KDNNÖ RODQ \DûDPD KDNNÖ NLûLQLQ KHP EHGHQVHO KHP UXKVDO EWQOøQQ ER]XOPDPDVÖQÖ YH EX EWQOøQ WPGHQ \D GD ELU E|OPQQ ]DUDU J|UPHPHVLQLWDOHSHGHU6DYFÖ ùûNHQFHQLQ \DûDPD KDNNÖQÖQ WDOHS HWWLøL UXKVDOEHGHQVHO EWQOø ER]XS ER]PDGÖøÖQD LQVDQGD \RNVXQ EÖUDNWÖøÖ ûH\OHULQ QH ROGXøXQD LQVDQ KDNODUÖ DoÖVÖQGDQ EDNDOÖP ùûNHQFHYH<DûDPD+DNNÖ %LUOHûPLû 0LOOHWOHULQ ùûNHQFH YH %DûND =DOLPFH ùQVDQOÖN GÖûÖ \D GD 2QXU .ÖUÖFÖ 'DYUDQÖû \D GD &H]D\D .DUûÖ 6|]OHûPHVL·QGH LûNHQFH û|\OH WDQÖPODQPDNWDGÖU ¶¶%LU NLPVH\HNHQGLVLQGHQ\DGDoQFELUNLûLGHQELUELOJL\DGDLWLUDIVDøODPDNNHQGLVLQLQ \D GD oQF ELU NLûLQLQ LûOHGLøL \D GD LûOHGLøLQGHQ NXûNX GX\XODQ ELU H\OHPGHQ |WU RQX FH]DODQGÖUPDN NHQGLVLQH \D GD oQF ELU NLûL\H J|]GDøÖ YHUPHN \D GD RQODUÖ ]RUODPDNDPDFÖ\OD\DGDKHUKDQJLELUD\UÖPFÖOÖøDGD\DOÖELUQHGHQOHELUUHVPLJ|UHYOL\D GD UHVPL VÖIDWOD GDYUDQDQ ELU EDûNDVÖ WDUDIÖQGDQ \D GD RQXQ NÖûNÖUWPDVÖ \D GD ROXUX \D GD L]QL\OH ELOHUHN PDGGL \D GD PDQHYL DøÖU DFÖ YHUPHN \D GD H]L\HWWH EXOXQPDNWÖU·· %LUOHûPLû 0LOOHWOHU·LQ EX V|]OHûPHVLQLQ PDGGHVLQGH KLoELU GXUXPXQ LûNHQFH\L KDNOÖ J|VWHULOHPH\HFHøL YH ELU VW \D GD UHVPL PDNDPGDQ DOÖQDQ HPULQ LûNHQFHQLQ JHUHNoHVL RODPD\DFDøÖYXUJXODQÖU *HRUJH 5\OH\ 6FRWW LûNHQFHQLQ \DVDO WDQÖPÖQÖQ NDEXO LOH LûNHQFHQLQ \DOQÖ]FD GHYOHW WDUDIÖQGDQ YH DoÖNoD WDQÖPODQPÖû DPDoODU LoLQ X\JXODQDELOHFHøL J|UûQ NDEXO HWPHN DQODPÖQD JHOHFHøLQL GHYOHW WDUDIÖQGDQ ELU LûNHQFH ELoLPL RODUDN X\JXODQDQ ]XOP GHYOHW RWRULWHVL ROPDNVÖ]ÖQ ELU ELUH\ \D GD ELUNDo \XUWWDû WDUDIÖQGDQ JHUoHNOHûWLULOGLøLQGH PHûUX VD\ÖODPD\DFDøÖQÖ EXQXQ LûNHQFH GHøLO VDOGÖUÖ RODUDN NDEXO HGLOHFHøLQL EHOLUWHUHN E|\OH ELU \RUXPXQ KLo GH \HWHUOL ROPDGÖøÖ YH PDQWÖNHQ VDYXQXODPD\DFDøÖQÖGûQPHNWHGLU6FRWW·DJ|UHDFÖoHNHQNLûL\H\DSÖODQX\JXODPDQÖQ H]L\HW\DGD]XOPQGHUHFHVL\HWHULQFHûLGGHWOLROGXøXQGDEXQXQLûNHQFHGHQEDûNDELU WDQÖPÖQÖQRODPD\DFDøÖDoÖNWÖU6FRWW *HRUJH 5\OH\ 6FRWW LûNHQFHQLQ \DVDO WDQÖPÖQÖQ NDEXO LOH LûNHQFHQLQ \DOQÖ]FD GHYOHW WDUDIÖQGDQ YH DoÖNoD WDQÖPODQPÖû DPDoODU LoLQ X\JXODQDELOHFHøL J|UûQ NDEXO HWPHN DQODPÖQD JHOHFHøLQL GHYOHW WDUDIÖQGDQ ELU LûNHQFH ELoLPL RODUDN X\JXODQDQ ]XOP GHYOHW RWRULWHVL ROPDNVÖ]ÖQ ELU ELUH\ \D GD ELUNDo \XUWWDû WDUDIÖQGDQ JHUoHNOHûWLULOGLøLQGH PHûUX VD\ÖODPD\DFDøÖQÖ EXQXQ LûNHQFH GHøLO VDOGÖUÖ RODUDN NDEXO HGLOHFHøLQL EHOLUWHUHN E|\OH ELU \RUXPXQ KLo GH \HWHUOL ROPDGÖøÖ YH PDQWÖNHQ VDYXQXODPD\DFDøÖQÖGûQPHNWHGLU6FRWW·DJ|UHDFÖoHNHQNLûL\H\DSÖODQX\JXODPDQÖQ +DOXN(UGHP³%LUùQVDQ+DNNÖ2ODUDN<DûDPD+DNNÖYH6RUXQODUÖ H]L\HW\DGD]XOPQGHUHFHVL\HWHULQFHûLGGHWOLROGXøXQGDEXQXQLûNHQFHGHQEDûNDELU WDQÖPÖQÖQRODPD\DFDøÖDoÖNWÖU6FRWW 6FRWWLûNHQFHQLQLQWLNDPKÖUVÖQÖQKD]ÖUHWNLOLWDWPLQHGLFLYHNDEDELUDUDFÖROGXøX GûQFHVLQGHGLU %X DUDo GHYOHWWHQ oRN ELUH\OH LOLûNLOL LQWLNDP ELoLPOHULQGH V|] NRQXVXGXU <DQL ¶¶VÖUDGDQ NRûXOODU DOWÖQGD LûNHQFH WRSOXPD NDUûÖ LûOHQPLûELU VXo YH\D VR\XW LONHOHULQ oLøQHQPHVL NDUûÖVÖQGD GHYOHWLQ DGDOHWL VDøODPDN LoLQ EDûYXUGXøX ELU \RO ROPDNWDQ oRN KDNVÖ]OÖøD XøUDGÖøÖQÖ NHQGLVLQH \D GD DLOHVLQH VDOGÖUÖGD EXOXQXOGXøXQX GûQHQ ELUH\GH JHOLûHQ FH]D YHUPH GX\JXVX\OD EDøODQWÖOÖGÖUµ .RUNXQo ELU VXoOD \DNÖQGDQLOLûNLOLRODQELUH\OHUWDUDIÖQGDQVÖNoDLIDGHHGLOHQLGDPFH]DVÖQÖQDGDOHWL\HULQH JHWLUPHGH WDWPLQ HGLFL ROPDGÖøÖ J|Uû GH EX WXWXPGDQ ND\QDNODQPDNWDGÖU .LûLVHO LQWLNDPoÖøOÖøÖVXoOXQXQ|OPGHQ|QFHX]XQVUHûLGGHWOLELUELoLPGHÖVWÖUDSoHNPHVLQL LVWHU ELU EDûND GH\LûOH |OPGHQ |QFH LûNHQFH \DSÖOPDOÖGÖU 6FRWW·D J|UH EWQ LûNHQFH ELoLPOHULQLQ GRøDVÖQGD EXOXQDQ EX LQWLNDP GX\JXVXQXQ DOWÖQGD ELUH\ LoLQ LNWLGDU GHYOHWLoLQRWRULWHYHGLNWDW|UFHKNPHWPHLVWHøL\DWPDNWDGÖU ùûNHQFHQLQ \XNDUÖGDNL DoÖNODPDODU ÖûÖøÖQGD QHGHQ KDNOÖ J|VWHULOHPH\HFHøLQH IHOVHIL DoÖGDQ EDNWÖøÖPÖ]GD LûNHQFHQLQ LQVDQVDO RODQDNODUÖ NLûLOHUGH JHUoHNOHûWLULS JHOLûWLUHELOPHOHULQL HQJHOOHGLøLQL J|U\RUX] $UDûWÖUPDODUD J|UH LûNHQFH J|UHQ NLûLOHUGH RUWD\DoÖNDQSUREOHPOHUûXQODUGÖU+X]XUVX]OXNYHNXûNXKH]H\DQODUÖ\ODELUOLNWHJHOLûHQ ûL]RIUHQL \DOQÖ]OÖN ERûOXN DQODPVÖ]OÖN WHUNHGLOPLûOLN GX\JXODUÖ NLûLOHUDUDVÖ YH DLOH LoL X\XP ER]XNOXNODUÖ Lû YH oDOÖûPDGD YHULPVL]OLN VHYJL \LWLULOPHVL \DûDPD VXoOXOXøX YH NDOÖFÖEH\LQKDVDUODUÖ <DûDPDVXoOXOXøXQDLOLûNLQRODUDNRNXGXøXPELUYDND\ÖNÖVDFDQDNOHWPHNLVWL\RUXP $\ODU ER\X LûNHQFH J|UPû YH VRQXQGD VHUEHVW EÖUDNÖOPÖû ELUL QLûDQOÖVÖQÖQ ]RUX\OD GRNWRUD JLGHU 2OD\ODU |QFHVLQGH HYOHQPH KD]ÖUOÖNODUÖ \DSÖODQ YH PXWOX ELU JHOHFHN GûOHULNXUXODQEXEHUDEHUOLN\ÖNÖOPDN]HUHGLUùûNHQFHJ|UHQHUNHNDUWÖNFLQVHOOLøLQLQ NDOPDGÖøÖQÖ V|\O\RU YH oHYUHVLQGHNLOHULQ \DUJÖODQGÖøÖ ELU G|QHPGH \DûÖ\RU ROPDNWDQ GROD\Ö NHQGLVLQL VXoOX\RU DUWÖN \DOQÖ] \DûDPDN LVWHGLøLQL V|\O\RUGX 1H oHYUHVL QH GH KHNLPEXLQVDQD\DUGÖPHGHELOGLELUVUHVRQUDHUNHNLQWLKDUHWWL7DQJ|U %LOGLULPLQ EDûÖQGD VRUGXøXP VRUX\X LûNHQFH LoLQ \DQÖWOD\DELOLULP ùûNHQFH KHU ]DPDQ WHPHO ELU LQVDQ KDNNÖ RODQ \DûDPD KDNNÖ LKODOLGLU oQN LQVDQÖQ ED]Ö \DSÖVDO RODQDNODUÖQÖ |UQHøLQ NRUNXGDQ YH \RNOXNWDQ DUÖQPÖû ELU GQ\DQÖQ ROXûXPXQD NDWNÖ \DSDELOPH RODQDøÖ NLûLOHUGH HQJHOOHPHNWH \DûDPD KDNNÖQÖQ WDOHS HWWLøL UXKVDO YH EHGHQVHO EWQOø ER]PDNWD YH LQVDQÖQ GHøHULQL \D GD RQXUXQX ]HGHOHPHNWHGLU g\OH\VH ùQVDQ +DNODUÖ (YUHQVHO %LOGLUJHVL·QLQ PDGGHVLQGH EHOLUWLOGLøL JLEL ¶¶KLo NLPVH\H LûNHQFH \D GD ]DOLPFH LQVDQOÖN GÖûÖ \D GD RQXU NÖUÖFÖ GDYUDQÖû \D GD FH]D X\JXODQPDPDOÖGÖU·· $\QÖVRUXQXQ\DQÖWÖQÖLGDPFH]DVÖLoLQYHUPH\HoDOÖûDOÖP ùGDP&H]DVÖYH<DûDPD+DNNÖ ùGDP |OP FH]DVÖGÖU ùGDP \ROX\OD NLûLQLQ KHP UXKVDO KHP EHGHQVHO EWQOø WDPDPHQ VRQD HUPHNWHGLU %X FH]DGD D\QÖ VXoX LûOH\HFHN LQVDQODUÖ NRUNXWPDN YH LûOH\HFHNOHUL VXoWDQ FD\GÖUPDN GûQFHVL ROGXøXQD LQDQÖOÖU 2\VD $OEHUW &DPXV EX FH]D ]HULQH NDOHPH DOGÖøÖ *L\RWLQ h]HULQH DGOÖ \DSÖWÖQGD VHULPOHGLøL JLEL LGDP FH]DVÖ VXo LûOH\HFHN NLûLOHUH LEUHW ROPDPDNWDGÖU %X FH]D VXoD ¶¶IHODNHWH GûHU JLEL GûHQ DGDPÖ·· \ÖOGÖUDPDPDNWDGÖU \]\ÖOÖQ EDûÖQGD ùQJLOWHUH·GH \DSÖODQ ELU LVWDWLVWLøH J|UH LGDP PDKNPXQGDQ ·L GDKD |QFH ELU YH\D LNL LGDP FH]DVÖQÖQ LQID]ÖQGD EL]]DW KD]ÖU EXOXQPXûWXU &DPXV %X GXUXPD EHQ]HU ELU VDSWDPD\Ö $IULNDOÖ 8OXVDO8\JXODPDOÖ(WLN.RQJUHVL GûQU 2GHUD 2UXND·GD \DSÖ\RU ¶¶ùGDP FH]DVÖ ELUoRN GHYOHWWH KÖUVÖ]OÖøD YHULOHQ FH]DGÖU 6DGHFH ELU NDoÖQÖ EHOLUWLUVHN .HQ\D 8JDQGD =DPELD 6LHUUD /HRQH *DQD YH 1LMHULD· GD KÖUVÖ]OÖN LoLQ YHULOHQ |OP FH]DVÖ \DVDOODûWÖUÖOPÖûWÖU %X GHYOHWOHUGH LûOHQHQ VXoD NDUûÖ YHULOHQ NDUDU MUL NDUDUÖQGDQ VRQUD LNL KDIWD LoLQGH \HULQH JHWLULOPHNWHGLU $IULND·GDNL ûLGGHWH LOLûNLQ VXoODU YH KÖUVÖ]OÖN ROD\ODUÖ DOD\ HGHUFHVLQH EX VXoODUD NDUûÖ VHUWFH]DODUÖQNRQXOPDVÖQDUDøPHQDUWPDNWDGHYDPHWPHNWHGLU··2UXND &DPXV·D J|UH LGDP FH]DVÖ LQVDQODUGD NRUNX X\DQGÖUDQ HQ E\N FH]DGÖU gOP NRUNXVX NLûLQLQ YDUOÖøÖQÖQ HQ NDUDQOÖN GHULQOLNOHULQGHQ IÖûNÖUÖU YH RQX EDûWDQ EDûD NDSODU <DûDPD JGV WHKGLW HGLOGLøL ]DPDQ LQVDQ IHFL NRUNXODU LoLQGH NÖYUDQPDNWDGÖU %X NRUNX\OD NLûL SVLNRORMLN ELU SDUoDODQPD \DûDPDNWDGÖU gUQHN ROPDN EDNÖPÖQGDQ GD DKODN ER]PDNWDQ EDûND ELU HWNL\H VDKLS GHøLOGLU %X FH]D ELU LQWLNDPGÖU YH NÖVDV DGÖQÖ WDûÖU .ÖVDVWD DGDOHW NDED ELU DULWPHWLN NXUDOÖ RODUDN WDQÖPODQPDNWDGÖU $OEHUW &DPXV NÖVDV DGDOHWLQH LOLûNLQ )UDQVD·GDQ ELU |UQHN YHULU $OWÖ 7XQXVOX o )UDQVÖ] MDQGDUPDVÖQÖ |OGUGø LoLQ LGDPD PDKNP HGLOLU &H]D RODUDN o PDKNP LGDP HGLOLU o |OP FH]DVÖQGDQ NXUWXOXU oQN o NXUEDQD NDUûÖOÖN o NLûL LGDP HGLOHFHNWLU 'HYOHWLQGHLQVDQODUÖQVXoLûOHPHRUDQÖ]HULQGHHWNLVLROGXøXQXGûQHQ&DPXV·D J|UHHøHUVXoOXODUX\JXQNRQXWODUGDRWXUDELOVHOHUGLDONROWNHWLPLD]DOWÖODELOVH\GLEHONL GH VXo LûOHPH\HFHNOHUGL &DPXV·QQ VD\GÖNODUÖQD EHQ GH HøLWLPL NDWPDN LVWHULP hONHPL]GH GH HøLWLP J|UPH\L KHU LQVDQD VDøOD\DELOVH\GLN VXo RUDQODUÖ D]DODELOLUGL dQNHøLWLOHELOPHLQVDQÖQ\DSÖVDORODQDNODUÖQGDQELULVLGLUùGDPFH]DVÖQÖQJHULG|Qû ROPDGÖøÖQÖ VDYXQDQ &DPXV EWQ LGDP HGLOHQ LQVDQODUÖQ PXWODN VXoOX LQVDQODU ROPDGÖNODUÖ J|UûQGHGLU 7DULKLQ \DQOÖû NDUDU |UQHNOHUL\OH GROX ROGXøXQX V|\OHU YH ¶¶GHYOHW KHU ûH\GHQ |QFH |OP FH]DVÖQÖ NDOGÖUPDOÖGÖU·· oDøUÖVÖ \DSDU &DPXV·QQ ELU GH |QJ|UV YDUGÖU *HOHFHøLQ ELUOHûPLû $YUXSDVÖ ¶¶KHUNHVLQ XPXWOD EHNOHGLøL·· $YUXSD .DQXQXQ ELULQFL PDGGHVLQGH |OP FH]DVÖ NDOGÖUÖODFDNWÖU %X |QJ|U EXJQ JHUoHNOHûPLûWLU $YUXSD ùQVDQ +DNODUÖ 6|]OHûPHVL·QLQ LON PDGGHOHULQGHQ ELULVL ¶¶\DûDP KDNNÖQÖQ \DVD\OD NRUXQPDVÖ·· YH gOP &H]DVÖQÖQ .DOGÖUÖOPDVÖQD ùOLûNLQ QR·OX 3URWRNRO·QLONPDGGHVL¶¶|OPFH]DVÖQÖQNDOGÖUÖOPDVÖ··GÖU ùûNHQFH LoLQ \DQÖWODGÖøÖP VRUXPX WHNUDUOD\D\ÖP ùGDP FH]DVÖ KHU ]DPDQ ELU LQVDQ KDNNÖ RODQ \DûDPD KDNNÖ LKODOL PLGLU" %X VRUX\D \DQÖWÖP EX FH]DQÖQ KHU ]DPDQ WHPHO ELU LQVDQ KDNNÖ RODQ \DûDPD KDNNÖ LKODOL ROGXøX ELoLPLQGH RODFDNWÖU dQN EX FH]D LQVDQÖQ ED]Ö \DSÖVDO RODQDNODUÖQÖ |UQHøLQ HøLWLOHELOPH \DUDWÖFÖ RODELOPH RODQDøÖ NLûLOHUGH HQJHOOHPHNWH \DûDPD KDNNÖQÖQ WDOHS HWWLøL UXKVDO YH EHGHQVHO EWQOø ER]PDNWD YH LQVDQÖQ GHøHULQL \D GD RQXUXQX ]HGHOHPHNWHGLU g\OH\VH ùQVDQ +DNODUÖ (YUHQVHO %LOGLUJHVL·QLQ PDGGHVLQGH EHOLUWLOGLøL JLEL ¶¶KHUNHVLQ \DûDPD KDNNÖ YDUGÖU·· YHROPDOÖGÖU $\QÖVRUXQXQ\DQÖWÖQÖ|WHQD]LLoLQYHUPH\HoDOÖûDOÖP gWHQD]LYH<DûDPD+DNNÖ (VNL <XQDQFD HX HX YH WKDQDWRV TDQDWR9 V|]FNOHULQGHQ ROXûPXû ELU NDYUDP RODQ |WHQD]L L\L |OP DQODPÖQD JHOPHNWHGLU gOP L\LNÖODQ ûH\LQ QHROGXøX YH GLøHU |OPH|OGUPH ELoLPOHULQGHQ IDUNÖQ RQXQ WDQÖPÖ LoLQGH VDNOÖ ROGXøX GûQOU gWHQD]L ¶¶XPXWVX] ELU KDVWDOÖøD \DNDODQDQ YH EXQGDQ GROD\Ö DFÖ oHNHQ ELULQLQ NHQGL KD\DWÖQD VRQ YHUPHVL YH\D ELU EDûNDVÖQGDQ EX LûOHPL NHQGLVL LoLQ \DSPDVÖQÖ LVWHPHVLGLU··3R\UD] +DOXN(UGHP³%LUùQVDQ+DNNÖ2ODUDN<DûDPD+DNNÖYH6RUXQODUÖ %X LûOHPL \DSDQ DoÖVÖQGDQ EDNÖOGÖøÖQGD |WHQD]L DNWLI YH SDVLI ROPDN ]HUH LNL\H D\UÖOPDNWDGÖU $NWLI |WHQD]L ¶¶DQL |OPH QHGHQ RODQ |OPFO GR]GD LODFÖ HQMHNWH HWPHN·· SDVLI |WHQD]L ¶¶KDVWDQÖQ ELU PGGHW GDKD \DûDPDVÖQÖ VDøOD\DQ \DûDP GHVWHNOH\LFL WHGDYL VXQPD\DUDN YH\D \DûDP GHVWHNOH\LFL WHGDYL\L VRQD HUGLUHUHN |OP KÖ]ODQGÖUPDNWÖU··ùQFHRøOX +DVWDJ|]|QQHDOÖQGÖøÖQGD|WHQD]LLVWHPOLYHLVWHPGÖûÖ|WHQD]LROPDN]HUHLNL\H D\UÖOPDNWDGÖU ùVWHPOL |WHQD]L ¶¶DFÖ oHNHQ |OPFO ELU KDVWDQÖQ NHQGL WDOHEL ]HULQH KHNLPLQ ELU H\OHPL YH\D KDUHNHWVL] NDOPDVÖ LOH KDVWDQÖQ |OPHVLQH \DUGÖP HWPHVL·· LVWHP GÖûÖ |WHQD]L LVH ¶¶|OPFO KDVWDQÖQ |OP LOH \DûDP DUDVÖQGD VHoLP \DSDELOHFHN GXUXPGDROPDGÖøÖLUDGHVLQLQQH\|QGHRODFDøÖQÖQVDSWDQDPDGÖøÖGXUXPODUGD··|WHQD]L X\JXODPDVÖGÖU %X VÖQÖIODPDODUÖQ \DQÖQGD |WHQD]LQLQ NDEXO HGLOGLøL YH X\JXODQGÖøÖ ONHOHUGH JHOLûWLULOHQ KDVWDQÖQ LVWHPLQH GD\DQDQ \HQL ELU |WHQD]L VÖQÖIODPDVÖ GDKD YDUGÖU +HNLP KDVWDQÖQ NHQGLVLQLQ JHUoHNOHûWLUHFHøL |OPH H\OHPLQH \RO J|VWHUHUHN \DUGÖPFÖ ROPDNWDGÖU úLPGL DFDED EWQ EX |WHQD]L VÖQÖIODPDODUÖQGD WHPHO ELU KDN RODQ \DûDPD KDNNÖ LKODOL KHU ]DPDQ V|] NRQXVX PXGXU" <DûDPD KDNNÖQÖQ WDOHS HWWLøL UXKVDO YH EHGHQVHO EWQON DFÖ oHNHQ |OPFO ELU KDVWDQÖQ NHQGL |OP WDOHEL LOH \D GD EX WDOHS ROPDNVÖ]ÖQ X\JXODQDQ |WHQD]L LOH ER]XOPDNWD PÖGÖU" gWHQD]L LûOHPL GDKD |QFH LûNHQFH YHLGDPFH]DVÖLoLQV|\OHGLøLPLQVDQÖQ\DSÖVDORODQDNODUÖQÖNLûLOHUGHHQJHOOHPHNWHPLGLU" gWHQD]L KDNNÖQGD JHQHO \DUJÖODUÖQ YH KXNXN ROXûWXUPDODUÖQ GRøUX ROPDGÖøÖQÖ GûQ\RUXP +HU GXUXP NHQGL |]HO NRûXOODUÖQGD GRøUX GHøHUOHQGLULOPHOLGLU %LU KHNLPLQ |WHQD]LQLQ IDUNOÖ GXUXPODUÖQGD NDUûÖODûWÖøÖQGD EXQXQ VWHVLQGHQ JHOPHVL QRNWDVÖQGD H\OHPLQLQ HWLN ELU H\OHP RODFDøÖ DoÖNWÖU (WLN H\OHP H\OHPL \DSDQ NLûLQLQ \|QHOGLøL NLûL\L YH ELU EWQ RODUDN GXUXPX KHVDED NDWDQ YH LQVDQÖQ GHøHULQH HQ D] ]DUDU YHUHQ H\OHPGLU .XoXUDGL E 7ÖS HWLøLQGH GH GXUXP EXQGDQ IDUNOÖ GHøLOGLU $ULVWRWHOHV·LQ 1LNRPDNKRV·D (WLN DGOÖ \DSÖWÖQGD V|\OHGLøL JLEL H\OHPL \DSDQ ¶¶NLPHQH\LQHLOHQLoLQ··\DSWÖøÖQÖQIDUNÖQGDROPDVÖ$ULVWRWHOHVENRQXVXQGD \DQOÖûDGûPHPHOLGLU gWHQD]L NRQXVXQGD NLWOH LOHWLûLP DUDoODUÖQD NRQX ROPXû DFÖODUÖQGDQ NXUWXOPDN LVWH\HQLQVDQODUÖQKDEHUOHUL\OHNDUûÖODûÖ\RUX]%XKDEHUOHUGHGLNNDWoHNHQ|QHPOLQRNWD LQVDQODUÖQ|WHQD]LWDOHSOHULIDUNOÖOÖNODUJ|VWHUPHVLGLUhONHPL]GH|WHQD]LWDOHSOHULPDGGL YH WHNQLN GRQDQÖP \HWHUVL]OLNOHUL VRQXFX GD RODELOPHNWHGLU .LWOH LOHWLûLP DUDoODUÖQD \DQVÖPÖûELU|WHQD]LWDOHELV|\OHGLøLPEXGXUXPD|UQHNROXûWXUDELOLU gWHQD]L NRQXVXQGD NLWOH LOHWLûLP DUDoODUÖQD NRQX ROPXû DFÖODUÖQGDQ NXUWXOPDN LVWH\HQLQVDQODUÖQKDEHUOHUL\OHNDUûÖODûÖ\RUX]%XKDEHUOHUGHGLNNDWoHNHQ|QHPOLQRNWD LQVDQODUÖQ|WHQD]LWDOHSOHULIDUNOÖOÖNODUJ|VWHUPHVLGLUhONHPL]GH|WHQD]LWDOHSOHULPDGGL YH WHNQLN GRQDQÖP \HWHUVL]OLNOHUL VRQXFX GD RODELOPHNWHGLU .LWOH LOHWLûLP DUDoODUÖQD \DQVÖPÖûELU|WHQD]LWDOHELV|\OHGLøLPEXGXUXPD|UQHNROXûWXUDELOLU ùûVL] NDOÖS HNRQRPLN VÖNÖQWÖ \DûDGÖøÖQÖ V|\OH\HQ ELUL \DVDODUÖPÖ]GD |WHQD]LQLQ ROPDGÖøÖQÖ YH EX \DVDQÖQ oÖNDUÖOÖS NHQGLVLQLQ YH RøOXQXQ ID\GDODQPDVÖQÖ WDOHS HWPLûWL .DQDO %X WDOHELQ DVOD |WHQD]L WDOHEL LOH EDøGDûPDGÖøÖ DoÖNWÖU 6RUXPX]XQ \DQÖWÖQÖ |WHQD]L LoLQ YHUPH\H oDOÖûÖUVDN ûXQODUÖ V|\OHPHN PPNQGU gWHQD]L X\JXODPDVÖ KHU ]DPDQ \DûDPD KDNNÖ LKODOL ROPD\DELOLU $QFDN |WHQD]L LOH \DûDPD KDNNÖ LKODOL DUDVÖQGD oRN NoN VÖQÖUODUÖQ GD RODELOHFHøL NRQXVXQGD X\DQÖN ROXQPDOÖGÖU dQN EX X\JXODPDGD SHNoRNHWLNVRUXQYDUGÖU 8OXVDO8\JXODPDOÖ(WLN.RQJUHVL %LOGLULPLQ WDUWÖûPD QRNWDVÖQÖ ROXûWXUDQ VRUXPX VRQ RODUDN NUWDM RODUDN ELOGLøLPL] DERUWXV LOH LOJLVLQGH VRUD\ÖP $FDED DERUWXV \DûDP KDNNÖQÖQ WDOHS HWWLøL EHGHQVHO YH UXKVDOEWQOøKHU]DPDQER]PDNWDPÖGÖU"%XX\JXODPDGDLQVDQÖQKDQJLRODQDNODUÖ NLûLOHUFHJHUoHNOHûHPHPHNWHGLU" $ERUWXVYH<DûDPD+DNNÖ $ERUWXV ¶¶XWHUXV LoLQGHNL HPEUL\R \D GD IHWVQ \DûDPÖQÖQ VRQODQGÖUÖOPDVÖ DPDFÖ\OD YDNWLQGHQ |QFH XWHUXV GÖûÖQD oÖNDUWÖOPDVÖ \D GD LPKD HGLOPHVL·· RODUDN WDQÖPODQPDNWDGÖU$NVR\ $ERUWXVD LOLûNLQ WDUWÖûPDODUGD LNL IDUNOÖ WXWXPXQ V|] NRQXVX ROGXøXQX J|U\RUX] ùONLDERUWXVXQKDPLOHOLøLQKHUDûDPDVÖQGD\DQOÖûROGXøXGRøPXûELUEHEHNOHGRøPDN ]HUH RODQ ELU FHQLQL |OGUPH DUDVÖQGD KLoELU DKODNL IDUNÖQ EXOXQPDGÖøÖ YH GRøPDPÖû oRFXøXQ GD \DûDPD KDNNÖQD VDKLS ROGXøXQX VDYXQDQ DERUWXV NDUûÖWÖ WXWXP GLøHUL LVH DERUWXV LûOHPLQH KDPLOHOLøLQ KHU DûDPDVÖQGD L]LQ YHULOHFHøL G|OOHQPLû \XPXUWD LOH EDûOD\DQ VUHFLQ NDGÖQÖQ EHGHQLQGH \DûDQGÖøÖ JHUoHøL LOH EX LûOHPLQ \DSÖOÖS \DSÖODPD\DFDøÖ KDNNÖQGD VRQ V|] NDGÖQÖQ V|\OHPHVL JHUHNWLøLQL VDYXQDQ DERUWXV \DQOÖVÖWXWXPGXU1XWWDOO %X LNL IDUNOÖ WDUWÖûPD\D QHGHQ RODQ VRUX ¶¶<DûDP QH ]DPDQ EDûODU"·· VRUXVXGXU $ERUWXV NDUûÖWÖ GûQFH \DûDPÖQ ¶¶\XPXUWDQÖQ G|OOHQGLøL DQ·· LOH EDûODGÖøÖQÖ YH G|OOHQPLû \XPXUWDQÖQ SRWDQVL\HO ELU LQVDQ ROGXøXQX RQD JHUoHN LQVDQODUÖQ VDKLS ROGXøXKDNODUÖQYHNRUXQPDD\UÖFDOÖøÖQÖQD\QÖVÖQÖQYHULOPHVLJHUHNWLøLQLVDYXQPDNWDGÖU +DUULV -RKQ +DUULV G|OOHQPLû \XPXUWDQÖQ SRWDQVL\HO LQVDQ ROGXøXQX GûQPHQLQ ED]Ö VRUXQODU GRøXUDFDøÖQÖ GûQU YH G|OOHQPLû \XPXUWD\D LQVDQ JLEL GDYUDQÖODFDNVD NDoÖQÖOPD] ELoLPGH |OHFHN RODQ EL] LQVDQODUD GD ûX DQGD |OPû JLEL GDYUDQPDN JHUHNWLøLQL LIDGH HGHU '|OOHQPLû \XPXUWD\D LQVDQ PXDPHOHVL \DSPDQÖQ \DUDWDFDøÖ GLøHU VRUXQ SRWDQVL\HO LQVDQ RODQÖQ \DOQÖ]FD G|OOHQPLû \XPXUWD KFUHVL ROPDGÖøÖ QRNWDVÖQGD GRøPDNWDGÖU '|OOHQPHPLû \XPXUWD YH VSHUP GH D\QÖ ûHNLOGH ELUHU SRWDQVL\HO LQVDQGÖU %X J|UûH ]DPDQ ]DPDQ LWLUD]ODU GD EXOXQXOX\RUVD GD +DUULV ELU JHUoHøL KDWÖUODPDNWDGÖU '|OOHQPHPLû \XPXUWD YH VSHUPGH GH G|OOHQPLû \XPXUWD KDOLQH JHOPH SRWDQVL\HOL YDUGÖU <DûDP GXUPDNVÖ]ÖQ HYULPOHûHQ GHYDPOÖ ELU VUHoWLU <XPXUWD G|OOHQPHGHQ |QFH GH FDQOÖGÖU KDWWD VSHUP GH FDQOÖGÖU YH KDUHNHWOLGLU ¶¶2 KDOGH··GHU+DUULV¶¶G|OOHQPH\OHEDûOD\DQûH\\DûDPGHøLOGLU·· )HWXVXQNLûLROPDGÖøÖQÖGûQHQYHEXQHGHQOHGHIHWXVXQ\DûDPÖQÖYDNWLQGHQ|QFH VRQD HUGLULOGLøLQGH GH KDNVÖ]OÖN \DSÖOPD\DFDøÖQÖ GûQHQ +DUULV ELU NDGÖQÖQ oRFXN VDKLELROPD\Ö\DGDROPDPD\Ö|]JUFHVHoHELOGLøLQLVDYXQXU3HNLEXQDNDUDUYHULOLUNHQ IHWXVXQEDEDVÖQÖQ\DGDGLøHUNLûLOHULQLVWHNOHULQHRODFDN"1HGHQVDGHFHNDGÖQÖQWHUFLKL |QHPOLGLU" )HWXVXQ EDEDVÖ IHWXVXQ KD\DWWD NDOPDVÖ NRQXVX\OD HOEHWWH LOJLOLGLU )HWXV EDEDQÖQGDJHQHWLN\DSÖVÖQÖQELUSDUoDVÖQÖWDûÖPDNWDGÖU(øHUDQQH\OHEDEDX]ODûÖ\RUVD VRUXQ \RN GHPHNWLU $PD X]ODûPD]OÖøD GûWNOHULQGH GXUXP QH RODFDN" +DUULV IHWXVXQ NDGHULQLQ EDED\Ö QH NDGDU LOJLOHQGLULUVH LOJLOHQGLUVLQ EX NDUDUÖQ DQQH OHKLQGH ROGXøXQXVDYXQPDNWDGÖU 6RUXPX û|\OH \DQÖWOD\DELOLULP $ERUWXV X\JXODPDVÖ WHPHO ELU LQVDQ KDNNÖ RODQ \DûDPD KDNNÖQÖ KHU ]DPDQ LKODO GHPHN GHøLOGLU %X X\JXODPD LQVDQÖQ ED]Ö \DSÖVDO RODQDNODUÖQÖ JHUoHNOHûWLUPHVL LoLQ NRûXOODUGDQ \RNVXQ EÖUDNPDPDNWDGÖU <DûDPD KDNNÖ LQVDQODUÖQ \DûDUNHQ J|UPHVL JHUHNHQ PXDPHOH\L GLOH JHWLULU <DûDPD KDNNÖQÖQ WDOHS HWWLøL PXDPHOH NLûLOHULQ UXKVDO YH EHGHQVHO EWQOøQ ER]PDPDNWÖU $ERUWXV +DOXN(UGHP³%LUùQVDQ+DNNÖ2ODUDN<DûDPD+DNNÖYH6RUXQODUÖ X\JXODPDVÖQÖQ EX EWQOø ER]GXøXQX GûQP\RUXP $QFDN DERUWXV NRQXVXQGD GD|WHQD]LGHROGXøXJLELGHøHUVRUXQODUÖQD\RODoDFDNELUGXUXPGDGHøHUNRUXQPDVÖ \|QQGH X\DQÖN ROXQPDVÖ JHUHNWLøLQL GH V|\OHPHOL\LP dQN DERUWXV LûOHPLQLQ HWLN VRUXQODUODRODQLOJLVLQGHGûQOPHPLûSHNoRNQRNWDNDUûÖPÖ]DoÖNDELOLU <DûDPD KDNNÖ LOH RODQ LOJLVLQGH NDUûÖODûWÖøÖPÖ] VRUXQODU \DOQÖ]FD LûNHQFH |OP FH]DVÖ |WHQD]L YH DERUWXV X\JXODPDODUÖ GHøLOGLU %XQODUÖQ \DQÖQGD WHU|U VDYDûODU LQVDQ ]HULQGH \DSÖODQ GHQH\OHU |OP RUXoODUÖ YH LQWLKDU IHOVHIL EDNÖû LOH WDUWÖûÖOPD\Ö EHNOH\HQVRUXQODUGÖU%XVRUXQODUNRQXVXQGDV|\OH\HFHNV|]OHULRODQEL]IHOVHIHFLOHULQ NRUNXGDQYH\RNOXNWDQDUÖQPÖûELUGQ\DQÖQROXûXPXQDE\NNDWNÖODUÖRODFDNWÖU .D\QDNoD $NVR\ ú ¶¶.UWDM VDGHFH WÖEEL ELU NDUDU RODELOLU PL"·· 7 .OLQ 7ÖEEL (WLN DNW +DIL]H g]WUN ¶¶$ERUWXV YH (WLN 6RUXQODU·· (WLN%XQXQ 1HUHVLQGH $QNDUD $QNDUD 7DELS2GDVÖ<D\ÖQÖV $ULVWRWHOHV1LNRPDNKRV·D(WLNoHY6DIIHW%DEU$QNDUD$\UDo<D\ÖQHYL &DPXV$OEHUW*L\RWLQh]HULQHoHY$OL6LUPHQùVWDQEXO&HP<D\ÖQHYL BBBBBBBBBBB%DûNDOGÖUDQùQVDQoHY7DKVLQ<FHOùVWDQEXO&DQ<D\ÖQODUÖ +DUULV-RKQ+D\DWÖQ'HøHULoHY6KD6HUWDELERøOXùVWDQEXO$\UÖQWÖ<D\ÖQODUÖ ùQFHRøOX6LEHOgOPH+DNNÖùVWDQEXO$\UÖQWÖ<D\ÖQODUÖ .XoXUDGL ùRDQQD D ¶¶)HOVHIH YHùQVDQ +DNODUÖ·· ùQVDQ +DNODUÖQÖQ )HOVHIL7HPHOOHUL KD]ùRDQQD.XoXUDGL$QNDUD7UNL\H)HOVHIH.XUXPX BBBBBBBBBBBE(WLN$QNDUD7UNL\H)HOVHIH.XUXPX BBBBBBBBBBBùQVDQYH'HøHUOHUL$QNDUD7UNL\H)HOVHIH.XUXPX 1XWWDOO -RQ $KODN h]HULQH 7DUWÖûPDODU oHY $EGXOODK <ÖOPD] ùVWDQEXO $\UÖQWÖ <D\ÖQODUÖ 2UXND + 2GHUD ¶¶<DVDO 7HU|UL]P YH ùQVDQ +DNODUÖ·· ùQVDQ +DNODUÖQÖQ )HOVHIL 7HPHOOHULKD]ùRDQQD.XoXUDGL$QNDUD7UNL\H)HOVHIH.XUXPX 3R\UD]+DNDQ¶¶(WLN6RUXQODU$oÖVÖQGDQ(XWKDQDVLH··)HOVHIH'Q\DVÖ.Öû 6D\Ö$QNDUD7UN)HOVHIH'HUQHøL<D\ÖQÖ 6DYFÖ%DKUL¶¶<DûDP+DNNÖ)HOVHIH$oÖVÖQGDQ3UDWLøH'RøUX··ùQVDQ+DNODUÖQÖQ )HOVHIL7HPHOOHULKD]ùRDQQD.XoXUDGL$QNDUD7UNL\H)HOVHIH.XUXPX 6FRWW *HRUJH 5\OH\ ùûNHQFHQLQ 7DULKL oHY +DPLGH .R\XNDQ $QNDUD 'RVW .LWDEHYL 7DQJ|U $WDPDQ ¶¶%LU 6RUJXODPD <|QWHPL 2ODUDN ùûNHQFH YH ùûNHQFHQLQ 5XKVDO 6RQXoODUÖ·· +HNLPOLN YH ùQVDQ +DNODUÖ 7UN 7DELSOHUL %LUOLøL 'HQH\LPL GHU$WD6R\HU$QNDUD7UN7DELSOHU%LUOLøL<D\ÖQÖ 6WRDFÖODUGD(UGHPgøHVL2ODUDN$PSLULN%LU'HQHPH $UDû*|U6HUYHW*|]HWOLN *LULû %X oDOÖûPDQÖQ DPDFÖ 6WRD DKODN IHOVHIHVLQGH ù\L·QLQ GRøD YH VÖQÖUODUÖQD LOLûNLQ ED]Ö WDUWÖûPDODUÖ JHOLûWLUPHN YH GHVWHNOHPHNWLU %X DPDFÖQ JHUoHNOHûWLULOPHVLQGH ]RUXQOX RODUDN ´GRøDµ ´LQVDQ GRøDVÖµ ´HUGHPµ ´L\Lµ YH ´PXWOXOXNµ JLEL VWRD DKODN IHOVHIHVLQLQED]ÖD\ÖUWHGLFLNDYUDPODUÖQDEDûYXUDFDøÖ]+HVDEÖQÖYHUPH\HoDOÖûDFDøÖPÖ] EWQ EX NDYUDPODU LQVDQL DNÖO \UWPH YH RQXQ DKODNVDO J|VWHULPOHUL JLEL WHN ELU WHULPHLQGLUJHQHELOLU*|UOHFHøL]HUH6WRDOÖODU´LQVDQGRøDVÖµ´GRøUXDNÖO\UWPHµ YH ´L\Lµ DUDVÖQGD NDoÖQÖOPD] ELU LOLûNL NXUDU%XQD UDøPHQ EL] EX J|UûH NDUûÖ oÖNPD\D oDOÖûDFDøÖ] %XQX GD ûX WHPHO ]HULQGH JHUoHNOHûWLUHFHøL] 6WRDOÖODUGDNL L\L D\QÖ ]DPDQGDQHVQHOHUYHRQODUÖQoHûLWOLEHOLUOHQLPOHUL\OH J|]OHQHELOLUELULOLûNLLoHULVLQGHGLU ùQVDQ GRøDVÖ YH L\L HUGHP DUDVÖQGD PDQWÖNVDO ELU |]GHûOLN YDUVD\DQ GûQFHOHUGHQ NDoÖQPD\D oDOÖûDFDøÖ] IDNDW |WH \DQGDQ L\L YH HUGHPLQ HOGH HGLOPHVL LoLQ JHUoHNOHûWLULOPH LKWL\DFÖ LoHULVLQGH RODQ ELUoRN DKODNL |GHYOHU ROGXøXQX |QHUHFHøL] %X GûQFH EL]H LQVDQ GRøDVÖ YH RQXQ ]LKLQVHO \HWHQHNOHULQLQ DKODNL L\L\L \DNDODPDN LoLQ \HWHUOL ROPDGÖøÖQÖ |QHULU JLEL J|UQ\RU )DNDW EX QRNWDGD QHVQHO DKODNL GRøUXODU ROGXøXQX LGGLD HGHQ DKODNL JHUoHNoLOLøH NDUûÖ ROPDGÖøÖPÖ]Ö GD V|\OHPHN ]RUXQGD\Ö] %L]LP WHN NDUûÖ oÖNÖûÖPÖ] 6WRDOÖODUÖQ EDKVLQL HWWLNOHUL DKODNL GRøUXODUÖQ LQVDQ GRøDVÖ YH DNOÖ\OD |]GHûOHûWLULOHPH\HFHøL \|QQGHGLU dQN HøHU ELULVL EXQX LGGLD HGHUVH R ]DPDQL\LYHHUGHPLQ ELOJLVLQLLKPDOHWWLøLNROD\OÖNODJ|UOHELOLU$VOÖQGD6WRDOÖODUDKODNL GHøHUOHULQ ELOJLVLQL LKPDO HWPHN YH D\QÖ ]DPDQGD EWQ DKODNL GHøHUOHUL WHN L\L RODQ HUGHPHLQGLUJHPHNOHVXoODQDELOLU $KODNOÖ2OPDQÖQ.RûXOX2ODUDN´(UGHPµ 6WRDOÖODU ´QDVÖO ELU LQVDQ ROPDOÖ\ÖPµ \D GD ´QDVÖO PXWOX RODELOLULPµ VRUXODUÖ ]HULQGH E\N ELU |QHPOH GXUXUODU %X VRUXODUÖQ FHYDEÖ PXWOX \D GD HUGHPOL ELU NLûL ROXS ROPDGÖøÖPÖ]ÖQ LûDUHWOHULQL WDûÖU 6WRDOÖODUD J|UH ´HUGHP HXGDLPRQLD·QÖQ ]RUXQOX ELU |øHVLGLU EHQLP oHYLULPµ %X LIDGH\L HUGHPOL ELU NLûLQLQ D\QÖ ]DPDQGD PXWOX ELU NLûL ROGXøX ûHNOLQGH \RUXPOD\DELOLUL] *HOHQHNVHO DKODN WHRULOHULQLQ oRøXQXQ DNVLQH 2'7h)HOVHIH%|OP %XWHULPLQVDQGRøDVÖQDX\JXQ\DûDPDQÖQ|QHPLQLDoÖNODPDNLoLQ/RQJWDUDIÖQGDQ6WRLF6WXGLHV DGOÖoDOÖûPDVÖQGD|QHULOPLûWLU´GRøUXDNÖO\UWPHµD\QÖ]DPDQGDED]ÖODUÖQÖQWHNL\L\DGD HUGHPGL\HEDKVLQLHWWLNOHULVRQDPDFÖQHOGHHGLOLûLQHNDWNÖGDEXOXQDFDNH\OHPJUXEXQDGDLûDUHW HGHU %XGûQFHWHPHOL]HULQGHûXQX|QHUPH\HoDOÖûDFDøÖ]GRøDO\DUDUODUÖQVHoLPLL\LELUDKODNL ELUH\ROPDGXUXPXQXQHOGHHGLOPHVLLOH\DNÖQGDQLOLûNLOLGLU dQN/RQJ·XQ6WRLF6WXGLHVDGOÖoDOÖûPDVÖQGDRUWD\DNR\GXøXJLEL6WRDOÖODUWHNL\LHUGHPLOH RQXQELOJLVLDUDVÖQGDPDQWÖNVDOELU|]GHûOLNYDUVD\DUJLELJ|UQ\RU%XûXGHPHNWLUHUGHPLQ NHQGLVLGÖûÖQGDNLKHUKDQJLELU|øH\HEDûYXUPDGDQELUoHûLWELOJLRODUDNGûQO\RU$VOÖQGDEX GXUXPELUPLVWLVLVL]P|UQHøLRODUDNGûQOHELOLU%L]EXJ|UûHHUGHPLQGRøDODYDQWDMODUÖQ VHoLPLLOHEDøODQWÖOÖROGXøXQXVDYXQDUDNNDUûÖoÖNDFDøÖ] %N]6KDUSOHV6WRLFV(SLFXUHDQVDQG6FHSWLFVV %N]/RQJ+HOOHQLVWLF3KLORVRSK\V 8OXVDO8\JXODPDOÖ(WLN.RQJUHVL 6WRDOÖODU ELUH\LQ JHUoHNOHûWLUGLøL H\OHPOHUL GûQPH] EXQXQ \HULQH ELUH\LQ \DûDPÖQÖQ \HWNLQ ELU KDOH JHOPHVLQH DUDo RODELOHFHN H\OHP PRGHOLQL EHWLPOHPH\H oDOÖûÖU %XQD J|UH EHQLP LoLQ HQ X\JXQ \DûDP HUGHPOL LQVDQÖQ \DûDPÖ\OD D\QÖGÖU *HUoHNWHQ HøHU NHQGLPL PXWOX HGHFHN \HWNLQ ELU KD\DWÖ \DûDPDQÖQ \ROODUÖQÖ DUDûWÖUDUDN NHQGL PXWOXOXøXPOD LOJLOHQL\RUVDP R ]DPDQ EDûNDODUÖQÖQ GD KDNODUÖQÖ VDYXQX\RU JLEL J|UQHELOHFHøLPL]ELUGXUXP\DUDWPDN]RUGXUúLPGLDKODNLELUH\OHUDUDVÖQGDVRV\DOELU X]ODûÖP ROGXøX YDUVD\ÖOÖUVD NHQGLP LoLQ HQ X\JXQ \DûDP \ROXQX DUDûWÖUPDN DKODNL RODUDNX\JXQROXUPX"6WRDOÖODUD\QÖ]DPDQGDVRUJXODQDQ\DûDPWUQ6WRDOÖHUGHPLQ \DûDPÖ\ODLOLûNLOHQGLULU 6WRDFÖOÖN·WD ´LQVDQ GRøDVÖµ WHULPL ´GRøDµ WHULPL\OH HûDQODPOÖGÖU 'RøD ORJRV RODQ 7DQUÖ\Ö LIDGH HGHU %XQD J|UH HUGHP GRøD\D LQVDQ GRøDVÖQD X\JXQ \DûDPD\Ö LIDGH HGHU $\QÖ ]DPDQGD ´'RøDµ LQVDQ GRøDVÖQÖ GD LoLQGH EDUÖQGÖUDQ GDKD NDSVDPOÖ ELU WHULPGLU 6WRDOÖODU·GD 'RøDQÖQ DKODNL WHPVLOL ´GRøD\D X\JXQ \DûDPµ ´HUGHPH J|UH \DûDPµ YH ´PXWOXOXøD J|UH \DûDPµ GH\LPOHUL\OH IRUPOOHûWLULOLU úLPGL EX PDNVLPL RNXPDQÖQ ELU \ROX GDYUDQÖûODUÖPÖ]ÖQ X]ODûÖPVDO \ROODUÖQÖ YH DKODNL ELUH\OHULQ X\JXQ GXUXPODUGD YDUGÖNODUÖ NLûLVHO NDUDUODUÖ GÖûODU JLEL J|UQ\RU )DNDW EXQXQ DNVLQH 6WRDOÖODU·ÖQ EX PDNVLPGHQ DQODGÖNODUÖ NHQGL GRøDPÖ]D X\JXQ ELU ûHNLOGH \DûDPDNWÖU %|\OHFH HøHU NHQGL GRøDPÖ]D X\JXQ ELU ûHNLOGH \DûDUVDN R ]DPDQ SDUoDVÖ ROGXøXPX] HYUHQVHOGRøDQÖQNHQGLVL\OHGHWXWDUOÖELUûHNLOGH\DûD\DFDøÖ]6WRDOÖODU´KHUûH\LQDKODNL GHøHULQLQ WDPDPÖ\OD RQXQ GRøD\OD RODQ LOLûNLVLQH GD\DQGÖøÖQDµ LQDQGÖODU ùQVDQODU LoLQ NHQGLGRøDODUÖQDX\JXQ\DûDPDN]RUXQOXGXUdQNGRøDKHULNLDQODPGDGDLQVDQODUÖQ NHQGLOHUL\OH EWQOHûHFHøL D\ÖUW HGLOHELOLU ELU H\OHPOHU PRGHOLQL IDUN HGLOLU KDOH JHWLULU 9H EHQ]HU ELU H\OHP PRGHOL D\QÖ ]DPDQGD GQ\DGDNL GLøHU EWQ FDQOÖODU LoLQ GH GûQOUgUQHøLQELUGLONRQXûPDLQVDQODULoLQGRøDOIDNDWNHGLOHULoLQGHøLO.ÖVDFD ´ELWNLOHU KD\YDQODU YH LQVDQODU JLEL |]HO YDUOÖNODU LoLQ GRøDO ELU QRUP \D GD PDNVLP ROGXøXµ V|\OHQHELOLU %X GRøDO QRUP VD\HVLQGHGLU NL YDUOÖNODU HYUHQVHO GRøD\D X\JXQOXøX \D EDûDUÖU \D GD EDûDUDPD]ODU 6WRDOÖODU·D J|UH HYUHQVHO 'RøD VHoLOPLû YDUOÖNODU LoLQ E|\OH GRøDO QRUPODU NDEXO HWWLøL VUHFH ´ELU ûH\ LoLQ L\L ROPDN QHGLUµL WDQÖPOD\DELOHFHøL] )DNDW EXUDGD LoLQH GûHELOHFHøLPL] ELU NDUÖûÖNOÖN YDU HøHU HYUHQVHO 'RøD NHQGL WUQGHQ RODQ |]HO YDUOÖNODU LoLQ GRøDO ELU QRUP \D GD PDNVLP NDEXO HGHUVH R ]DPDQ IDUNOÖ VÖQÖIODUD DLW RODQ EHQ]HU \D GD RUWDN ûH\OHUL QDVÖO DoÖNOD\DELOHFHøL]" gUQHøLQ NHQGLPL]L NRUXPD LoJGV LQVDQODUÖQ \DQÖ VÖUD KD\YDQODU WDUDIÖQGDQGDSD\ODûÖOÖU7DPDNVLQHHøHUHYUHQVHO'RøD·QÖQ|]HOYDUOÖNODULoLQGRøDOELU QRUP \D GD PDNVLP RQD\ODGÖøÖQÖ NDEXO HGHFHN ROXUVDN R ]DPDQ GRøDO QRUP \D GD PDNVLP LOH V|] NRQXVX |]HO YDUOÖN DUDVÖQGDNL LOLûNLQLQ EDûND ELU ûH\H X\JXODQPDPDVÖ ]RUXQOXOXøX DoÖNOÖøD NDYXûPXû ROXU (YUHQVHO 'RøD DoÖVÖQGDQ |]HO YDUOÖNODU LoLQ RQD\ODQDQKHUûH\\DX\JXQ\DGDX\JXQVX]RODFDNWÖU 3DUoDYH%WQ<DNODûÖPÖ $VOÖQGD6WRDOÖODUSDUoDYHEWQ\DNODûÖPÖDUDVÖQGDELUD\UÖP\DSDUDNEXVRUXQDELU o|]P EXOPXû JLEL J|UQPHNWHGLUOHU %XQD LODYHWHQ SDUoD \DNODûÖPÖQGDQ %N]/RQJ6WRLF6WXGLHVV %N]/RQJ+HOOHQLVWLF3KLORVRSK\V %N]/RQJ+HOOHQLVWLF3KLORVRSK\V %N]/RQJ+HOOHQLVWLF3KLORVRSK\V 3DUoDYHEWQ\DNODûÖPÖD\UÖPÖQGDE\N|OoGH/RQJ·XQ+HOOHQLVWLF3KLORVRSK\DGOÖ oDOÖûPDVÖQGDNLWDUWÖûPDODUDGD\DQPDNWD\ÖP 6HUYHW*|]HWOLN³6WRDFÖODUGD(UGHPgøHVL2ODUDN$PSLULN%LU'HQHPH EDNWÖøÖPÖ]GD HYUHQVHO 'RøD WDUDIÖQGDQ RQD\ODQPÖû ROPXû ROPDVÖQD UDøPHQ DVOD \DûDQPDPÖûRODQELUoRNûH\YDURODFDN%X\DûDQPDPÖû|]HOGXUXPODUDEDûYXUDQGRøDO QRUP YH PDNVLPOHU V|] NRQXVX HGLOHELOLU (YUHQVHO 'RøD LoLQ EX |]HO \DûDQPDPÖû GXUXPODU DKODNL GRøDPÖ]ÖQ HVDV |øHOHUL RODUDN NDUûÖPÖ]D oÖNDU )DNDW EWQF \DNODûÖPD J|UH EX \DûDQPDPÖû |]HO GXUXPODU EL]LP DKODNL ELU ELOJHOLøH XODûPDPÖ]Ö HQJHOOHPH](YUHQVHO'RøD·QÖQLQVDQODULoLQGRøDOELUQRUP\DGDPDNVLPRQD\ODGÖøÖQÖ NDEXO HWWLøLQL KDWÖUODUVDN EX HYUHQVHO 'RøD·\D ]ÖW J|UQHQ LQVDQÖQ DNÖO GRQDQÖPODUÖQÖQ WHNLO J|UQPOHUL GHøLO (YUHQVHO 'RøD VDGHFH LQVDQ GRøDVÖ YH DNOÖQÖQ ROXPOX J|UQPOHULQLGHøLOD\QÖ]DPDQGDROXPVX]J|UQPOHULQLQGH\HULQLEHOLUOHU(YUHQVHO 'RøD·QÖQ EX |]HOOLøLQH UDøPHQ RQX L\L \D GD N|W GL\H QLWHOHQGLUPHN PPNQ GHøLO %WQ GQ\DVDO ROD\ODU DUDODUÖQGD L\L \D GD N|W ûH\OHULQ EXOXQGXøX 'RøD·QÖQ QHVQHOHULQLROXûWXUXU %X QRNWDGD EWQ DKODNL ROD\ODUÖQ HYUHQVHO 'RøD·QÖQ EX\UXøXQD EDûYXUDUDN GHøHU HOGH HWWLNOHUL JHUoHøLQH GLNNDW oHNPHN LVWL\RUX] (YUHQVHO 'RøD·QÖQ VÖQÖUODUÖ LoHULVLQGH NDODUDN 'RøD\D X\JXQ ROD\ODU LOH 'RøD·\D D\NÖUÖ RODQODU DUDVÖQGD ELULQLQ \DSPD\D oDOÖûDFDøÖ DKODNL D\UÖP ELU EWQ RODUDN HYUHQVHO 'RøD·\D X\JXODQDPD] %|\OH GûQPHNOH/RQJ·XQGD\DSWÖøÖJLELLQVDQGRøDVÖQÖQSDUoDVÖROGXøXHYUHQVHO'RøD·GDQ ELU D\UÖPÖQÖ YDUVD\Ö\RUX] %|\OH ELU D\UÖPD GD\DQDUDN LQVDQODU EHOLUOL ROD\ODUÖQ NHQGL GRøDODUÖQD´\DUDUOÖ\DGD]DUDUOÖµ ROGXøXQXIDUNHWPH\HEDûODUODUgUQHøLQIDNLUOLNYH KDVWDOÖN LQVDQODU LoLQ GRøDO ROPD\DQ NRûXOODUGÖU %X GXUXP VDGHFH SDUoD \DNODûÖPÖ LWLEDUL\OHGRøUXIDNDWHYUHQVHO'RøDLWLEDUL\OHGHøLO%WQGRøDOROD\ODUÖL\L\DUDUOÖ\D GD N|W ]DUDUOÖ ROPDODUÖQD EDNÖOPDNVÖ]ÖQ HYUHQVHO 'RøD·QÖQ \HWNLQOLøLQH NDWNÖGD EXOXQXUODU%HQ]HUELUûHNLOGHV|\OHQLOGLøLQGHHYUHQVHO'RøD\DUDUOÖ\DGD]DUDUOÖL\L\D GD N|W J]HO \D GD oLUNLQ DUDVÖQGD DVOD ELU D\UÖP J|]HWPH] dQN HYUHQVHO 'RøD EWQ EX QLWHOLNOHUL PNHPPHOOLøL DoÖVÖQGDQ EQ\HVLQGH EDUÖQGÖUÖU .ÖVDFD HYUHQVHO 'RøDDoÖVÖQGDQGRøDOROPD\DQ\DGD\DUDUOÖROPD\DQKLoELUûH\\RNWXU (YUHQVHO'RøDYHùQVDQ úLPGL HYUHQVHO 'RøD·QÖQ LQVDQODU ]HULQGHNL RODVÖ HWNLVLQLQ ER\XWODUÖQÖ DoÖNODPDN LKWL\DFÖQÖ GX\PDNWD\Ö] 6WRDOÖODUÖQ LGGLD HWWLøL JLEL HYUHQVHO 'RøD LQVDQÖ NHQGLVL DUDFÖOÖøÖ\ODL\L\DGDN|WELUELoLPGHGDYUDQPDVÖQD\RODoDFDNDNÖOLOHGRQDWWÖ%XEDûND ELUFDQOÖLOHSD\ODûÖOPD\DQLQVDQÖQD\ÖUWHGLFLNDSDVLWHVLGLU'RøD|øHVLGûQOGøQGH LQVDQ NHQGLVLQL WHN L\L RODQ HUGHPLQ |QFHO GUWOHULQH J|WUHFHN H\OHPOHU PRGHOL LOH VÖQÖUOÖGÖU%XILNLUEL]L6WRDOÖODULoLQ|QHPOLRODQÖQED]ÖDU]XHGLOHQVRQXoODUDXODûPDQÖQ GHøLO IDNDW EHOLUOL HUGHPOHUL DPDo HGLQPHQLQ |QHPOL ROGXøX JHUoHøLQH J|WUU %X EDøODPGD 6WRDOÖODUÖQ ´GRøD\D X\JXQ RODQ ûH\OHULQ VHoLPLQLQ DKODNL ELOJLQLQ HOGH HGLOPHVL LoLQ WHPHO ELU JHUHNVLQLP ROGXNODUÖQDµ LQDQGÖNODUÖ V|\OHQLOHELOLU (UGHPOL ELU NLûL X\JXQ ûH\OHUL VHoHU YH NDUûÖWODUÖQÖ UHGGHGHU (UGHP GÖû GQ\DGDNL \DUDUOÖ GHøLûLPOHUOH LOJLOL ELU ûH\ GHøLOGLU %XQXQ \HULQH HUGHP GDKD oRN HYUHQVHO 'RøD·QÖQ EX\UXNODUÖ\OD E\N ELU X\XP LoLQGH RODQ LQVDQ DNOÖ\OD LOJLOLGLU %|\OHFH GÖû GQ\DGDNL X\JXQ ûH\OHULQ GRøDO \DUDUODU VHoLPL 6WRDOÖODUD J|UH DNÖOFÖO ELU HøLOLPH GD\DQÖ\RU JLEL J|UQPHNWHGLU NL EXQXQ VD\HVLQGH EL]OHU \DSWÖøÖPÖ] H\OHPLQ GRøUXOXøXQD NDQDDW JHWLULUL] 'RøDO \DUDUODUÖQ VHoLPL UDV\RQHO ELU HøLOLPGHQ ND\QDNODQÖ\RU ROPDVÖQD UDøPHQ HUGHPLQ ELU ROXûWXUXFXVX ROGXøXQX V|\OHPHN X\JXQ GHøLOGLU (øHU GRøDO /RQJWDUDIÖQGDQEXWHULPOHU´WHUFLKHGLOHQ\DGDWHUFLKHGLOPH\HQIDUNVÖ]ûH\OHUµWHULPOHUL\OH HûDQODPOÖRODUDNNXOODQÖOPÖûWÖU %N]/RQJ+HOOHQLVWLF3KLORVRSK\V 8OXVDO8\JXODPDOÖ(WLN.RQJUHVL \DUDUODUÖQ VHoLPLQLQ 'RøD·QÖQ DNÖOFÖOÖøÖ \D GD HUGHPOL ELU HøLOLPGHQ RUWD\D oÖNWÖøÖQÖ V|\OHPHNPPNQVHR]DPDQNDoÖQÖOPD]ELUûHNLOGHNHQGLOHULLoLQGHED]Ö|]HODKODNL GHøHUOHULQ NDEXOQH LûWLUDN HGL\RUX] 'RøDO \DUDUODUÖQ EX DKODNL GHøHUOHUL DKODNL ELU QRUPXQNHQGLVLQHEDûYXUGXøXH\OHPHQLQSUHQVLSOHULQHLûDUHWHGHU%XV|\OHQHQGHQûX VRQXFX oÖNDUDELOLUL] 'RøDO \DUDUODUÖQ VHoLPL 'RøD·\OD GD X\JXQOXN LoHULVLQGHGLU dQN LQVDQODUÖQ UDV\RQHO GRQDQÖPODUÖ NHQGLOHUL LoLQ ]HQJLQOLøL IDNLUOLøH WHUFLK HWPHOHULQH PVDDGH HGHU (YUHQVHO 'RøD·QÖQ UDV\RQHO GRQDQÖPÖ\OD DKODNL ELUH\ GRøDO \DUDUODUÖQ HOGH HGLOPHVL ]RUXQOXOXøXQXQ IDUNÖQD YDUÖU 6WRDOÖODU LoLQ GRøDO \DUDUODUÖQ HOGHHGLOPHVLEXQODUDUDVÖQGDEHOLUOLWHUFLKOHU\DSDQELUH\LQPXWOXOXøXQDKLoELUûHNLOGH NDWNÖGDEXOXQPD]ODU 6WRD IHOVHIHVLQLQ VÖQÖUODUÖ LoHULVLQGH GRøDO \DUDU YH ]DUDUODUÖQ ROXûXPXQD EDûYXUDQ ELUD\UÖPYDUEXD\UÖPû|\OHIRUPOHHGLOLU'RøDO\DUDUODU´WHUFLKHGLOHQGLUµVHoLOHFHN ûH\OHUGLU YH EXQXQ NDUûÖWODUÖ ´WHUFLK HGLOPH\HQGLUµ UHGGHGLOHFHN ûH\OHUGLU %|\OHFH 6WRDOÖODU WHN L\L RODQ HUGHPH EDûYXUDQ E|\OH ELU VÖQÖIODPD\Ö UHGGHWPLû J|UQ\RUODU úLPGLûXVRUX\XRUWD\DDWDELOLUL](UGHPLQQHWHUFLKHGLOHELOHQQHGHWHUFLKHGLOHPH\HQ ROGXøXQX GûQPHN PPNQ PGU" 2UWDN DNÖO \UWPH\H GD\DQDUDN HUGHPLQ ´WHUFLKHGLOHELOHQµROGXøXQXQNDEXOQHNHQGLOLøLQGHQXODûÖODELOLU%XVRUX\D6WRDOÖODUÖQ FHYDEÖ û|\OHGLU ùQVDQ YDUOÖøÖQÖQ DPDFÖ GHYDPOÖ ELU HUGHPOL HøLOLPL V|] NRQXVX HGHUHN HUGHPLQ NHQGLVLQH GRøUX LOHUOHPH \DSPDNWÖU %XQXQ |WHVLQGH ´WHUFLK HGLOHQµ ûH\OHU KD\DWÖQ DPDFÖQD NDWNÖGD EXOXQXUODUNHQ RQXQ DKODNL \DSÖVÖQÖ GHøLûWLUPH]OHU %XQD UDøPHQ JHQHO KHGHIL JHUoHNOHûWLUHELOPHN LoLQ EL]LP GRøDO \DUDUODU JLEL WHNLO ûH\OHULQ VHoLPLQGH EXOXQPDPÖ] JHUHNLU g]HO YH WHNLO ûH\OHULQ VHoLPL KHU ]DPDQ GDKD JHQHO DPDoODUÖQ ]HULQH NXUXOX ROGXøX HUGHPOL ELU HøLOLPH EDûYXUXVX V|] NRQXVXGXU *HQHO KHGHILQ \DQL HUGHPOL GDYUDQÖûÖQ JHUoHNOHûWLULOPHVLQLQ WDPDPÖ\OD GÖûVDO |øHOHULQ VHoLPLQH EDøOÖ ROPDGÖøÖQÖ V|\OHPHN ]RUXQGD\Ö] )DNDW WDP DQODPÖ\OD EDøÖPVÖ] ELU JHUoHNOHûPH DODQÖQD VDKLS ROGXøX GD J|UOU 9H EX DODQ ûXQX |QHULU 'RøUX DNÖO \UWPH DKODNL ELUH\LQ WHNLO H\OHPLQL WDQÖPOD\DQ HUGHPOL ELU HøLOLPLQ JHUoHNOHûWLULOPHVLQHNDWNÖGDEXOXQDFDN <XNDUÖGDNL V|\OHQHQOHUGHQ ûX VRQXFX oÖNDUDELOLUL] (YUHQVHO 'RøD LOH X\XP LoHULVLQGHRODQGRøUXDNÖO\UWPHGRøDO\DUDUODUÖQVHoLPLQLQGHNDWNÖVÖQÖ]RUXQOXNÖODU dQN D\QÖ DNÖO \UWPH\H GD\DQDUDN HUGHPOL ELU WXWXPXQ DKODNL ELOJLVLQH XODûWÖøÖPÖ] V|\OHQHELOLU'DKD|QFHGHV|\OHGLøLPL]]HUHHUGHPOLELUWXWXPXQHOGHHGLOPHVLEHOLUOL ELU |OoGH VHoLOHFHN GRøDO \DUDUODUÖQ DUDFÖOÖøÖQD GD\DQÖ\RU JLEL J|UQ\RU 9H EL]LP GRøDO\DUDUODUD\NOH\HELOHFHøLPL]DKODNLGHøHUD\QÖ]DPDQGDDKODNLELUWXWXPXQGHøHUL LoLQ GH ]RUXQOXGXU dQN ]HQJLQOLøLQ IDNLUOLøH WHUFLKL VDGHFH GQ\DGDNL GHøLûLNOLNOHUH QHGHQROPD\DFDND\QÖ]DPDQGDDKODNLELUH\LQLoVHOWXWXPXQGDGDGHøLûLNOLNOHUHQHGHQ RODFDNWÖU %X QRNWDGD EL]LP GRøDO \DUDUODUD DWIHGHELOHFHøLPL] KHUKDQJL ELU GHøHULQ HUGHPOLELUWXWXPXQHOGHHGLOPHVLDPDFÖQGDQEDøÖPVÖ]ROGXøXQXV|\OHPHNWXWDUOÖGÖU %XQD J|UH GRøDO \DUDUODU DODQÖ HYUHQVHO 'RøD·QÖQ GÖûVDO |øHOHUL YH HUGHP DUDVÖQGD ELU N|SU ROXûWXUXU 'RøDO \DUDUODUÖQ VHoLPLQGHQ HOGH HGLOHQ LoVHO ROPD\DQ GÖûVDO PXWOXOXN HYUHQVHO 'RøD·QÖQ L\LOLøL LOH ELU EDøÖ EXOXQGXøXQXQ LûDUHWLQH VDKLS RODELOLU (øHU|\OH\VHR]DPDQEXILNLUûXLGGLDLOH|]GHûOHûWLULOHELOLU'RøDO\DUDUODUÖQVHoLPOHUL HYUHQVHO'RøDLOHX\XPLoHULVLQGHROGXNODUÖVUHFHHXGDLPRQLD·QÖQPXWOXOXøXQ|]HOELU |øHVL RODELOLU %XQXQ |WHVLQGH ûX GD V|\OHQHELOLU (UGHP \D GD HUGHPOL ELU WXWXPXQ HOGH HGLOLûLQH LOLûNLQ \|QHOLPOHULPL] WHPHO RODUDN HUGHPLQ \DOQÖ]FD WHN L\L ROPD\ÖS D\QÖ %N]/RQJ+HOOHQLVWLF3KLORVRSK\V 6HUYHW*|]HWOLN³6WRDFÖODUGD(UGHPgøHVL2ODUDN$PSLULN%LU'HQHPH ]DPDQGD ´WHUFLK HGLOHQµ ROGXøX ILNULQGHQ oÖNDUÖOÖU %XUDGD YXUJXODQPDVÖ JHUHNHQ ûXGXU EL] HUGHPLQ ELUH\VHO HWNLQOLøLQL IDUN HGLQFH\H NDGDU oHûLWOL GLøHU L\LOHUL GH GHQH\LPOHUL] 'LøHU ELU GH\LûOH |\OH J|UQ\RU NL GRøDO \DUDUODUÖQ GHQH\LPLQH EDûYXUPDNVÖ]ÖQ HUGHPL WHN L\L RODUDN GûQPHN ROGXNoD ]RUGXUdQN HøHU HUGHP NHQGLVLQH DKODNL ELU GHøHU DWIHGHELOHFHøLPL] WHN ûH\ ROVD\GÖ R ]DPDQ DKODNL ELU ELUH\ LoLQ NHQGLVLQH GRøUX LOHUOHPH ND\GHWPHNVL]LQ HUGHP \D GD HUGHPOL ELU WXWXPXQ DKODNL ELOJLVLQL HGLQPHN QDVÖO PPNQ RODELOLUGL" %XQD J|UH HUGHPH GRøUX DKODNL RODUDN \|QHOHQ ELU LOHUOHPHQLQ ROGXøXQX YDUVD\DUVDN R ]DPDQ WHN L\L RODQ HUGHPLQ ROXûXPXQGDHOGHHGLOHFHN|QFHOLNOLGHQH\LPOHUHLOLûNLQNHVLQROPDN]RUXQGD\Ö] $oÖNODPD\DoDOÖûPDNLVWHGLøLPL]ûH\ûXGXUNLHYUHQVHO'RøD·QÖQGD|QHUGLøL]HUH |]HO DPDoODU YH RQODUÖQ |QFHOLNOL \DûDQWÖODUÖ YDUGÖU %XQGDQ ûX VRQXFX oÖNDUDELOLUL] %HOLUOLûH\OHULQGLøHUûH\OHUHWHUFLKHGLOPHVLELULVLQLQHUGHPOLELUWXWXPXJHOLûWLUHELOHFHøL DKODNL ELU DODQD LûDUHW HGL\RUPXû JLEL J|UQ\RU $VOÖQGD 6WRDOÖODU JHUoHNOHûWLULOHQ DKODNL H\OHPLQ GÖûVDO |øH\H ´WHUFLK HGLOHQµ \D GD ´WHUFLK HGLOPH\HQµ ELU ûH\ RODUDN ELU EDûYXUX\DVDKLSROGXøXQXLGGLDHGHUNHQEHQ]HUELUJ|UûGHVWHNOL\RUODU 6RQXo %HOLUOL ELU EDNÖû DoÖVÖQGDQ GRøDO \DUDUODUÖQ VHoLPL |\OH ELU \RO DoDU NL EXQXQ DUDFÖOÖøÖ\OD HUGHP LQVDQ KD\DWÖQÖQ VRQ DPDFÖ RODUDN DUDûWÖUÖOÖS RUWD\D oÖNDUÖODELOLU %X QRNWD\D NDGDU GRøDO \DUDUODUÖQ GHQH\LPLQH GD\DQDUDN WHN L\L RODQ HUGHPLQ ELOJLVLQH XODûWÖøÖPÖ]Ö RUWD\D oÖNDUPD\D oDOÖûWÖN %X VRQXo ûX LIDGH LOH WHPHOOHQGLULOHELOLU 'RøDO \DUDUODUEL]HGDLPD|\OHELUDKODNLH\OHPOHUPRGHOLVXQDUNLLQVDQODUÖQ\DUDUODUÖ\ODGDLo LoHJHoPLûROXU$\QÖ]DPDQGDGRøDO\DUDUODUÖQGHQH\LPLED]Ö|]HOGXUXPODUÖQL\LOLøLQLQ IDUNÖQDYDUÖODELOHFHøLELUWHPHOLROXûWXUXU .D\QDNoD /RQJ$$6WRLF6WXGLHV&DPEULGJH&DPEULGJH8QLYHUVLW\3UHVV /RQJ$$+HOOHQLVWLF3KLORVRSK\'XFNZRUWK 6KDUSOHV 5 : 6WRLFV (SLFXUHDQV $QG 6FHSWLFV /RQGRQ DQG 1HZ <RUN 5RXWOHGJH 8\JXODPDOÖ(WLNYH$ULVWRWHOHV·WH(WLN5HWRULNùOLûNLVL 'Ro'U'DYLG*UQEHUJ (WLN8\JXODPDODUYH8\JXODPDOÖ(WLN (WLN DKODN VRUXQODUÖQÖ YH NXUDOODUÖQÖ LQFHOH\HQ \D GD WHN WHN DKODN NXUDOODUÖQÖ WHPHOOHQGLUHQ JHQHO LONHOHUL RUWD\D NR\DQ IHOVHIH GDOÖGÖU $KODN LVH L\L YH N|W ûH\OHUL KDNOÖ YH KDNVÖ] HGLPOHUL ELUELULQGHQ D\ÖUDQ NXUDOODU GL]JHVLGLU %LU NLûLQLQ EDûND ELU GH\LPOHX\JXOD\DQÖQEHOOLELUûH\LQL\LYH\DN|WROGXøXQX\DGDELUHGLPWUQQKDNOÖ YH\DKDNVÖ]ROGXøXQXNLPLHWLNLONHOHUHGD\DQDUDNEDûNDODUÖQDNDEXOHWWLUPHHWNLQOLøLQH \DQLEDûNDODUÖQÖEX\ROGDLNQDHWPH\HLVHELUHWLNX\JXODPDVÖGHQLU%LUûH\LQL\LOLøLQL\DGD ELU HGLPLQ KDNOÖOÖøÖQÖ NDEXO HWWLUPHN NDEXO HGHQLQ \DQL GLQOH\LFLQLQ EHOOL ELU GDYUDQÖûWD EXOXQPDVÖQD\RODoDU1LWHNLPGLQOH\LFLELUNLPVHQHVQHYH\DGXUXPXQL\LOLøLQLNDEXO HWWLøLQGH RQX |YPHN LVWHU YH ELU HGLP WUQQ KDNOÖOÖøÖQÖ NDEXO HWWLøLQGH R WU ELU HGLPGH EXOXQPDN LVWHU 7HUVLQH ELU ûH\LQ N|WOøQ EHQLPVHGLøLQGH RQX \HUPHN LVWHU ELU HGLPLQ KDNVÖ]OÖøÖQÖ EHQLPVHGLøLQGH LVH R WU HGLPGH EXOXQPDNWDQ NDoÖQPDN LVWHU%|\OHFH HWLN X\JXODPD ELU GLQOH\LFL NLWOHVLQLQ GDYUDQÖûÖQÖ HWNLOHPH\L DPDoODU +HU HWLN X\JXODPD DPDFÖQÖ JHUoHNOHûWLUGLøL |OoGH EDûDUÖOÖGÖU EDûDUÖ GHUHFHVL LVH X\JXODPDFÖQÖQGLQOH\LFL\LLNQDHWPHJFQHEDøOÖGÖU 8\JXODPDOÖ HWLN ELU \DQGDQ EDûDUÖOÖ HWLN X\JXODPDODU \DSPDVÖQÖ |øUHWHQ VDQDW |EU \DQGDQ HWLN X\JXODPDODUÖQÖ NXUDPVDO RODUDN LQFHOH\HQ ELOLP YH\D |øUHWL GHPHNWLU 8\JXODPDOÖ HWLøLQ NRQXVX RODQ HWLN X\JXODPDODU oRN oHûLWOL DODQODUD DLW RODELOLU %X DODQODUD J|UH X\JXODPDOÖ HWLN oHYUH HWLøL WÖS HWLøL YH EL\RHWLN PHG\D HWLøL VL\DVHW HWLøL KXNXNHWLøLLûHWLøLYHPKHQGLVOLNHWLøLJLELoHûLWOLGDOODUDD\UÖOPDNWDGÖU ùNQD(GLFL8VODPODPDODUYH5HWRULN *HQHO RODUDN LNQD HWPH HWNLQOLøL ELU NRQXûPDFÖ LOH ELU GLQOH\LFL DUDVÖQGD JHoHQ LOHWLûLPVHO ELU GDYUDQÖû ELoLPLGLU .RQXûPDFÖ GLQOH\LFL\H EHOOL ELU ûH\L \DSWÖUPD\Ö \D GD \DSPDVÖQÖ HQJHOOHPH\L DPDoODU $QFDN LNQD HWPH HWNLQOLøLQGH NRQXûPDFÖ DPDFÖQÖ IL]LNVHO]RUODPDLOHGHøLONRQXûPD\ROXLOHGLQOH\LFLQLQUXKGXUXPXQX|]HOOLNOHLQDQo ELOJL YH GX\JXODUÖQÖ HWNLOH\HUHN JHUoHNOHûWLUPH\H oDOÖûÖU 1LWHNLP E|\OH ELU HWNLOHPH VRQXFXQGD GLQOH\LFL DUWÖN NHQGL LVWHQFL LOH NRQXûPDFÖQÖQ DPDoODGÖøÖ GDYUDQÖûWD EXOXQDELOLUùNQDHWPHH\OHPLQLQEDûDUÖVÖGLQOH\LFLQLQLVWHQFLQLQNRQXûPDFÖQÖQDPDFÖQD X\JXQRODUDN\|QOHQGLULOPHVLQHEDøOÖGÖU ùNQD HWPH HWNLQOLøLQLQ WHPHOLQGH NRQXûPDFÖ LOH GLQOH\LFL DUDVÖQGD \HU DODQ LOHWLûLP DQFDN ELU XVODPODPD\Ö LoHUHQ ELU GDYUDQÖû LOH VDøODQDELOLU %X WU GDYUDQÖûD LNQD HGLFL XVODPODPD GHQLU %XQODU LOHWLûLP VDøODPD\Ö DPDoOD\DQ GDYUDQÖûODU ROGXøXQGDQ |]HO ELU LOHWLûLPVHO GDYUDQÖû WUQ ROXûWXUXUODU +HU LNQD HGLFL XVODPODPD GDYUDQÖûÖ ELU NRQXûPD WU ROXS EHOOL ELU NRQXûPDFÖ LOH GLQOH\LFL DUDVÖQGD JHUoHNOHûLU 8VODPODPD NRQXûPDFÖ GLQOH\LFL\L LNQD HWWLøL |OoGH EDûDUÖOÖ VD\ÖOÖU %X EDûDUÖ XVODPODPDQÖQ LNQD HGLFL JFQH EDøOÖGÖU 5HWRULN ELU \DQGDQ EDûDUÖOÖ \DQL LNQD HWPH JF \NVHN RODQ 2'7h)HOVHIH%|OP %N]-+DEHUPDV7KH7KHRU\RI&RPPXQLFDWLYH$FWLRQ9ROWUE\7KRPDV0F&DUWK\%HDFRQ 3UHVV%RVWRQV 8OXVDO8\JXODPDOÖ(WLN.RQJUHVL XVODPODPD \DSPD\Ö |øUHWHQ VDQDW |EU \DQGDQ JHQHO RODUDN LNQD HGLFL XVODPODPDODUÖ LQFHOH\HQELOLPGDOÖYH\D|øUHWLGLU ùNQD HGLFL XVODPODPDODU ELU YH\D GDKD oRN VD\ÖGD oÖNDUÖP LoHULU .RQXûPDFÖQÖQ GLQOH\LFL\L DNOÖQD KLWDS HGHUHN LNQD HGHELOPHVL LoLQ NXOODQGÖøÖ EWQ oÖNDUÖPODUÖQ DNÖOFÖ \ROOD JHoHUOL ROGXøXQX YH EX oÖNDUÖPODUÖQÖQ EWQ |QFOOHULQLQ GRøUX ROGXøXQX NDEXO HWWLUPHVL JHUHNLU 1H NL oRøX NH] LNQD HGLFL XVODPODPDODU GLQOH\LFLQLQ DNOÖQGDQ oRN GX\JXODUÖQD KLWDS HGHU R ]DPDQ GD \DQOÖû |QFOO YHYH\D JHoHUVL] oÖNDUÖPODUD GD\DQDQ ELU XVODPODPDQÖQ oRN \NVHN LNQD HGLFL JF RODELOLU %X GXUXPGD LNQD HWPH NDQGÖUPDGDQ \DQL DOGDWPDGDQ EDûND ELU ûH\ GHøLOGLU $PD EX WU XVODPODPDODU GD UHWRULøLQ NRQXVX LoLQGH ROXS EXQODUÖQ LQFHOHQPHVL UHWRULøLQ oRN |QHPOL ELU DPDFÖ VD\ÖOÖU .DQGÖUPD\D \RO DoDQ XVODPODPDODU DKODND D\NÖUÖVD\ÖOPDOÖGÖU *HQHO RODUDN LNQD HGLFL XVODPODPDODU DKODND X\JXQ YH DKODND D\NÖUÖ ROPDN ]HUH LNL |EHøH D\UÖODELOLU $KODND X\JXQ XVODPODPDPODU D\QÖ ]DPDQGD PDQWÖN YH \|QWHPELOLP NXUDOODUÖQD X\DQ oÖNDUÖPODUD GD\DQPDN ]RUXQGDGÖU %X WUO oÖNDUÖPODU LVH PDQWÖNoD JHoHUOL ROXS |QFOOHUL DNÖOFÖ \|QWHPOHUFH EHOJHOHQPLûWLU $\UÖFD NRQXûPDFÖQÖQ \DQOÖû VD\GÖøÖ YH\D LQDQPDGÖøÖ ELU |QHUPH\L ELOH ELOH |QFO RODUDN \DODQ \HUH NXOODQPDPDVÖ JHUHNLU .RQXûPDFÖQÖQ \DQOÖû ELU |QFO \DQOÖûOÖøÖQÖ ELOH ELOH NXOODQPDPDVÖ GXUXPXQGD XVODPODPD DKODND D\NÖUÖ ROPD] 1LWHNLP ELUoRN XVODPODPDGD JHoHQ |QFOOHU GHQH\VHO |QHUPHOHUGLU %X WU |QHUPHOHULQ GRøUXOXNODUÖ NHVLQ RODUDN EHOJHOHQHPH] \DQL \DQOÖû ROPDODUÖRODQDNOÖGÖU *HoHUOLELUoÖNDUÖPDGD\DQDQXVODPODPDODUDELU|UQHNYHUHOLP ùQVDQ|OGUPHPHûUXVDYXQPDJLELKDNOÖQHGHQOHUGÖûÖQGDKDNVÖ]GÖU '|OW FHQLQ GH ELU LQVDQ VD\ÖOÖU oQN G|OW HPEUL\RQXQ EWQ RUJDQODUÖ EHOLUGLNWHQVRQUDDOGÖøÖHYUHGLU 'ROD\ÖVÖ\ODG|OWDOGÖUPDH\OHPLELULQVDQ|OGUPHH\OHPLVD\ÖOPDOÖGÖU +DNVÖ]GDYUDQÖûODU\DSÖOPDPDVÖJHUHNHQGDYUDQÖûODUGÖU %XQHGHQOHG|OWDOGÖUPDKDNVÖ]ELUGDYUDQÖûWÖU 6RQXoRODUDNG|OWDOGÖUPD\DSÖOPDPDVÖJHUHNHQELUGDYUDQÖûWÖU <XNDUÖGDNL oÖNDUÖP YH\D GDKD GRøUXVX oÖNDUÖPODU ]LQFLUL JHUoHNWHQ JHoHUOLGLU $QFDNEXoÖNDUÖPDGD\DQDQELUXVODPODPDQÖQGLQOH\LFL\LLNQDHWPHVLLoLQJHoHUOLROPDVÖ \HWHUOL GHøLOGLU .RQXûPDFÖQÖQ ELU GH GLQOH\LFL\H oÖNDUÖPÖQ EWQ |QFOOHULQL NDEXO HWWLUPHVLJHUHNLU (WLN8\JXODPDODULOHùNQD(GLFL8VODPODPDODU$UDVÖQGDNLùOLûNL +HU HWLN X\JXODPD PXWODND ELU YH\D GDKD oRN VD\ÖGD LNQD HGLFL XVODPODPD LoHUPHOLGLU 1LWHNLP HWLN X\JXODPDGD X\JXOD\ÖFÖ GLQOH\LFL\L EHOOL ELU \|QGH LNQD HWPH\L DPDoODU R\VD LNLQFL E|OPGH EHOLUWLOGLøL JLEL LNQD HWPH HWNLQOLøL LNQD HGLFL XVODPODPDODUD GD\DQÖU %XQX û|\OH DoÖNOD\DELOLUL] +HUKDQJL ELU HWLN X\JXODPDGD X\JXOD\ÖFÖHQLQGHVRQXQGDGLQOH\LFLVLQLELUûH\L\DSPD\DYH\D\DSPDPD\DLNQDHWPH\H oDOÖûÖU 'ROD\ÖVÖ\OD KHU HWLN X\JXODPD LNQD HGLFL HWNLQOLNOHU LoHULU 2\VD LNLQFL E|OPGH EHOLUWLOGLøL JLEL LNQD HGLFL HWNLQOLNOHU LNQD HGLFL XVODPODPDODUD GD\DQÖU %|\OHFH HWLN X\JXODPDODUÖQ KHS LNQD HGLFL XVODPODPDODUD GD\DQGÖøÖQÖ J|VWHUPLû ROX\RUX] gUQHøLQ G|OW DOGÖUPD\D NDUûÖ oÖNDQ HWLN X\JXODPD LNLQFL E|OPGHNL oÖNDUÖPODU ]LQFLULQH GD\DQDQLNQDHGLFLELUXVODPODPDLoHUHELOLU gWH \DQGDQ LNQD HGLFL \RUXPODPDODU LVWHU ELU HWLN X\JXODPDGD \HU DOVÖQODU LVWHU DOPDVÖQODU KHU ]DPDQ DKODND X\JXQ ROXS ROPDPDODUÖ EDNÖPÖQGDQ GHøHUOHQGLULOPHN GXUXPXQGDGÖUODU %|\OH ELU GHøHUOHQGLUPH LVH EDûOÖ EDûÖQD ELU XøUDû DODQÖ \DUDWÖU %X 'DYLG*UQEHUJ³8\JXODPDOÖ(WLNYH$ULVWRWHOHV·WH(WLN5HWRULNùOLûNLVL XøUDû DODQÖ X\JXODPDOÖ HWLøLQ \HQL ELU GDOÖ ROXS LNQD HGLFL XVODPODPDODU HWLøL \D GD NÖVDFD XVODPODPD HWLøL RODUDN DGODQGÖUÖODELOLU 8VODPODPD HWLøLQL ROXûWXUDQ WHN WHN HWLN X\JXODPDODUÖ WRSOXPGD |QHPOL HWNLVL RODQ LNQD HGLFL XVODPODPDODUÖ GHøHUOHQGLUPH\L DPDoOD\DQ X\JXODPDODU QLWHOLøLQGHGLU gUQHøLQ ELU VL\DVDO |øUHWL\L VDYXQDQ ELU XVODPODPDQÖQ DKODND X\JXQ ROXS ROPDGÖøÖQÖQ GHøHUOHQGLULOPHVL EHOOL ELU HWLN X\JXODPD |UQHøLQLROXûWXUDELOLU $ULVWRWHOHV·WH(WLN5HWRULNùOLûNLVL $ULVWRWHOHV 5HWRULN DGOÖ \DSÖWÖQGD LNQD HGLFL XVODPODPDODUÖ VLVWHPDWLN RODUDN LQFHOHPLûWLU 5HWRULøLQ ELU \DQGDQ GL\DOHNWLøLQ DPD |WH \DQGDQ HWLøLQ ELU X]DQWÖVÖ ROGXøXQX V|\OHPLûWLU 'L\DOHNWLN LVH GL\DOHNWLN oÖNDUÖP GHQLOHQ ELU oÖNDUÖP WUQQ ELOLPLGLU D 'L\DOHNWLN oÖNDUÖPODU |QFOOHUL GRøUX ROXS ROPDGÖøÖ NHVLQ RODUDN ELOLQPH\HQ DPD WRSOXPGD JHQHOOLNOH NDEXO J|UHQ oÖNDUÖPODUGÖU 7RSLFD D ùûWH UHWRULøLQ NRQXVX RODQ LNQD HGLFL XVODPODPDODUÖQ NXOODQGÖøÖ WP oÖNDUÖPODU GL\DOHNWLN oÖNDUÖP QLWHOLøLQGHGLU %|\OHFH UHWRULøLQ JHUoHNWHQ GL\DOHNWLøLQ ELU X]DQWÖVÖ ROGXøXQXJ|U\RUX] $ULVWRWHOHV KHUKDQJL LNQD HGLFL ELU XVODPODPDGD JHoHQ ELU GL\DOHNWLN oÖNDUÖPÖ LNQD HWPH\LVDøOD\DQELUDUDoVD\PDNWDGÖU$QFDNGL\DOHNWLNoÖNDUÖPDUDFÖQÖQ\DQÖVÖUDEDûND LNL LNQD HWPH DUDFÖQGDQ V|] HWPHNWHGLU %XQODUGDQ ELUL NRQXûPDFÖQÖQ LNQD HWPH \HWHQHøL |EU GH GLQOH\LFLQLQ LNQD ROPDVÖQD \RO DoDQ GX\JXVDO GXUXPXGXU $ULVWRWHOHV UHWRULøLQ ELU GH HWLøLQ X]DQWÖVÖ ROPDVÖQÖ EX VRQ LNL LNQD HWPH DUDFÖQD EDøOÖ\RU dQN EXQODUGDQ ELULQFLVL NRQXûPDFÖ LQVDQÖQ QLWHOLNOHULQL |]HOOLNOH HUGHPOHULQL GLøHUL LVH GLQOH\LFLQLQ GX\JXODUÖQÖ DQODPD\D GD\DQÖU ùNQD HGLFL ELU XVODPODPDGD NXOODQÖODQ EX LNL WUGHQ DUDFÖQ DKODND X\JXQ \D GD D\NÖUÖ ROGXøX HWLN DoÖVÖQGDQ GHøHUOHQGLULOPHOLGLU %|\OHFH LNQD HWPH\L VDøOD\DQ KHU o DUDFÖQ HWLN QLWHOLøL EXDUDoODUÖNXOODQDQLNQDHGLFLXVODPODPDQÖQDKODNDX\JXQ\DGDD\NÖUÖROXSROPDGÖøÖQÖ EHOLUOHU%XGDUHWRULøLQJHUoHNWHQHWLøLQGHELUX]DQWÖVÖROGXøXQXJ|VWHULU $ULVWRWHOHV \|QHOGLøL DPDoODU DoÖVÖQGDQ LNQD HGLFL XVODPODPDODUÖ oH D\ÖUÖ\RU (øHU XVODPODPD GLQOH\LFLQLQ ELU H\OHPGH EXOXQPDVÖQÖ \D GD EXOXQPDPDVÖQÖ DPDoOÖ\RUVD H\OHPH \|QHOLN XVODPODPD ELU NLûLQLQ KDNOÖ \D GD KDNVÖ] ROGXøX \DUJÖVÖQÖ VDøODPD\Ö DPDoOÖ\RUVD \DUJÖODPD\D \|QHOLN XVODPODPD YH ELU NLûLQLQ |YOPHVLQL \D GD \HULOPHVLQL DPDoOÖ\RUVD|YPH\DGD\HUPH\H\|QHOLNXVODPODPDDGÖQÖDOÖUE$ULVWRWHOHV·LQEX oO D\UÖPÖ JQP]GH |QHP ND]DQDQ X\JXODPDOÖ HWLN DODQODUÖQÖQ VÖQÖIODQPDVÖ LoLQ \DUDUOÖGÖU (\OHPH \|QHOLN XVODPODPDODUGD NRQXûPDFÖ EHOOL ELU GDOGD X]PDQOÖøÖ RODQ ELU GDQÖûPDQ \D GD ELU GLQOH\LFL NLWOHVL LOH LOHWLûLP NXUPD\D oDOÖûDQ ELU KDWLSWLU +HU LNL GXUXPGD GLQOH\LFL H\OHPGH EXOXQXS EXOXQPDPD NRQXVXQGD NDUDU YHULFL GXUXPXQGDGÖU gUQHøLQ ELULQFL GXUXPGD GLQOH\LFL EHOOL ELU \DWÖUÖPGD EXOXQXS EXOXQPDPDNRQXVXQGDNDUDUYHUHFHNELULûDGDPÖNRQXûPDFÖGDX]PDQELUHNRQRPLVW RODELOLU ùNLQFL GXUXPGD GLQOH\LFL ELU PLWLQJH NDWÖODQ R\ YHUHFHN RODQ YDWDQGDû NLWOHVL NRQXûPDFÖ GD R\ LVWH\HQ ELU PLOOHWYHNLOL DGD\Ö RODELOLU %LULQFL GXUXPGDNL XVODPODPDODUÖQ HWLN GHøHUOHQGLUPHVL Lû HWLøLQL LNLQFL GXUXPGDNL XVODPODPDODUÖQ HWLN GHøHUOHQGLUPHVL LVH VL\DVHW HWLøLQL ROXûWXUXU 'LQOH\LFL JD]HWH RNX\XFXVX WHOHYL]\RQ VH\LUFLVL ùQWHUQHW NXOODQÖFÖVÖ NRQXûPDFÖ LVH JD]HWHFL 79 VXQXFXODUÖ ùQWHUQHW SURJUDPFÖODUÖ ROGXøXQGD XVODPODPDODUÖQ HWLN DoÖGDQ LQFHOHQPHVL PHG\D HWLøLQLQ NRQXVXQXROXûWXUXU'LQOH\LFLLOHNRQXûPDFÖQÖQQLWHOLøLQHJ|UHEXWUOXVODPODPDODUÖQ 8OXVDO8\JXODPDOÖ(WLN.RQJUHVL HWLN GHøHUOHQGLULOPHVL oHYUH HWLøL WÖS HWLøL EL\RHWLN JLEL oRN oHûLWOL X\JXODPDOÖ HWLN DODQODUÖQÖROXûWXUXU <DUJÖODPD\D \|QHOLN XVODPODPDODUGD GLQOH\LFL ELU PDKNHPH \DUJÖFÖ YH YDUVD MUL \HOHULQGHQ ROXûXU .RQXûPDFÖ LVH VDYXQPD DYXNDWÖ YH\D VDYFÖGÖU 'ROD\ÖVÖ\OD EX WU XVODPODPDODUÖQHWLNGHøHUOHQGLUPHVLQLQKXNXNHWLøLQLROXûWXUGXøXQXJ|U\RUX] gYPH \D GD \HUPH\H \|QHOLN XVODPODPDODU GD JHQHOOLNOH Lû KD\DWÖQGD EURNUDVLGH YH VL\DVHWWH ELULQLQ OHKLQH YH\D DOH\KLQH V|\OHQLOHQL GHVWHNOHPHN LoLQ NXOODQÖOÖU ùû KD\DWÖQGD YH\D EURNUDVLGH GLQOH\LFL ELU J|UHYOLQLQ \NVHOPHVLQH NDUDU YHUHFHN ELU \|QHWLFL NRQXûPDFÖ LVH \|QHWLFLQLQ EX J|UHYOLQLQ oDOÖûPDODUÖ KDNNÖQGD ELOJL HGLQPHN LoLQ EDûYXUGXøX X]PDQ ELU NLûL RODELOLU 6L\DVHWWH LVH GLQOH\LFL R\ YHUHFHN RODQODU NRQXûPDFÖ GD NDUûÖ WDUDIÖ \HUHQ ELU VL\DVHWoL RODELOLU%XWU XVODPODPDODUÖQ HWLN RODUDN GHøHUOHQGLULOPHVLGHVÖUDVÖLOHLûHWLøLNDPX\|QHWLPLYHVL\DVHWHWLøLQGH\HUEXODFDNWÖU 6RQXo 6RQXo RODUDN LNQD HGLFL XVODPODPDODUÖQ X\JXODPDOÖ HWLNOH LNL \|QO ELU LOLûNLVL ROGXøXQX V|\OH\HELOLUL] %LU \|QGHQ KHU HWLN X\JXODPDGD NRQXûPDFÖ \|QHOGLøL GLQOH\LFL\HJ|UûQNDEXOHWWLUPHNLoLQELUYH\DELUGHQoRNXVODPODPDGDEXOXQXU%X GXUXPGD LNQD HGLFL XVODPODPDODU HWLN X\JXODPDQÖQ WHPHO ELU DUDFÖ LûOHYLQL J|UU gEU \|QGHQ LVH LQVDQ \DûDPÖQÖQ oHûLWOL DODQODUÖQGD NXOODQÖODQ |QHPOL HWNLVL RODQ LNQD HGLFL XVODPODPDODUÖQ HWLN DoÖVÖQGDQ DKODND X\JXQ \D GD D\NÖUÖ RODUDN GHøHUOHQGLULOPHVL EDûOÖ EDûÖQD\HQLWUGHQELUHWLNX\JXODPDVÖQD\RODoDU%XWUHWLNX\JXODPDODUÖNRQXHGLQHQ X\JXODPDOÖ HWLN DODQÖQD XVODPODPD HWLøL GHPLûWLN%X GXUXPGD LNQD HGLFL XVODPODPDODU HWLN X\JXODPDQÖQ DUDFÖ GHøLO GRøUXGDQ GRøUX\D NRQXVXGXU %|\OHFH LNQD HGLFL XVODPODPDODUÖQ HWLN X\JXODPDODUGD ELU \DQGDQ DUDo RODUDN |WH \DQGDQ NRQX RODUDN \HU DOGÖNODUÖRUWD\DoÖNÖ\RU 6DQDWYH(WLN 3URI'U.H]EDQ*OHU\] (WLNPHVHOHOHULQDQODûÖODELOPHVLLoLQLQVDQYDUOÖøÖQÖQWDQÖQPDVÖJHUHNLUdQNLQVDQ N|N GXDOLWH\H GD\DQDQ GûQFH \DSÖVÖQÖQ oHOLûNLOHUH DoÖN ROPDVÖ QHGHQL\OH HWLN SUREOHPOHULQRUWD\DoÖNPDVÖQÖQVRUXPOXVXGXU ùQVDQ VSLULWDOLVWOHUGHQ |GQo DOÖQDFDN ELU WDQÖPODPD\OD \NVHN YH VSHNWUXPX JHQLû ELU YDUOÖNWÖU 6SLULWDOLVW GûQFHQLQ WHPHOLQL ROXûWXUDQ VHPDYL GLQOHUGH UHVPHGLOGLøL KDOL\OH \DOQÖ] L\LOLøL ELOHELOHQ PHOHNOHULQ VWQGH EDûND ELOJLOHUL GH |øUHQHELOHQYHNXOODQDELOHQYDUOÖNLQVDQGÖUúH\WDQN|WLOHRODQWDQÖûÖNOÖøÖEDNÖPÖQGDQ LQVDQÖQ JHQLû YDUROXû VSHNWUXPXQD VDKLS ROPDVÖQÖQ ELU VRQXFXGXU %X \NVHN G]H\GHNL NDSVDPD NDSDVLWHVL LQVDQÖQ WDQUÖVDO JoWHQ E\N ELU SD\ DOPÖû ROGXøXQX J|VWHULU ELOHELOPHQLQ \DQÖ VÖUD \DUJÖOD\DELOPH GHQHWOHPH YH \DUDWPD JF GH EDûND WUOHUHJ|UHRQDVWQONND]DQGÖUÖU .HQGLQL YH NHQGLVL GÖûÖQGDNLOHUL WDQÖPD YH ELOPH DU]XVX |QQH JHoLOPH] ELU LWNL RODUDN LQVDQ \D]JÖVÖQGD |QHPOL ELU \HU WXWDU +HU ]DPDQ \NVHNWH YH KX]XUOX WHVLU ÖUPDNODUÖQÖQ ELOH DOWÖQGDQ DNWÖøÖ FHQQHWWHQ NRYXOPDVÖQD \RO DoDQ \DVDNODUÖ ûH\WDQ DUDFÖOÖøÖ\OD LKODO HWPHN E|\OHFH ûH\WDQÖQ YDDW HWWLøL ]HYNOHUL WDQÖPDN LoLQ FHQQHWL IHGD HWPHN LQVDQÖQ EDûND YDUROXû KDOOHULQL GH ELOPH \DQL HPSDWL NXUDELOPH NDELOL\HWLQLQ JFQ J|VWHULU $VOÖQGD LQVDQ ûH\WDQ NDUûÖVÖQGD LUDGHVLQL NXOODQDUDN GLUHQHELOLU YH EHONLGH\NVHNKDVOHWOHULQLFHQQHWRUWDPÖQGDNXOODQPD\DGHYDPHGHELOLUGL$PDKD\ÖU NDUûÖOÖøÖQGD\FHOLNWHQDûDøÖ\DGûPH\LJ|]HDODUDNFHQQHWLGQ\DELOJLVLQHYHGQ\DLOH |]GHûOHûPH\HIHGDHWPLûWLU ùQVDQ GQ\D \DûDPÖQD LQGLNWHQ VRQUD NÖVÖWODQPDODU LoLQGH ROGXøXQX IDUN HGHU 'RøD YH PDGGH NHVLQNHV ûDUWODUOD GûQGNOHULQL YDU HGHELOPHVL NRQXVXQGD LQVDQÖ ]RUODU %X ]RUOX oDEDGD NHQGLVLQL GQ\D \DSÖVÖ LoLQGH \HQLGHQ \DUDWPDN \NVHOWPHN \HQL PHNkQÖQGD \DûDPDVÖQD LPNDQ YHUHQ ELOJLOHUL HGLQPHN EDûNDODUÖQD DNWDUPDN JHOLûWLUPHNLoLQNXOODQGÖøÖ\HJkQH\ROVDQDWWÖU %X EDNÖPGDQ VDQDW 7DQUÖ·GDQ JHOHQ ELU H\OHP LOHWLûLP YH \DUDWÖFÖOÖN JFGU YH HGHS DKODN J]HOOLN JLEL NDYUDPODUOD VÖQÖUOÖ ROPDN ]RUXQOXOXøX WDûÖPD] 2UWD\D NRQDQ QHROXUVDROVXQVDQDWVHYL\HVLQHXODûPÖûELU\DUDWPDLQVDQUXKXQX\NVHOWHQELUHWNHQ ROXUoQNVDQDWPNHPPHOHYDUPD\NVHNNDOLWH\L\DNDODPDJD\UHWLLOHDQODWÖODELOLU (VNL <XQDQ DQOD\ÖûÖ LQVDQÖQ GQ\D DUGÖ \NVHN G]H\GH ELU YDUOÖN ROGXøXQX NDEXO HGHUHN PNHPPHOH YDUPDQÖQ VRUXPOXOXøXQX WDûÖGÖøÖQÖYDUVD\PÖûWÖU0NHPPHOOLN LVH GRøDGDGÖU GRøD NDQXQODUÖ\OD WHPVLO HGLOPHNWHGLU g\OH\VH GRøDQÖQ WDNOLGL PNHPPHOOLøL GHQHPHN DQODPÖQD JHOHELOLU 1DWUDOL]P EX GûQFHGHQ \ROD oÖNDUDN GRøD\D EDøOÖ ELU LGHDO RUWD\D NR\DU \DQL \DSÖODQ KHU ûH\ 3ODWRQ·XQ GH\LûL LOH GRøDGDQ \DQVÖ\DQ ´LGHDµODUD YDUPD oDEDVÖGÖU 1H YDU NL LGHD XøUXQGD \DUDWÖODQ HQ PNHPPHO WDNOLGLQ GH VWQGH GXUPDNWDGÖU 'RøD NDQXQODUÖQD X\DQ D\QÖ GRøDGD ROGXøX JLEL ELU YDUOÖøÖ\DUDWPDNLPNDQVÖ]GÖU6DQDWLGHDODUÖWHPVLOHGHQDQFDNRQODUÖQELULQFLGHUHFHGH VDKWHVL ROPDNWDQ NXUWXODPD\DQ \DUDWÖODUÖQ WDNOLGL LOH ´VDKWHQLQ GH VDKWHVLQLµ RUWD\D *D]LhQLYHUVLWHVLùOHWLûLP)DNOWHVL 8OXVDO8\JXODPDOÖ(WLN.RQJUHVL NR\PDNWDGÖU %XQXQOD EHUDEHU LQVDQ QDWUDOL]P JHUHøL LGHDOH YDUPD oDEDVÖ VÖUDVÖQGD JHUoHøL QH JLEL ELU \|QWHPOH NXUPD YH\D JHUoHøL DVOD NXUDPDPD ELOJLVLQL ND]DQPÖû ROXU $VOÖQGD PNHPPHOH YDUDPDPDN LGHDO RODQODUOD LGHDO ROPD\DQ \DQL NXVXUOX ûH\OHU DUDVÖQGD ELU GHøHU IDUNÖQÖQ ROGXøXQX RUWD\D oÖNDUPÖûWÖU $ULVWRWHOHV WUDJHG\DQÖQ ´RUWDODPDQÖQ VWQGH LQVDQODUÖµ NRPHG\DQÖQ LVH ´RUWDODPDQÖQ DOWÖQGD NXVXUOX LQVDQODUÖµWDNOLWHWWLøLQLV|\OH\HUHNLQVDQODUÖG]H\OHULQHEDøOÖGHøHUOHULEDNÖPÖQGDQoH D\ÖUPÖûWÖU 2UWDODPD LQVDQODU VW G]H\ LQVDQODU YH NXVXUOX DûDøÖ G]H\ LQVDQODU hVW G]H\ LQVDQODU LQVDQ LGHDVÖQD \DNÖQ RODQODU ROPDOÖODU YH QDWUDOL]PLQ |QHUGLøL ûHNLOGH LQVDQ GRøDVÖQÖQ LFDEÖ RODQ QRUPODUD X\JXQ \DQL QRUPDO LQVDQODU RODUDN D\UÖOPDOÖODU $OoDNODU LVH DQRUPDOGLUOHU \NVHN ELU YDUOÖN RODQ LQVDQ LGHDVÖQÖQ LFDEÖ QRUPODUD X\PD\DQ \DUDGÖOÖûWD NXVXUOX YH oRN GHID JOQoWUOHU 2QODU \NVHN LQVDQ LGHDOOHULQL LKODO HGHUOHU J]HOOLøH YH HGHEH WHUV GûHUOHU %XQXQOD PXKDWDS L]OH\LFL\H DFÖ YHUPH]OHU DPD EHOOL NL JOGUUOHU YH VR\OXOXNVR\VX]OXN ]HULQGH GûQGUUOHU 2 KDOGHNRPHG\DQÖQLûOHYLHOHûWLULNXUPDNWÖUVR\OX\DJ|UHVR\VX]XQ\FH\HJ|UHDOoDøÖQ L\L\H J|UH N|WQQ YDUOÖøÖQÖ J|VWHUPHNWLU $ULVWRWHOHV NRPHG\D LOH LOJLOL ELU EDûND ELOJL GDKD YHULU 0HJDUD·OÖODU NRPHG\D\Ö EXOGXNODUÖ LGGLDVÖQGDGÖUODU %|\OH ELU WUQ RUWD\D oÖNÖûÖQGD NHQGL GHPRNUDWLN \|QHWLPOHULQLQ HWNLVL YDUGÖU <DQL GHPRNUDWLN \|QHWLP NXVXUOXQXQ NHQGLQL LIDGHVLQH FHYD] YHUPHNWHGLU %LU EDûND QRNWD GD NRPHGLQLQ ´NRPDLµ \DQL N|\OHUGH R\QDQGÖøÖGÖU .HQWOHUGH EX R\XQFXODUÖQ KLoELU LOJL J|UPHPLû ROPDVÖ L\LN|W \NVHNNXVXUOX HGHSOLHGHSVL] LNLOL NDYUDPODUÖQÖQ VRV\DO \DSÖODU |QQGHQDVÖONDEXOJ|UGøKDNNÖQGDDNODoHûLWOLVRUXODUJHWLUPHNWHGLU *HUHN QDWUDOL]PLQ LGHDOH YDUPÖû JD\UHWL JHUHNVH PRGHUQL]P LOH RUWD\D DWÖODQ YH |QFHGHQ LGHDO RODUDN EHOLUOHQPLûOHUH ]ÖW RQX ER]DQ YH\D DOWHUQDWLIOHU |QH VUHUHN LQVDQ DNOÖQÖQ YH DOJÖ GQ\DVÖQÖQ VRQVX] VD\ÖGD YH oHûLWOLOLNWH YDUOÖN ROXûXPODUÖ NXUDELOGLøLQL J|VWHUHQ DNÖPODU LQVDQGDNL \DUDWÖFÖOÖN NDSVDPÖQÖQ JHQLû ROGXøXQD LûDUHW VD\ÖOPDOÖGÖU <DUDWÖFÖOÖN DVOÖQGD YDUROXûoX ELU J|]OH EDNDFDN ROXUVDN KHU YDUOÖNWD NHQGLQLQYDUROXûXQXPPNQNÖODQYH\DSDUDNLPDOHGHUHN\RNODUÖYDUROXûDoHYLUHQ JoWU+HUYDUOÖNWDNHQGLQLWHOLNOHULNDSVDPÖQGDVDNOÖYHYDURODQEX\DSWÖUÖPJF\D LûOHY \D GD LIDGH JHUHøL\OH VDQDW H\OHPLQLQ HYUHQVHOOLøLQL DQODWÖU 6DQWD\DQD ´DPDFÖQD ELOLQoOH X\DQ SODVWLN LoJGVµQGHQ EDKVHGHUNHQ ELU NXûXQ \XYDVÖQÖQ ELOH ELOLQoOL \DSÖOPDPDVÖQD UDøPHQ ELU DPDFD X\JXQOXN WDûÖGÖøÖQÖ EXQXQ LoLQ GH VDQDW \DSÖWÖ VD\ÖODFDøÖQÖ LIDGH HGHU *HUoHNWHQ GH KHU YDUOÖN VUHNOL ELU ROXûXP YH ELU ûH\OHUL GHøLûWLUPHH\OHPLLOHNHQGLQH|]J\DUDWÖFÖJFQRUWD\DNR\PDNWDGÖU <DUDWÖFÖOÖN D\QÖ ]DPDQGD NHQGL ROXûXPXQD KL]PHW HGHQ |QFHNL ûH\LQ ³ELOLQHQ IRUPXQ ELU GX\JXQXQ ELU DOJÖVDO GX\XQXQ³ GHQHWLPH WDEL NÖOÖQPDVÖ \HQLGHQ G]HQOHQPHVL ED]Ö NÖVÖPODUÖQÖQ NHVLOLS DWÖOPDVÖ LONHO GH ROVD NHQGLQH |]JOøQQ GHøLûWLULOPHVL H\OHPLGLU <DUDWÖFÖOÖN EX H\OHP LoLQGH |QFHNLQLQ YDUROXû KDNODUÖQÖ LKODO HWPH VUHFLGLU +HU YDUOÖN ELOLQoOL \D GD ELOLQoVL] ELU |QFHNLQLQ |QFHNL DQÖQ VUS JLWPH KDNNÖQÖ LKODO HWPHNWHGLU YH EHONL GH |QFHNLQH RUWDGDQ NDONPD KDNNÖQÖ ND]DQGÖUPDNWDGÖU 6DQDWNDU\DUDWPDH\OHPLQLQEDûIDLOLGLU%XQXQLoLQVDQDWNDUVUHNOLELUûH\OHULLKODO HGHQ NLPVHGLU %LU NRPHG\HQ JLEL NXVXUOXOXøX EHQLPVH\HUHN HGHEH D\NÖUÖ VR\VX] YDUROXûXQLWHOH\HELOLUYH\FHLQVDQWDYUÖLoLQGHLGHDOLDUD\DELOLU <DUDWÖFÖOÖøÖQELUûH\LLKODOHWPHVLoHûLWOLûHNLOOHUGHJ|UQPHNWHGLU<|QWHPYHWHNQLN QH ROXUVD ROVXQ VDQDW HVHUL \D NRQX LWLEDUL\OH YH\D IRUP LOH LOJLOL ELOLQH JHOHQ DOJÖVDO NDQÖODU LWLEDUL\OH \D GD DQOD\Öû LWLEDUL\OH NDEXO J|UHQ GHøHUOHUL LKODO HWPLûWLU *R\D·QÖQ .H]EDQ*OHU\]³6DQDWYH(WLN GHYULPFL ELU UHVVDP RODUDN VRV\DO EHøHQLOHUH D\NÖUÖ YH JHUoHNoL ELU WDYÖUOD VÖQÖI EDVNÖVÖQÖQ DFÖPDVÖ] H\OHPOHULQL DKODN \DUJÖODUÖQÖQ VWQ |UWWø WDûNÖQOÖN GûOHULQL UHVPHWWLøLQL ELOL\RUX] ùûOHQHQ NRQX DUDFÖOÖøÖ\OD HVNL EHøHQL YH LQDQÖûODUÖ o|NHUWHQ YH DFÖ\Ö NÖ]JÖQOÖøÖ YH GHKûHWL \DûDWDQ HVHUOHU KHU G|QHPGH \DSÖOPÖûWÖU <DOQÖ] VRV\DO EHøHQLOHULQ GHøLO LQVDQOÖN LGHDOLQLQ LKODO HGLOGLøL NRQXODU KHP VDQDWoÖQÖQ KHP VDQDWoÖQÖQ \DûDGÖøÖ VRV\DO RUWDPÖQ KHP GH HVHUH PXKDWDS RODQ L]OH\LFLQLQ UXKVDO GQ\DVÖ KDNNÖQGD NDUPDûÖN VRUXODUD \RO DoPÖûWÖU :LOOLDP +RJDUW DFÖPDVÖ]OÖøÖ WDVYLU HGHQ JUDYUOHULQGH DQVQGHQ VRSD VRNXODQ N|SHøL QDVÖO ELU LQVDQOÖN YH VDQDW HWLøL GûQFHVLLoLQNXOODQPÖûWÖU"(URWLNVDKQHOHUL\DGDVHNVDKODNÖQÖWDUWÖûPDOÖEDNÖûODUGDQ J|VWHUHQELQOHUFHUHVPLKH\NHOLIRWRøUDIÖKDQJLHWLNoHUoHYHLoLQGH\DUJÖODPDNJHUHNLU" 0RGHUQL]P LOH JHOHQ \HQL \DUDWÖFÖOÖN DWÖOÖPODUÖQGD QDWUDOL]P LOH |øUHQLOHQ GRøDO IRUPODU NDVÖWOÖ RODUDN LKODO HGLOPLû DNÖO YH \DUDWÖFÖOÖN EDûND ER\XWODUD \|QHOPLûWLU gQ DoÖOPÖû GûQFH \ROODUÖ VDQDWD LOLûNLQ NDYUDPODUÖQ LKODOLQL GH JHWLUPLûWLU $UWÖN VDQDW \DOQÖ] UHVLPGH KH\NHOGH P]LNWH ûLLUGH GHøLOGLU 0DUFHO 'XVFKDPS·ÖQ ELVLNOHW WHNHUOHøLQLQ G|QûQGH NHûIHGLOHQ HVWHWLN Jo VDQDWÖQ DOHODGH JQON NXOODQÖP Hû\DODUÖQGD ELOH JL]OLGHQ JL]OL\H YDU RODELOHFHøLQL LûDUHW HWPLûWLU (Q \DOÖQ NDYUDPÖQ oDNÖûÖN DQOD\ÖûODUÖQ VR\XW YH PLQLPDO SODQODUGD LûOHQPHVL LQVDQÖQ DOÖûDJHOGLøL GûQPH WDU]ÖQÖQYHVUHFLQLQGHDOWHUQDWLIOHULRODFDøÖQÖJ|VWHUPLûWLU 7PELOLQHQOHULYHEHQLPVHQHQOHULLKODOHGHQVDQDWJHQHGHUXKX\NVHOWPHLûOHYLQL \HULQHJHWLUPHNWHGLU6DQDWDUDFÖOÖøÖLOH\DUDWÖFÖJFQNDPoÖODPDVÖQDPDUX]NDODQLQVDQ \DQOÖû WDUDIODUD VDSVD GD \NVHN UXKXQX LGHD\D HULûWLUHFHN PNHPPHOL LFUD HWPHN LoLQ oDEDOD\DFDNWÖU %X oDEDODPDGD EHONL GH QDWUDOL]PLQ J|VWHUGLøL LQVDQ GRøDVÖQD DLW QRUPODU ELU VW EHQOLøH NDNÖOPÖû LGHDO VDELWHOHUL KDOLQGH \FHOLN IRUPOQQ NXUXOPDVÖQÖVDøOD\DFDNWÖU dQN VDQDW \DUDWÖOPÖû ûH\OHU DUDFÖOÖøÖ LOH LQVDQD WHVLUOHU J|QGHULU 6DQDWÖQ UXKX \NVHOWPH LûOHYL EX WHVLUOHULQ PXKDWDED XODûPDVÖ YH RQXQ WDUDIÖQGDQ DOJÖODQPDVÖ LOH PPNQGU 7HVLUOHU ROXPOX RODELOLU YH ROXPVX] GD RODELOLU 6DQDWÖQ ROXPOX WHVLUOHU KDOLQGHPXKDWDEDXODûPDVÖKX]XUXQNXUXOPDVÖLoLQLVWHQLU2OXPVX]WHVLUOHULQLVHUXKX KDUHNHWH JHoLUHUHN \DUDWÖFÖOÖN JFQ \NVHOWWLøL GûQOU 7ROVWR\ VDQDWÖQ ´EXODûÖFÖµ |]HOOLøLQGHQ EDKVHGHUHN LQVDQODU DUDVÖQGD VDQDW HVHUL LOH \D\ÖODQ WHVLUOHULQ SD\ODûÖODUDN UHGLøLQL E|\OHFH RUWDN ELU KH\HFDQÖQ NXUXOGXøXQX LIDGH HWPLûWLU ùoLQGH \DûDGÖøÖPÖ] ]DPDQGD LVH VDQDW WHPHO LKWL\DoODUÖQ JLGHULOPHVLQH EDøOÖ HNRQRPL PHVHOHOHULQH J|UH LNLQFL KDWWD oQF SODQGD EÖUDNÖOPÖû JLEL J|UQ\RU R\VD VDQDWÖQ VDQDW RODUDN LVLPOHQGLULOPHGLøLG|QHPOHUGH\DûDPIDDOL\HWLQLQEDûWDJHOHQWHPHOPHVHOHVLLGLoQN LQVDQÖQ HUGHPOLOLN J]HOOLN YH EHFHUL JFQQ GHUHFHVLQL J|VWHUL\RUGX 2 G|QHP LQVDQODUÖQÖQVDQDWODE|\OHVLQHLoLoHELU\DûDPVUGUPHOHULEXJQVDQDWIDDOL\HWLVDQDW HVHUL RODUDN ELOGLøLPL] UHVLPOHULQ KH\NHOOHULQ WL\DWURQXQ P]LøLQ ûLLU YH GLøHU HGHEL oDOÖûPD UQOHULQLQ \DûDPÖQ LoLQGH \HU DOPDVÖQGDQ YH WRSOXP ELUH\OHULQLQ HUHøL ROPD QLWHOLøLQL FDQOÖ WXWPDVÖQGDQGÖ 'LQL PHNkQODU VDUD\ODU |]HQOH \DSÖOPÖû \]H\ VDQDWODUÖ YH KH\NHOOHUOH PLPDUL X\XPOXOXN LoLQGH GRQDWÖOÖUNHQ HGHEL\DWÖ ROXûWXUDQV|]HO LIDGHOHU YH P]LN W|UHQVHO NXOODQÖPODUOD NDWÖOÖPD DoÖN WXWXOX\RUGX 6DQDWÖQ E|\OHVLQH KD\DWL ELU VRUXPOXOXNJLELJ|UQPHVLX]DNGRøXNOWUOHULQGHYXUJXODQÖûÖ\OD|UQHNOHQHELOLU(VNL dLQ YH -DSRQ WRSOXPODUÖQGD JQ LoLQGH LûH \DUD\DQ Hû\DQÖQ NRQXPX \HUL NXOODQÖP ]DPDQÖ PDQHYL DQODPODUOD EDøGDûWÖUÖOÖ\RU \D GRøD\D \D GD HUGHP YH HGHEH X\JXQOXøX VRUJXODQÖ\RUGX%DWÖGDLVH(VNL0ÖVÖUGLQVHOW|UHQOHULQLQ<XQDQWL\DWURDQOD\ÖûÖQÖQLFUD HGHQOHU YH PXKDWDEÖ KDON DUDVÖQGD QDVÖO SD\ODûÖOGÖøÖ KDWÖUODQPDOÖGÖU 0RGHUQL]P LOH JHOLûHQ´KHUûH\LQVDQDWROPD´SRWDQVL\HOLWDûÖGÖøÖGûQFHVLEDûNDGûQFHOHUDUDVÖQGD 8OXVDO8\JXODPDOÖ(WLN.RQJUHVL HUL\HUHN JHUoHNWH PDQDQÖQ KHU WU PDGGL \DSÖ LoLQGH \RO DOGÖøÖ ELOJLVLQLQ DUNDVÖQD VDNODQPÖûWÖUYHVDQDWÖQJHQHUHVLPKH\NHOP]LNûLLUJLELDODQODUGDYDUOÖNJ|VWHUHQELU ONV ROGXøX GûQFHVLQH KHUNHV LQDQPÖûWÖU (YHW LQVDQÖQ PDQHYL GHøHUOHULQLQ PDGGH LOH \RøUXODUDN RUWD\D NRQPDVÖ LoLQGH \DûDGÖøÖPÖ] ]DPDQGD VDQDWÖQ ELU DUND SODQGD LKPDO HGLOPLû ROGXøX \DUJÖVÖQD YDUÖOPDVÖQD \RO DoÖ\RU DQFDN VDQDW JQP] LQVDQÖQÖQ PDQD LOH LOLûNLVLQL VW |UWO ELU ]HPLQGH DNDQ ELU \HUDOWÖ VX\X JLEL GHULQGHQ GHULQH VUGU\RU 1H YDU NL EX GXUXP PDQD\D DWIHGLOPLû GHøHUOHUL GHøLûWLUL\RU YH PDQDQÖQ JFQ ]D\ÖIODWÖ\RU $QFDN LoLQGH \DûDQDQ ûX ]DPDQGD \DSÖWODUGDQ EHOLUOL WUOHUGH \D\ÖODQ YH KHUNHVoH SD\ODûÖODQ KH\HFDQODUÖ EXODûWÖUDQ WHVLUOHU \HULQH \D VDQDW VHYL\HVLQH \NVHOHPHPLû \R] LOHWLOHU \D GD ûRN HWNLVL \DSDUDN PXKDWDEÖ UXKVDO NDUJDûD\D GûUHQ D\NÖUÖWHVLUOHU\D\ÖOÖ\RU6DQDWÖQLoHULøL\OH\DGD\DSÖVÖ\ODLQVDQÖQDNOÖQÖGX\JXGQ\DVÖQÖ KD\DO JFQ JHOLûWLUHELOHFHøL UXK \NVHOWHQ WHVLUOHU RQD PXKDWDS RODELOHQ D] VD\ÖGDNL LQVDQWDUDIÖQGDQDOJÖODQDELOL\RU %LU VDQDW HVHULQGHQ \D\ÖODQ WHVLUOHULQ QLWHOLøL YH JF RQD PXKDWDS RODQ LQVDQÖQ JHQHO YH R DQGDNL UXK GXUXPXQD GD EDøOÖ RODUDN IDUNOÖODûPDNWDGÖU %X GD VDQDWÖQ LûOHYLQL QDVÖO \DSWÖøÖ LûOHYLQL \DSÖS \DSPDGÖøÖ NRQXVXQGD EHOOL ELU VRQXFD YDUPD\Ö ]RUODûWÖUÖU %D]Ö VDQDW HVHUOHUL NRQX YH \DSÖ LWLEDUÖ\OD ELOLQH JHOHQ YH ROXPOX LOHWLOHU WDûÖ\DQ J|UQPGH RODELOLU $QFDN VDQDWNDUÖQ UXKXQGD LQVDQ LoLQ QRUPDO ROPD\DQ |UWN NDOPÖû VDSÖQoODU ERûOXNODU GD RODELOLU %XQODU VDQDW HVHULQGHQ PXKDWDED DOJÖ HûLøL DOWÖQGD XODûDUDN V|]HO WDULIH oÖNDPD\DQ WHVLUOHU KDOLQGH EXODûDELOLU 3ODWRQ SODVWLN VDQDWODUÖ NDVWHGHUHN VDQDWÖQ oRFXNODU YH VDI LQVDQODU ]HULQGH JHUoHNOHUH NDUûÖ \DEDQFÖODûWÖUÖFÖ DOGDWÖFÖ ELU HWNLVL ROGXøXQX LGGLD HGHU 7ROVWR\ NH]D FLQVHOOLøLQ VDQDW HVHUOHUL DUDFÖOÖøÖ LOH VXQXOPDVÖQÖQ RUWDODPD LQVDQODU DUDVÖQGD ûHKYHWH HøLOLPL EXODûWÖUDUDNRQODUÖQDNÖOODUÖQÖFLQVHONRQXODUDoHOHFHøLQL|UQHNYHUHUHNDQODWÖU %X GXUXPGD VDQDWÖQ WRSOXP LoLQ YH VDQDW LoLQ D\UÖ D\UÖ GûQOPHVL JHUHøL V|] NRQXVXRODELOLUúHKLUPH\GDQODUÖQGDSDUNODUGD\D\ÖQDUDFÖODUÖ\ODKDONDVXQXODFDNVDQDW WHVLUOHULQLQ R WRSOXPX ELUH\OHULQLQ \DSÖVÖ YH WRSOXP UXKXQXQ LKWL\DoODUÖ J|] |QQH DOÖQDUDN LQFHOHGLNWHQ VRQUD EHOLUOHQHQ ELU SROLWLND GRøUXOWXVXQGD \D\ÖOPDVÖ DNOD X\JXQ J|UQPHNWHGLU dRFXNODU YH VDI LQVDQODU JQON \DûDPGD HVWHWLN JF D\NÖUÖ ILNLUOHUOH \NVHOWLOPLû HVHUOHULQ VDUVÖFÖ ûRNODUÖQGDQ NRUXQXU YH UXK \NVHOWLFL KH\HFDQODUÖ EXODûWÖUDQWHVLUOHUHPXKDWDSROXUNHQVDQDWNHQGL|]JU\ROXQGD\U\HFHNWLU .DQXQODUVDQDWHVHUOHULQLQWHVLUJFQYHVRQXoWDLQVDQUXKX]HULQGHNLLûOHYOHULQL J|] |QQH DODUDN VDQDWÖQ WRSOXPOD HWNLOHûLPLQL G]HQOHPHOLGLU %XQXQ LoLQ VDQDW HVHUOHULQLQ EHOOL UXK G]H\OHUL LoLQ X\JXQ WHVLUOHUL GûQOHUHN oRN VD\ÖGD UHWLOPHOL oRøDOWÖOPDOÖ \D\ÖOPDOÖ NXOODQÖPD VXQXOPDOÖGÖU %X NRQXGD PHYFXW )LNLU YH 6DQDW (VHUOHUL .DQXQX GDKD oRN ILNLU YH VDQDW HVHUL VDKLELQLQ KDNODUÖ ]HULQH RGDNODQPÖû ILNUH YH VDQDW HVHUOHULQH PXKDWDS ROPD GXUXPXQGDNL LQVDQODUÖQ KDNODUÖQÖ J|] DUGÖ HWPLû J|UQPHNWHGLU )LNLU YH VDQDW HVHUL VDKLELQLQ KDNODUÖQÖ L]LQVL] YH XVXOV] NXOODQPD\D NDUûÖ NRUXPD JHWLULOLUNHQ ILNLU YH VDQDWÖQ KDOND PDO HGLOPHVL E|\OHFH DVÖO NXOODQÖFÖVÖ KDON LoLQ PDOL HQJHOOHU NDOGÖUÖODUDN \D\JÖQODûWÖUÖOPDVÖ GûQFHVL LKPDO HGLOPLûWLU 2\VD VDQDWÖ HVHUOHULQ EXODûÖFÖ JF LOH SD\ODûÖPD DoPDN WRSOXPVDO UXKXQ \NVHOWLOPHVL LoLQ ûDUWWÖU $NVL KDOGH PH\GDQ EXODQ ERûOXNWD VDQDW DGÖQD VDQDW VHYL\HVLQHoÖNDPDPÖûLûOHU\D\JÖQODûDUDN\HQLHWLNVRUXQODUÖQRUWD\DoÖNPDVÖQD\RODoDU (WLN.RQXVXQXQ7UN%DVÖQ<D]ÖPÖQGD7HPHO$ODQODUD<|QHOLN(OH $OÖQÖû6ÖNOÖøÖ <UG'Ro'U$OL+DOÖFÖ *LULû (WLN \DNODûÖN VHQHGLU |]HOOLNOH IHOVHIHFLOHU WDUDIÖQGDQ WDUWÖûÖOPDNWDGÖU %X VUH LoLQGHQH\LQL\LYHGRøUX\DGDN|WYH\DQOÖûROGXøXQD\|QHOLNoRNIDUNOÖ\DNODûÖPODUD UDVWODQPDNWDGÖU +DOÖFÖ %X \DNODûÖPODUÖQ IDUNOÖ VÖQÖIODQGÖUPDODUÖQD UDVWODQÖOGÖøÖ KDOGH HQ VÖN NXOODQÖODQ D\UÖP DQDOLWLN YH QRUPDWLI \DNODûÖPODU ûHNOLQGHGLU 1RUPDWLI \DNODûÖPODUÖ LVH JHQHO QRUPDWLI HWLN YH X\JXODPDOÖ QRUPDWLI HWLN ûHNOLQGH D\ÖUPDNPPNQGU%HDXFKDPS 8\JXODPDOÖ HWLN NLûLVHO VRV\DO SROLWLN YH\D SUDWLN KHUKDQJL ELU HWLNVHO SUREOHPLQ LQFHOHQPHVLGLU %LU EDûND LIDGH LOH NXUDOODU SUHQVLSOHU LGHDOOHU YH GHøHUOHU JLEL ELUH\OHULQ \D GD JUXSODUÖQ GDYUDQÖûODUÖQÖ GHøHUOHQGLUHQ HWLNVHO XQVXUODUÖQ SUDWLN QHGHQVHOOHûWLULOPHVLGLU(QF\ORSHGLDRI(WKLFV*HQHORODUDNWÖSLûOHWPH EDVÖQYEDODQODUGDNLHWLNVHOROD\YHSUREOHPOHULLoHUPHNWHGLU ùûWH X\JXODPDOÖ HWLøLQ VÖQÖUVÖ] DODQODUÖ LoLQGH \HU DODQ HWLNVHO ROD\ YH SUREOHPOHU oHûLWOL DUDûWÖUPDODUD NRQX ROPXûWXU 0HVOHNL HWLøLQ JLGHUHN GDKD ID]OD WDUWÖûÖOGÖøÖ YH |]HOOLNOHWÖSHWLøLQLQ]HULQGHoDOÖûPDODUROGXøXELOLQPHNWHGLU.XoXUDGL$QFDN KDQJL DODQODUÖQ QH NDGDU VÖNOÖNOD WDUWÖûÖOGÖøÖ NRQXVXQGD OLWHUDWUGH KHUKDQJL ELU oDOÖûPD\DUDVWODQDPDPÖûWÖU 'LøHU WDUDIWDQ DNDGHPLN oDOÖûPDODUÖQ \DQÖQGD JQON KD\DWWD \DSÖODQ HWLN NDSVDPOÖ WDUWÖûPDODUÖQ EHOLUOHQPHVL JQGHPLQ RUWD\D NRQPDVÖ DoÖVÖQGDQ |QHPOLGLU %|\OHOLNOH NLûLVHO \D GD VRV\DO SROLWLN \D GD SUDWLN ROD\ODUÖQ YH SUREOHPOHULQ VDøOÖNOÖ EHOLUOHQHELOPHVL LPNDQÖ RODFDNWÖU +Lo NXûNXVX] NL LKWL\DoODUÖQ NDUûÖODQPDVÖQD \|QHOLN WDUWÖûPDODUGRøUXYHL\L\LEXOPD\DNDWNÖJHWLUHFHNWLU $UDûWÖUPD'L]D\QÖYH%XOJXODUÖ $UDûWÖUPDQÖQ$PDFÖ %X EDøODPGD DUDûWÖUPDQÖQ DPDFÖ HWLN NRQXVXQXQ7UN\D]ÖOÖ EDVÖQÖQGD HOH DOÖQGÖøÖ DODQODUÖQYHEXDODQODUGDNXOODQÖPVÖNOÖøÖQÖQEHOLUOHQPHVLGLU%|\OHOLNOHHWLNNDYUDPÖQÖQ |]HOOLNOH JQGHPGHEXOXQDQ NXOODQÖP DODQODUÖ EHOLUOHQHFHNWLU%XQXQOD ELUOLNWH oDOÖûPD X\JXODPDOÖHWLøLQ|QFHOLNOLDUDûWÖUPDDODQODUÖQÖQWHVSLWLQGH\ROJ|VWHULFLRODFDNWÖU <D]ÖOÖ EDVÖQGD HWLN NDYUDPÖQÖQ HOH DOÖQGÖøÖ DODQODUÖQ EHOLUOHQPHVL LoLQ HWQRJUDILN YHULOHUH LKWL\Do YDUGÖU 'ROD\ÖVÖ\OD \DSÖODQ oDOÖûPD HWQRJUDILN ELU DUDûWÖUPD\Ö NDSVDPDNWDGÖU %X QHGHQOH 7UNL\H·GH \D]ÖOÖ EDVÖQÖQ HWLN NDYUDPÖQÖ NXOODQGÖøÖ \D GD WDUWÖûWÖøÖ \D]ÖODUÖQEHOLUOHQPHVL\ROXQDJLGLOPLûWLU $UDûWÖUPDQÖQ$ODQÖ $UDûWÖUPD DODQÖ RODUDN JQON KD\DWÖQ WDNLELQGH HWNLQ URO VWOHQHQ 7UNL\H JHQHOLQGHoÖNDQJQONJD]HWHOHUVHoLOPLûWLUdQNJD]HWHOHUJQGHPLQWDNLELQGHHWNLQ %DûNHQWhQLYHUVLWHVL8\JXODPDOÖ%LOLPOHU<NVHNRNXOX 8OXVDO8\JXODPDOÖ(WLN.RQJUHVL URO R\QDPDNWD IDUNOÖ ]DPDQODUGD WDNLS HGLOHELOPHNWH YH JD]HWHOHULQ PHVDMODUÖQÖQ VDNODQDELOLU|]HOOLøLEXOXQPDNWDGÖU$\UÖFDRNX\XFXNDWVD\ÖVÖ\NVHNOLøLV|]NRQXVXGXU $UDûWÖUPD |UQHNOHPL VHoLOLUNHQ LVH JD]HWHOHULQ WLUDMÖ YH HOHNWURQLN RUWDPGD DUûLY KL]PHWL YHUPH |]HOOLøL J|] |QQGH WXWXOPXûWXU $UDûWÖUPDQÖQ WDVDUÖPÖQGD 7UNL\H JHQHOLQGHJQONWLUDMODUÖQ·VLQLROXûWXUDQJD]HWHOHUHXODûÖOPDVÖDPDoODQPÖûWÖU %XQD J|UH 7DEOR ·GH J|UOGø JLEL DUDûWÖUPD |UQHNOHPL &XPKXUL\HW )RWRPDo +UUL\HW 7UNL\H 5DGLNDO 6DEDK =DPDQ JD]HWHOHUL YH KHSVLQLQ HN \D\ÖQODUÖGÖU %LU EDûND GH\LûOH DUDûWÖUPD\D \|QHOLNWDUDPDV|]NRQXVXJD]HWHOHUYHHN\D\ÖQODUÖQGDQJHUoHNOHûWLULOPLûWLU$UDûWÖUPD |UQHNOHPL LOH RUWDODPD WLUDMD XODûPD RUDQÖ ROPXûWXU $UDûWÖUPDQÖQ |UQHNOHPLQGH 0LOOL\HW WLUDMÖ *D]HWHVL GH EXOXQPDVÖQD UDøPHQ DUûLYOHULQH XODûÖODPDPDVÖ QHGHQL\OH GHøHUOHQGLUPH\H DOÖQDPDPÖûWÖU %|\OHOLNOH XODûÖOPDVÖ KHVDSODQDQ ·OXN WLUDMÖ ROXûWXUDQ JD]HWHOHUH XODûPD KHGHIL RODUDN JHUoHNOHûPLûWLU (NLP WDULKOHUL DUDVÖQGD 7UNL\H·GH \D\ÖQODQDQ WP JD]HWHOHULQ KDIWDOÖN RUWDODPD WLUDM WRSODPÖ ·GXU 0HG\D 3D] $ú gUQHNOHP RODUDN VHoLOHQ JD]HWHOHULQD\QÖWDULKOHUGHKDIWDOÖNRUWDODPDWLUDMWRSODPÖLVH·WU 7DEORgUQHNOHPRODUDNVHoLOHQJD]HWHOHULQJQONWLUDMODUÖ *D]HWH (NLP2UWDODPD7LUDM &XPKXUL\HW )RWRPDo +UUL\HW 7UNL\H 5DGLNDO 6DEDK =DPDQ 7RSODP 7PWLUDMODUWRSODP 8ODûPDRUDQÖ 9HULOHULQ7RSODQPDYH'HøHUOHQGLULOPH<|QWHPL $UDûWÖUPD HOHNWURQLN RUWDPGD EXOXQDQ WP JD]HWHOHULQ EDVÖQ DUûLYOHULQGHQ WDUDPD \DSÖODUDNJHUoHNOHûWLULOPLûWLU $UDûWÖUPDQÖQ DPDFÖQÖ JHUoHNOHûWLUHELOPHN LoLQ DûDøÖGD YHULOHQ EDVDPDNODU X\JXODQPÖûWÖU # 7UNL\HJHQHOLQGHGDøÖWÖPÖRODQJD]HWHOHUYHHQVRQYHULOHUHJ|UHEXJD]HWHOHULQ # *D]HWHOHU LoLQGHQ WLUDM DUûLY WDUDPD NROD\OÖøÖ |OoOHUL HOHNWURQLN DUûLY WDUDPD JQONWLUDMODUÖEHOLUOHQPLûWLU KL]PHWL YHUPH YH |UQHNOHP E\NOøQH XODûPD |OoOHUL GLNNDWH DOÖQDUDN |UQHNOHPVHoLOPLûWLU # gUQHNOHP RODUDN VHoLOHQ JD]HWHOHULQ KDEHUOHULQL VÖQÖIODQGÖUGÖøÖ WHPHO DODQODU WHVSLW HGLOPLû YH NDUûÖODûWÖUPDOÖ NRQWUROOHUL \DSÖODUDN DUDODUÖQGD DQODPOÖ IDUNOÖODûPDROXSROPDGÖøÖDUDûWÖUÖOPÖûWÖU # )DUNOÖODûPDQÖQ ROPDGÖøÖ VÖQÖIODQGÖUÖOPDVÖQGD EHOLUOHQHUHN NXOODQÖODELOHFHøLQH EHOLUOHQHQ NDUDU WHPHO YHULOPLûWLU DODQODUÖQ \D]ÖODUÖQ %XQODU SROLWLND $OL+DOÖFÖ³(WLN.RQXVXQXQ7UN%DVÖQ<D]ÖPÖQGD7HPHO$ODQODUD<|QHOLN$OH$OÖQÖû6ÖNOÖøÖ HNRQRPL VSRU ELOLP YH WHNQRORML VDøOÖN NOWU YH VDQDW GQ\D YH \DûDP ûHNOLQGHGLU # 6HoLOHQJD]HWHOHULQDUûLYOHULQHJHUL\HG|QNDUûLYWDUDPDNÖVÖWODUÖGLNNDWHDOÖQPÖû YHWDUDPDQÖQ\ÖOODUÖDUDVÖQGD\DSÖODELOHFHøLRUWD\DoÖNPÖûWÖU # *D]HWH DUûLYOHULQH JLUHELOPHN LoLQ oHûLWOL JD]HWHOHU WDUDIÖQGDQ LVWHQHQ FUHWOL \D GDFUHWVL]DERQHOLNLûOHPOHULJHUoHNOHûWLULOPLûWLU # (WLN NHOLPHVL KHU ELU JD]HWHQLQ DUDPD PRWRUXQD JLULOPLû YH HWLN NDYUDPÖQÖQ # 7DUDPD .DVÖP WDULKLQGH DUDûWÖUPD JD]HWHOHULQ WDPDPÖQGD D\QÖ ]DPDQ JHoWLøL\D]ÖODUEHOLUOHQPLûWLU GLNNDWHDOÖQDUDNELWLULOPLûWLU # *HUoHNOHûWLULOHQWDUDPDVRQXFXHOHNWURQLNDUûLYWDUDPDWDUDIÖQGDQKDEHULQIDUNOÖ VD\IDODUGD GHYDP HWPHVL QHGHQL\OH \D GD GHID J|VWHULOHQ KDEHUOHU WHN KDEHU RODUDN GHøHUOHQGLULOPLûWLU $\UÖFD LoLQGHNLOHU E|OPQGH JHoHQ HWLN V|]FNOHUL GLNNDWH DOÖQPDPÖûWÖU $\QÖ ûHNLOGH LoLQGH HWLN JHoWLøL LoLQ DUûLYGH NDUûÖODûÖODQ KDEHUOHUGHGHøHUOHQGLULOPHPLûWLUHWLNHWHVWHWLNWHWLNoLYE # %HOLUOHQHQ \D]ÖODUÖQ WP HOHNWURQLN RUWDPGDQ LQGLULOHUHN oÖNWÖODUÖ DOÖQPÖû YH |QFHOLNOHJD]HWHLVLPOHULQHJ|UHVÖQÖIODQGÖUÖODUDNDUûLYOHQPLûWLU # <D]ÖODUÖQJD]HWHOHUGH\HUDOGÖøÖWHPHODODQEHOOLLVHEXDODQODUDJ|UHVÖQÖIODQGÖUPD \ROXQDJLGLOPLûWLU # <D]ÖODUÖQ JD]HWHOHUGH \HU DOGÖøÖ WHPHO DODQ EHOOL GHøLO \DQL N|ûH \D]ÖODUÖ \D GD # <D]ÖODUÖQWHPHODODQODUÖQDOWGLVLSOLQOHULQHJ|UHVÖQÖIODQGÖUÖOPDVÖLoLQWP\D]ÖODUD ûHKLUVD\IDODUÖQGDLVH\D]ÖODUDLoHULNDQDOL]LX\JXODQDUDNVÖQÖIODQGÖUPD\DSÖOPÖûWÖU LoHULNDQDOL]LX\JXODQPÖûYHLoHUGLøLNRQXODUDJ|UH\D]ÖODUNRGODQPÖûWÖU # <DSÖODQ NRGODPDODU oDUûDI OLVWHOHUGH WRSODQDUDN RUWDN YH \DNÖQ NRGODPDODU ELU DUD\DJHWLULOPLû\DGDIDUNOÖRUWDNELUNRGYHULOPLûWLU # $\UÖFD DGHW NLWDS WDQÖWÖPÖ \D]ÖVÖ NLWDSODUGD HWLN NRQXVX LûOHQGLøL LoLQ GHøHUOHQGLUPH\H DOÖQPÖûWÖU %XQXQOD ELUOLNWH EDVÖQ HWLøL GH KHP ELU |]HOHûWLUL \|Q ROPDVÖ KHP GH ELU JD]HWH WHPHO DODQÖ NDGDU HOH DOÖQPDVÖ QHGHQL\OH D\UÖ ELU DODQRODUDNHOHDOÖQPÖûWÖU # .RGODPDODUWHNUDUNRQWUROHGLOGLNWHQVRQUDIUHNDQVODUÖVD\ÖOPÖûWÖU *HoHUOLOLNYH*YHQLOLUOLN <DSÖODQ DUDûWÖUPDQÖQ JHoHUOLOLøL YH JYHQLOLUOLøL QLWHOLNVHO DUDûWÖUPD NDSVDPÖQGD HOH DOÖQDFDøÖQGDQ 0LOHV YH +XEHUPDQ·ÖQ QLWHOLNVHO DUDûWÖUPDODU LoLQ JHOLûWLUGLøL NULWHUOHU 0LOHVGLNNDWHDOÖQPÖûEXoHUoHYHGHEHOLUWLOHQ\|QWHPOHUNXOODQÖOPÖûWÖU $UDûWÖUPDQÖQ6ÖQÖUOÖOÖNODUÖ *HUHN NXOODQÖP GLOLQGH JHUHNVH DNDGHPLN oDOÖûPDODUGD HWLN YH HWLN LOH \DNÖQ LOLûNLOL oHûLWOL NDYUDPODUÖQ \DQOÖû NXOODQÖPÖQD ROGXNoD VÖN UDVWODQPDNWDGÖU g]HOOLNOH DKODN YH HWLN NHOLPHOHUL JQON NXOODQÖPODUGD VÖN VÖN ELUELULQLQ \HULQL DOPDNWDGÖU $QFDN DUDûWÖUPDGD DKODN NDYUDPÖQÖQ HWLN DQODPÖQGD NXOODQÖOGÖøÖ \D]ÖODUD XODûPD LPNDQÖ ROPDPÖûWÖU *D]HWHOHUGH WHPHO DODQODUD \|QHOLN VD\IDODUÖQ GÖûÖQGD \HU DODQ \D]ÖODUÖQ VÖQÖIODQGÖUÖOPDVÖQGD NHVLQ ELU VÖQÖU EHOLUOHPHN PPNQ GHøLOGLU $UDûWÖUPDGD \DSÖODQ VÖQÖIODQGÖUPDODUD\|QHOLNWDUWÖûPDODURODELOHFHNWLU 8OXVDO8\JXODPDOÖ(WLN.RQJUHVL %XOJXODU $UDûWÖUPDGD HOGH HGLOHQ EXOJXODU DUDûWÖUPDQÖQ DPDFÖQD \|QHOLN RODUDN |QFHOLNOH \ÖOODUD YH JD]HWHOHU J|UH RUWD\D oÖNPD VÖNOÖøÖ DoÖVÖQGDQ GHøHUOHQGLULOPHNWHGLU 'DKD VRQUD LVH NXOODQÖP DODQODUÖQD J|UH VÖQÖIODQGÖUPD \DSÖOPDNWDGÖU 6RQ RODUDN GD X\JXODPDOÖHWLNDUDûWÖUPDODUÖQDNRQXRODELOHFHøLGûQOHQWDUWÖûPDDODQODUÖJD]HWHOHUGH \HUDOPDVÖNOÖøÖQDJ|UHEHOLUOHQPHNWHGLU <D]ÖOÖ EDVÖQGD HWLN NDYUDPÖQÖQ NXOODQÖOGÖøÖ KDEHUOHULQ \ÖOODUD J|UH GDøÖOÖPÖ 7DEOR ·GH YHULOPHNWHGLU %XQD J|UH \ÖOÖQGD \ÖOÖQGD \ÖOÖQGD KDEHUH UDVWODQÖOPÖûWÖU \ÖOÖQGD LVH DUDûWÖUPDQÖQ GHøHUOHQGLULOPHVLQH EDûODQGÖøÖ .DVÖPJQQHNDGDUWRSODPKDEHUYDUGÖU 7DEOR*D]HWHOHUGHoÖNDQHWLNNDSVDPOÖKDEHUOHULQ\ÖOYHD\ODUDJ|UHGDøÖOÖPÖ $\ODU 2FDN úXEDW 0DUW 1LVDQ 0D\ÖV +D]LUDQ 7HPPX] $øXVWRV (\OO (NLP .DVÖP $UDOÖN 7RSODP .DVÖPWDULKOHULDUDVÖ (WLN NDSVDPOÖ KDEHUOHULQ JD]HWHOHUH J|UH GDøÖOÖPÖ LVH 7DEOR ·GH YHULOPHNWHGLU 'DøÖOÖPGD D\QÖ HOHNWURQLN VLVWHPH EDøOÖ ROGXøX LoLQ ZZZJDULOGLFRPWU (\OO &XPKXUL\HW )RWRPDo YH <HQL\]\ÖO JD]HWHOHULQLQ WRSODP KDEHU VD\ÖODUÖ ELUOLNWH YHULOPHNWHGLU 6|] NRQXVX JD]HWHOHUGH WRSODP KDEHU VD\ÖVÖ RODUDN J|UOPHNWHGLU $\QÖûHNLOGHDUDûWÖUPDLoLQGH\HUDODQJD]HWHOHULQDUûLYOHULQHHWLNNHOLPHVLWDUDWÖOGÖøÖQGD +UUL\HW *D]HWHVLQGH ZZZKXUUL\HWFRPWU (\OO 5DGLNDO *D]HWHVLQGH ZZZUDGLNDOFRPWU (\OO 6DEDK *D]HWHVLQGH ZZZVDEDKFRPWU (\OO 7UNL\H *D]HWHVLQGH ZZZWXUNL\HJD]HWHVLFRPWU (\OO =DPDQ *D]HWHVLQGH ZZZ]DPDQFRPWU (\OO KDEHU ROGXøX VRQXFX RUWD\D oÖNPDNWDGÖU $OL+DOÖFÖ³(WLN.RQXVXQXQ7UN%DVÖQ<D]ÖPÖQGD7HPHO$ODQODUD<|QHOLN$OH$OÖQÖû6ÖNOÖøÖ 7DEOR(WLNNDSVDPOÖKDEHUOHULQJD]HWHOHUHJ|UHGDøÖOÖPÖ *D]HWHOHU *|UQWOHQHQ 1HWKDEHU KDEHUVD\ÖVÖ VD\ÖVÖ <]GH &XPKXUL\HW )RWRPDo <HQL\]\ÖO +UUL\HW 5DGLNDO 6DEDK 7UNL\H =DPDQ 7RSODP $QFDNGDKD|QFHEHOLUWLOGLøLJLELHOHNWURQLNDUûLYWDUDPDWDUDIÖQGDQIDUNOÖVD\IDODUGD GHYDP HGHQ D\QÖ KDEHUOHU D\UÖ D\UÖ VD\ÖOGÖøÖQGDQ oLIW VD\ÖPÖ HQJHOOHPHN LoLQ V|] NRQXVX KDEHUOHU WHN KDEHU RODUDN GHøHUOHQGLULOPLûWLU $\UÖFD JD]HWHOHULQ LoLQGHNLOHU E|OPQGH JHoHQ HWLN V|]FNOHUL GLNNDWH DOÖQPDPÖûWÖU $\QÖ ûHNLOGH LoLQGH HWLN JHoWLøL LoLQDUûLYGHNDUûÖODûÖODQKDEHUOHUGHGHøHUOHQGLULOPHPLûWLUHWLNHWHVWHWLNWHWLNoLYE 7LUDMÖ GûN ROPDVÖQD NDUûÖQ &XPKXUL\HW *D]HWHVL·QGH HWLN NDYUDPÖ GLøHU JD]HWHOHUGHQ DQODPOÖ RODUDN GDKD ID]OD NXOODQÖOPDNWDGÖU $QFDN DUDûWÖUPDQÖQ VÖQÖUOÖOÖNODUÖQGD EHOLUWLOHQ DKODN WHULPLQLQ NDYUDPÖQ \HULQH NXOODQÖOPD GXUXPX VDøOÖNOÖ GHøHUOHQGLUPH\LHWNLOHPHNWHGLU (WLN NDYUDPÖ NXOODQÖPÖQÖQ JD]HWH NRQXODUÖQD J|UH NXOODQÖP VÖNOÖøÖ LVH 7DEOR ·WH EHOLUWLOGLøL JLEL 6DøOÖN 3ROLWLND %LOLP 7HNQRORML (NRQRPL 'Q\D .OWU6DQDW6SRU·GÖU$\UÖFDDGHWNLWDSWDQÖWÖPÖ\D]ÖVÖNLWDSODUGDHWLN NRQXVX LûOHQGLøL LoLQ GHøHUOHQGLUPH\H DOÖQPÖûWÖU %XQXQOD ELUOLNWH EDVÖQ HWLøL GH KHP ELU |]HOHûWLUL \|Q ROPDVÖ KHP GH ELU JD]HWH NRQXVX NDGDU HOH DOÖQPDVÖ QHGHQL\OH D\UÖ ELU DODQ RODUDN HOH DOÖQPÖûWÖU %DVÖQ HWLøL GH JD]HWHOHUGH \D]ÖGD WDUWÖûPD NRQXVX ROPXûWXU 7DEOR(WLNNDSVDPOÖKDEHUOHULQWHPHODODQODUDJ|UHGDøÖOÖPÖ 7HPHODODQODU )UHNDQV <]GH 6DøOÖN 3ROLWLND %LOLP7HNQRORML (NRQRPL 'Q\D .OWU6DQDW %DVÖQ .LWDS 6SRU 7RSODP (WLN NDYUDPÖ NXOODQÖPÖQÖQ JD]HWH NRQXODUÖQD YH NRQXODUÖQ DOW DODQODUÖQD J|UH GDøÖOÖPÖLVHûXûHNLOGHGLUGDøÖOÖPODUIUHNDQVVÖNOÖøÖQDJ|UHVÖUD\ODYHULOPHNWHGLU 6DøOÖNJHQHODQODPGDWÖSHWLøLRODUDNWDQÖPODQPÖûWÖU$OWWDUWÖûPDDODQODUÖLVH 8OXVDO8\JXODPDOÖ(WLN.RQJUHVL # ùQVDQJHQHWLøLQH|]JHWLNVRUXQODULOHJHQOHU # +HUWÖEELJHOLûPHQLQGHQHQPHVLJHUHNOLOLøLWDUWÖûPDODUÖLOHNORQODPD # +DQJLNRQXODUGDHøLWLPYHULOPHVLJHUHNWLøLLOHWÖSHWLøLHøLWLPL # 7ÖEEL PGDKDOHGH KDVWD RQD\Ö KDVWDQÖQ ELOJLOHQGLULOPHVL KDVWD NDUDUÖQÖQ RWDQWLNOLøL\|Q\OHKDVWDKDNODUÖ # +HNLPOHUOHRODQLOLûNLOHULYHWÖSNRQJUHOHULQGHNLVSRQVRUOXNODUÖLOHLODoILUPDODUÖ # 'RNWRUPGDKDOHVLQLQ\DSÖOÖS\DSÖOPDPDVÖJHUHNWLøL\|Q\OHDoOÖNJUHYOHUL # 2UJDQ EDøÖûODUÖ YH RUJDQ PDI\DVÖ \|Q\OH RUJDQ QDNOL HWLN WDUWÖûPDODUD NRQX ROPDNWDGÖU $\UÖFD|]HOELUNRQXRODUDNWDQÖPODQDQ%DEXQDROD\ÖYDUGÖU%LOLQGLøLJLELLOLNQDNOL LoLQ EDûODWÖODQ NDPSDQ\DODU NLûL\H |]HO ROPDVÖ YH VXLLVWLPDO HGLOPHVL \|Q\OH HWLN NDSVDPGDWDUWÖûPDNRQXVXROPXûWXU 3ROLWLND JHQHO DQODPGD VL\DVL HWLN DODQÖ RODUDN WDQÖPODQPÖûWÖU %X WHPHO NRQXQXQ DOWWDUWÖûPDDODQODUÖDûDøÖGDNLYHULOPHNWHGLU # g]HOOLNOH Lû GQ\DVÖ LOH LOLûNLOHUL YH SDUWL GHøLûLNOHUL LOH SDUODPHQWR YH PLOOHWYHNLOOHULQLQGDYUDQÖûODUÖ # ùVWLIDHWPHJHUHNOLOLNOHULDoÖVÖQGDQKNPHWOHUYH%DNDQODU.XUXOX\HOHUL # 6Dø\DGDVROSDUWLROXûXPODUÖQGDSDUWLFLOLNYHVL\DVLHøLOLPOHUH\|QHOLNHOHûWLULOHU # <DVDNODUYHHOHNWURQLNGLQOHPHROD\ODUÖLOHGHPRNUDVL]HULQHWDUWÖûPDODU # 6L\DVL OLGHUOHU YH FXPKXUEDûNDQODUÖ $PHULND %DûNDQÖ &OLQWRQ GD \DEDQFÖ VL\DVL OLGHUOHU DUDVÖQGD HQ oRN HWLN NDSVDPGD WDUWÖûPD\D NRQX RODQ VL\DVL OLGHUGLU WXWXPYHGDYUDQÖûODUÖLOHHWLNNDSVDPGDWDUWÖûÖOPDNWDGÖU %LOLP YH 7HNQRORML JHQHO DQODPGD ELOLPVHO HWLN RODUDN LIDGH HGLOHELOLU %X NRQXQXQDOWWDUWÖûPDDODQODUÖ # %LOLPKÖUVÖ]OÖøÖYHKÖUVÖ]OÖøÖ\DSDQODUÖQDoÖNODQPDVÖ # (øLWLPVLVWHPL # $UDûWÖUPDHWLøL # 'RoHQWOLNVÖQDYODUÖQLYHUVLWHOHUGHNLDWDPDODU\|Q\OHDNDGHPLN\NVHOWPHOHU # ùQWHUQHW NXOODQÖPÖ ZHE VD\IDODUÖQGDNL DKODN GÖûÖ \D\ÖQODU YH HSRVWD DKODNÖ HWLN WDUWÖûPDODUDNRQXROPDNWDGÖU $\UÖFD |]HO ELU NRQX RODUDN WDQÖPODQDQ 7UNL\H·GH \DûDQDQ GHSUHP VRQXFX DNDGHPLV\HQOHUH \NOHQHQ ELOLP DGDPÖ VRUXPOXOXøX WDUWÖûPDODUÖ YDUGÖU .RQX ELOLP DGDPODUÖDUDVÖQGDWDUWÖûÖOGÖøÖJLELQLYHUVLWHOHUDUDVÖQGDGDWDUWÖûPDNRQXVXROPDNWDGÖU (NRQRPLJHQHODQODPGDLûHWLøLRODUDNHOHDOPDNPPNQGU%XDODQGDWDUWÖûÖODQ NRQXODUVÖUDVÖ\ODûXQODUGÖU # 5ûYHW\ROVX]OXNODUYHWNHWLFLKDNODUÖ\|Q\OHLûGQ\DVÖ # ùûWHQoÖNDUÖOPDYHGûNFUHWOHULLOHLûJ|UHQOHU # %DQNDFÖOÖN ']HQOHPH YH 'HQHWOHPH .XUXOX WDUDIÖQGDQKD]ÖUODQDQ HWLN NXUDOODU # gGHQPH\HQYHUJLOHUYHYHUJLDIODUÖ # 2UWD\DoÖNDQROXPVX]VRQXoODUÖLOHNUHVHOOHûPH # 6RPXWo|]PEXOXQDPDPDVÖYH\DUDWWÖøÖSDKDOÖOÖN\|Q\OHHNRQRPLNNUL]OHU # g]HOOHûWLUPH LKDOHOHUL YH KD]LQH DUD]LOHULQLQ VDWÖûÖ HWLN WDUWÖûPDODUD NRQX YHRIIVKRUHKHVDSODUÖQGDNLX\JXODPDODULOHEDQNDFÖOÖNVHNW|U ROPDNWDGÖU 'Q\DYH\DûDPNRQXODUÖDOWÖQGD # $KODNLGHøHUOHULQQHROGXøX\|Q\OHWRSOXPVDOLOLûNLOHU # ùQVDQKDNODUÖ $OL+DOÖFÖ³(WLN.RQXVXQXQ7UN%DVÖQ<D]ÖPÖQGD7HPHO$ODQODUD<|QHOLN$OH$OÖQÖû6ÖNOÖøÖ # <DUJÖYHDGDOHWWH\DûDQDQVRUXQODU # dHYUHNRUXPDYHLQVDQOÖøÖQJHOHFHøLLOHLOJLOLoHYUHVRUXQODUÖ # 'Q\DGD\DûDQDQVDYDûODUoDUSÖûPDODUYHoDWÖûPDODULOHûLGGHW # 7ÖEEL GHQH\OHUGH NXOODQÖOPD YH LQVDQODUÖQ N|W GDYUDQÖûODUÖ \|Q\OH KD\YDQ KDNODUÖHWLNNDSVDPGDWDUWÖûÖOPDNWDGÖU .OWU6DQDWNRQXODUÖDOWÖQGD # )HOVHIH\D]ÖODUÖ # 6DQDWHWLNYHHVWHWLNLOHLOJLOL\D]ÖODUEXOXQPDNWDGÖU %DVÖQHWLøLDOWÖQGDVÖQÖIODQGÖUÖODQNRQXODULVHûXQODUGÖU # +DEHUGRøUXOXøX # *L]OLNDPHUDL]LQVL]GLQOHPHYH\D\ÖQ\|Q\OHL]LQVL]\D\ÖQODU # 0XKDELUGDYUDQÖûODUÖ .LWDSWDQÖWÖPODUÖ )HOVHIH LOHWLûLP |\N PDFHUD YV NRQXODUVD \D\ÖQODQDQ NLWDSODUÖQ WDQÖWÖP \D]ÖODUÖQGD NLWDSODUÖQ NRQXODUÖQD SDUDOHO RODUDN HWLN WDUWÖûPDODUD \HU YHULOGLøLQGHQ D\UÖ ELUDODQRODUDNGHøHUOHQGLUPH\HDOÖQPÖûWÖU 6SRU JHQHO DQODPGD VSRU HWLøL RODUDN WDQÖPODQPÖûWÖU 6SRU HWLøLQGH NRQXODU LNL WHPHODODQD\|QHOLNRUWD\DoÖNPDNWDGÖU%XQODUIXWEROYHGRSLQJGLU # )XWERO)XWEROFXWUDQVIHUOHUL´KOOHFLOLNµRODUDNWDQÖPODQDQIXWEROFXODUÖQÖQ\XUW GÖûÖQD WUDQVIHU ROXS EHGHOVL] RODUDN 7UNL\H·\H JHUL G|QPHVL NRQXVX VSRU NXOSOHULQGH \DSÖODQ VHoLPOHU WHNQLN GLUHNW|U GDYUDQÖûODUÖ |]HOOLNOH VRQ G|QHPOHUGH'DXP·XQ%HûLNWDû.OXEQHWUDQVIHUL # 'RSLQJ 7P VSRU GDOODUÖQGD VSRUFXODUÖQ \DSWÖNODUÖ GRSLQJOHU HWLN NDSVDPGD WDUWÖûÖOPDNWDGÖU 'HøHUOHQGLUPH 7UN\D]ÖOÖEDVÖQÖQGDHWLNNDYUDPÖKHUJHoHQ\ÖOGDKDID]ODLûOHQPHNWHGLU%LUEDûND LIDGH\OH HWLN JQP]H JHOGLNoH GDKD ID]OD NXOODQÖOÖU KDOH JHOPHNWHGLU $QFDN \ÖOODU LWLEDUL LOH HWLN WDUWÖûPDODUÖQ DUWÖûODUÖ DUDVÖQGD DQODPOÖ ELU IDUN RUWD\D oÖNPDPDNWDGÖU 'ROD\ÖVÖ\OD DUWÖûODUÖQ NDYUDPÖQ ELU ´PRGDµ DNÖPÖ RODUDN RUWD\D NRQPDVÖ YH 7UNoH·GH \HQL\HQLNXOODQÖPDODQODUÖEXOPD\DoDOÖûPDVÖQÖQELUVRQXFXRODUDNJ|UOPHNWHGLU (WLN JD]HWHOHUGH HOH DOÖQPDVÖNOÖøÖQD J|UH WÖS HWLøLVL\DVL HWLN ELOLP HWLøL Lû HWLøL YH EDVÖQ HWLøL RODUDN RUWD\D oÖNPDNWDGÖU 7ÖS HWLøL HQ HVNL PHVOHNL HWLN WDUWÖûPD DODQODUÖQGDQELULGLU*QP]GHGHHOHDOÖQPDVÖNOÖøÖGLøHUPHVOHNOHUHJ|UH\NVHNWLU %XQD NDUûÖQ 7UN WRSOXPXQXQ JQP]GHNL HQ |QHPOL VRUXQODUÖQGDQ ELUL RODQ VRV\DO YH HNRQRPLN G]HQLQ ER]XNOXøX ]HULQH HWLN WDUWÖûPDODUÖQ ROGXNoD \HWHUVL] NDOGÖøÖ J|UOPHNWHGLU $UDûWÖUPDGD EHNOHQHQ HNRQRPL\H \D GD Lû GQ\DVÖQD \|QHOLN HWLNWDUWÖûPDODUÖQGDKDID]OD\DSÖOPDVÖROGXøXKDOGHWÖSVL\DVHWYHELOLPHWLøLQGHQGDKD D] WDUWÖûÖOPDNWDGÖU %X EDøODPGD Lû GQ\DVÖQÖQ ELU EDVNÖ XQVXUX ROXûWXUPDVÖ NRQXVX DUDûWÖUÖOPD\D GHøHU J|UOPHNWHGLU %XQXQOD ELUOLNWH WHPHO DODQODUÖQ DOWÖQGD RUWD\D NRQDQ WDUWÖûPD NRQXODUÖ ]HULQGH |]HOOLNOH |UQHN ROD\ oDOÖûPDODUÖQÖQ JHUoHNOHûWLULOPHVL PPNQGU %|\OHOLNOH JHQHOOLNOH \DEDQFÖ OLWHUDWUGHQ oHYLUL RODUDN RUWD\D NRQDQ YH GHøHUOHQGLUPHOHULQGHJoONoHNLOHQROD\ODU\HULQLNOWUP]\DQVÖWDQ|UQHNROD\ODUD EÖUDNDFDNWÖU 8OXVDO8\JXODPDOÖ(WLN.RQJUHVL .D\QDNoD %HDXFKDPS7RP/3KLORVRSKLFDO(WKLFVQG(G0F*UDZ+LOO,QF1HZ<RUN (QF\FORSHGLDRI(WKLFV(G/DZUHQFH&%HFNHU6W-DPHV3UHVV9RO,/RQGRQ +DOÖFÖ $OL ´ùû (WLøL YH ù0.%·GH ùûOHP *|UHQ ùûOHWPHOHULQ <D]ÖOÖ YH 5HVPL $oÖNODPDODUÖQGDNL (WLN ùoHULNOHULQ 7HVSLWLQH <|QHOLN %LU $UDûWÖUPDµ ù0.% 'HUJLVL 6D\Ö .XoXUDGL ùRDQQD ´8\JXODPDOÖ (WLN .RQJUHVL $oÖOÖû .RQXûPDVÖµ 2UWD 'RøX 7HNQLNhQLYHUVLWHVL 0HG\D 3D]DUODPD $ú (NLP 7DULKOHUL $UDVÖ 7UNL\H *HQHOL *QON 1HW 6DWÖû YH+DIWDOÖN2UWDODPD6DWÖûODU7DEORVX 0LOHV % 0 4XDOLWDWLYH 'DWD $QDO]VLV $Q ([SDQGHG 6RXUFH %RRN QG (G 7KRXVDQG 2DNV&$6DJH ZZZJDULOGLFRPWU ZZZKXUUL\HWFRPWU ZZZUDGLNDOFRPWU ZZZVDEDKFRPWU ZZZWXUNL\HJD]HWHVLFRPWU ZZZ]DPDQFRPWU dDøÖPÖ]GDYH(WLNWH%XQDOÖP 3URI'U6HYJLù\L <DSDFDøÖPNRQXûPDGDJQP]GQ\DVÖQÖQGXUXPXQDJHQHOoL]JLOHUL\OHGHøLQHUHN EXJQ LQVDQ YH \DûDPOD LOJLOL |]HO ELU |QHP DU] HGHQ NLPL SUREOHPOHUH o|]P DUDPD \|QHOLPOHUL ]HULQGH GXUDFDøÖP $øÖUOÖNOÖ ûHNLOGH HWLøH \|QHOLN ELU LOJL ûHNOLQGH EHOLUHQ EX\|QHOLPHLOLûNLQGûQGNOHULPLV|\OH\HFHøLP dDøÖPÖ]ÖQ NHQGLQH |]J VRUXQODUÖ DUWÖN NDSÖGD EHNOH\HQ VRUXQODU ROPDNWDQ oÖNÖS LoHUL\H JLUPLû VRUXQODU ROPDODUÖQGDQ GROD\Ö KLoELU |QJ|U JHUHNWLUPHNVL]LQ KHPHQ KHUNHVoH J|UOHELOHFHN GXUXPGDGÖU ùoLQGH \DûDGÖøÖPÖ] GQ\D KHP oHYUH YH GRøD NRûXOODUÖ KHP GH PHYFXW WRSOXPVDO G]HQOHPHOHU |]HOOLNOH HNRQRPLN VL\DVDO YH KXNXNVDO G]HQOHPHOHU EDNÖPÖQGDQ E\N VÖNÖQWÖ LoLQGHGLU %X GXUXP LQVDQ \DûDPÖQÖ KHU\|Q\OHoHSHoHYUHVDUÖSNXûDWPDNWDYHLQVDQGDDøÖUELUEXQDOÖP\DUDWPDNWDGÖU %XJQNDUûÖNDUûÖ\DNDOGÖøÖPÖ]YHJHOHFHNWHGHNDODFDNJLELJ|UQGøP]WHKOLNH\L |QFHGHQ J|UHUHN ´PRGHUQ GQ\DµQÖQ DUWÖN DoÖNoD RUWDGD RODQ ROJXODUÖQD LûDUHW HWPLû NLPL ILOR]RIODUÖ |]HOOLNOH WHPHO ND\JÖODUÖQÖQ DOWÖQÖ oL]HUHN KDWÖUODPDNWD \DUDU YDU %XQODUÖQ DUDVÖQGD LQVDQÖQ YDU ROPDVÖQÖ ELU KLo ROPD\D J|WUHQ ´PRGHUQ GQ\Dµ\Ö GHøHUOHQGLUHUHN JLWWLøL \|Q NRQXVXQGD |QHPOL X\DUÖODUGD EXOXQDQ 1LHW]VFKH·\L |QFHOLNOH EHOLUWPHN JHUHNLU <LQH D\QÖ VRUXQD IDUNOÖ ELU \DNODûÖPOD HøLOHUHN ´PRGHUQ GQ\DµGD ´\XUWVX]µ NDODQ LQVDQÖQ GXUXPXQD o|]P DUD\DQ YH ´GûQOPH\HQµ oDøÖPÖ]GDEL]L´GûQPH\HµoDøÖUDQ+HLGHJJHU·LXQXWPDPDNJHUHNLU$\UÖFD´PRGHUQ GQ\Dµ JQP]GH VRV\DO ELOLPOHULQ NLPL DODQODUÖQGD GD \D\JÖQ ûHNLOGH YH ]DPDQ ]DPDQDûÖUÖGHUHFHGHVRUJXODQPDNWDGÖU <HQL ELU \]\ÖOÖQ HûLøLQGH LQVDQOÖøÖQ JHOGLøL QRNWD QH \D]ÖN NL KLo PHPQXQ HGLFL GHøLOGLU %X ELOGLøLPL] JLEL 5|QHVDQV·WD \HQLGHQ ELOLQoOHQGLULOHQ LQVDQÖQ YDU ROPDVÖ GQ\DQÖQ EX GQ\D YH LQVDQÖQ GQ\DVÖ RODUDN \DSÖODQGÖUÖOPDVÖ JHUHNOLOLøL GûQFHVL\OH EDûOD\DQ WDULKVHO VUHFLQ XODûWÖøÖ QRNWDGÖU %XJQ JHUL\H G|QS EDNÖOGÖøÖQGD DVOÖQGD LQVDQ LoLQ LVWHQHQLQ oRN X]DøÖQD GûOPû ROGXøX J|UOPHNWH YH ´PRGHUQ GQ\DµQÖQ EXQDOÖPÖDøÖUELULQVDQOÖNEXQDOÖPÖRODUDNNHQGLQLJ|VWHUPHNWHGLU*QP]GQ\DVÖQÖ EHOLUOH\HQ GHøHUOHU LQVDQÖ VUHNOL NHQGL YDUOÖN NRûXOODUÖQÖQ X]DøÖQD LWPHNWH SD]DU HNRQRPLVL\OH \|QOHQHQ WHNQRORML YH RQD EDøÖPOÖ KDOH JHOHQ ELOLP KL]PHW HWWLøL DPDo EDNÖPÖQGDQ NHQGL ROPDNWDQ oÖNÖS DGHWD WHUVLQH ELU \ROGD LQVDQÖQ \DûDPOD RODQ EDøÖQÖ NRSDUPDNWDGÖU ùQVDQÖ LQVDQ \DSDQ YDUOÖN NRûXOODUÖ EDNÖPÖQGDQ LQGLUJHQPLû ELU GQ\DQÖQ GDUOÖøÖ LoLQGH LQVDQ LQVDQ ROPDQÖQ YH YDU ROPDQÖQ GÖûÖQD DWÖOPDNWDGÖU 6RQXoWDEXGQ\DLQVDQÖQWDPELU\DEDQFÖODûPD\DGûWøELUGQ\DROPXûWXU 0RGHUQ oDøÖQ HULûWLøL ´LOHULµ ELU QRNWDGD \HQL ELU GQ\D RODUDN ´PRGHUQ GQ\Dµ\Ö \DUDWDQ \]\ÖO ELUoRN EDNÖPGDQ |QHPOL ELU \]\ÖOGÖU %LU \DQGD KD\UDQOÖN YHULFL EXOXûODUÖYH|WH\DQGDJLUGLøLLQVDQOÖNoÖNPD]ÖLOHWXKDIELU\]\ÖO7HNQLøLQRODøDQVW JHOLûLPLYH\NVHOLûLNDUûÖVÖQGDLQVDQOÖNWDNLGûûYH´o|NQWµEX\]\ÖOÖQEDûoHOLûNLVL RODUDN NHQGLQL KHUWDUDIWD KLVVHWWLUPHNWHGLU 6ÖQÖUELOPH\HQ WHNQRORMLN LOHUOHPH LoLQGHNL GQ\DGD LQVDQD LQVDQ RQXUXQD D\NÖUÖ GXUXPODU oRN VÖN \DûDQPDNWD LQVDQOÖNWDNL 8OXGDøhQLYHUVLWHVL)HOVHIH%|OP 8OXVDO8\JXODPDOÖ(WLN.RQJUHVL JHOLûPH G]H\L LOH WHNQRORMLN LOHUOHPH DUDVÖQGDNL XoXUXP KÖ]OD E\PHNWH YH GHULQOHûPHNWHGLU ùQVDQÖ KHU DQ NDUûÖODûDELOHFHøL KHU WUO WHKOLNH\H NDUûÖ JYHQFHVL] KDWWD oDUHVL] EÖUDNDQ EX GXUXPD oDUHOHU DUDQPDNWDGÖU ùûWH JQP]GH HWLøH PHVOHN HWLNOHUL YH \HQL HWLNOHU RODUDN \D\JÖQ ûHNLOGH DUWDQ LOJL EX GXUXPGDQ EDøÖPVÖ] GûQOHPH]$QFDN´GûQPHGHNLµE\NELULKPDOGHQGROD\ÖHWLNGÖûÖWXWXOPXûELU GQ\DQÖQ EXJQ JLUGLøL oÖNPD]GD HWLøH \HQLGHQ |QHP YHUHQ YH RQX WDOHS HGHQ EX ROXPOX \|QHOLPGH IHOVHIHQLQ LKPDO HGLOPHNWH ROGXøXQX GD J|]GHQ NDoÖUPDPDN JHUHNLU %XJQN GQ\DQÖQ oRN FLGGL SUREOHPOHUL YH NLûLOHULQ \DûDUNHQ NLPL ]DPDQ GD GQ\DQÖQ GXUXPXQGDQ GROD\Ö \] \]H JHOGLNOHUL ED]Ö SUREOHPOHU NDUûÖVÖQGD GRøUXGDQ HWLøH ELU WDOHS RODUDN EHOLUHQ ELU WXWXP J|UPHNWH\L] 1H YDU NL LQVDQ VRUXQXQD YH\D HWLøLQ VRUXODUÖQD HøLOPLû ILOR]RIODUÖQ RUWD\D NR\GXøX ELOJLOHULQ ÖûÖøÖQGD EDNÖOGÖøÖQGD HWLøL LOJL RGDøÖ KDOLQH JHWLUHQ EX WXWXPXQ GD \]\ÖOÖPÖ]ÖQ EDûÖQGD RQX GÖûOD\DQ WXWXP NDGDUHWLøHX]DNYHHWLøLQGÖûÖQGDNDOGÖøÖEHOLUOHQHELOLU<]\ÖOÖPÖ]ÖQEXLQVDQVRUXQODUÖ oÖNPD]ÖQGD ´PRGHUQ GQ\DµQÖQ EDûWDQ EHUL HWLNWHQ \RNVXQ NDOPDVÖQÖQ E\N URO R\QDGÖøÖQÖ ELU |OoGH J|UPHN |QHPOL YH ROXPOX ELU DGÖPGÖU $QFDN IHOVHIHQLQ YH ´GûQPHQLQµKDOLVOLøLNRUXQDPDGÖNoDYHELOPHQLQLQVDQLoLQDQODPÖVRUXOPDGÖNoDEX \RNVXQOXNEDûNDELUELoLPGHKkOkVUHFHNJLELJ|UQ\RU (WLøH PHVOHN HWLNOHUL YH \HQL HWLN DUD\ÖûODUÖ RODUDN KÖ]OD DUWDQ LOJL oDøÖPÖ]GDNL LQVDQOÖN EXQDOÖPÖ\OD LOJLOL ROGXøX NDGDU HWLNWHNL EXQDOÖPOD GD \DNÖQGDQ LOJLOLGLU %LU \DQGD ´PRGHUQ GQ\DµQÖQ HWLøL LKPDO HGHQ WXWXPXQXQ JHWLUGLøL NLPL VRQXoODU YH RUWD\D oÖNDQ ROJXODU NDUûÖVÖQGD ELU ûH\OHULQ IDUNÖQD YDUÖOÖS HWLøH \|QHOHUHN oDUH DUDQPDNWDGÖU DPD |WH \DQGD HWLøLQ NHQGLQH LOLûNLQ ELOJLGH \HWHUOL ELU ELOLQoOHQPH J|UOHPHPHNWHGLU%XQRNWDGD.XoXUDGL·QLQJQP]GH\HQLGHQ|QHPND]DQDQHWLøH LOLûNLQ \DSWÖøÖ ûX VDSWDPD\D GLNNDW HWPHNWH \DUDU YDUGÖU ´<]\ÖOÖPÖ]GD HWLN \D\JÖQ ELU \DNODûÖP RODQ PHWDHWLN LOH QRUPDWLI HWLN DQOD\ÖûODUÖQÖQ ELUOLNWH EHOLUOHGLøL ELU DQOD\ÖûOD QRUPODUD LOLûNLQ ELU DODQ GL\H J|UOPHNWHGLUµ dHûLWOHUL JLGHUHN DUWDQ PHVOHN HWLNOHUL LVHEXJQ\D\JÖQûHNLOGHEHQLPVHQHQEXHWLNDQOD\ÖûÖQÖQX\JXODPDDODQÖQGDNL\DQVÖPDVÖ RODUDNRUWD\DoÖNPDNWDGÖU 2\VD HWLN QH WHN WHN PHVOHNOHUH LOLûNLQ ELU QRUPODU DODQÖ QH GH HYUHQVHO QLWHOLNOL QRUPODU DODQÖGÖU (WLN WDULKLQGH EXQX J|VWHUHQ |UQHNOHU YDUGÖU $\UÖFD JQP]GH .XoXUDGL·QLQ HWLN J|Uû YH HWLøH \DNODûÖPÖ EX NRQXGD oRN D\GÖQODWÖFÖ ELU |UQHNWLU (WLøLQQHROGXøXQXNÖVDFDEHOLUWPHNJHUHNLUVHHWLNIHOVHIHQLQHQHVNLGDOODUÖQGDQYDUOÖN ELOJL YH PDQWÖN DODQODUÖQGDNL ELOJLOHULQ RQD GRøUX YH RQXQ LoLQ ROGXøX RQGD WDPDPODQDUDN LQVDQ YDUOÖøÖQD EDøODQÖS DQODP ND]DQGÖøÖ WHPHO ELU ELOJL DODQÖGÖU .HQGLQH |]J REMHVL YH VRUXODUÖ RODQ ELU ELOPH HWNLQOLøL DODQÖGÖU %X EDNÖPGDQ WÖSNÖ GLøHU ELOJL DODQODUÖ JLEL ELOJLVHO ELU HWNLQOLN ROXS DVOD QRUPODUD LQGLUJHQHPH] QLWHOLNWH ELU ELOJL GDOÖGÖU $QFDN EX WHPHO |]HOOLøL J|]GHQ NDoÖUÖOGÖøÖQGD HWLN EXJQ \D\JÖQ ELoLPL X\JXODPD DODQÖQGD PHVOHN HWLNOHUL RODUDN J|UQHQ ELU QRUPODU EWQ RODUDN J|UOHELOPHNWHGLU %X GXUXPGD \]\ÖOÖQ EDûÖQGD HWLøL GÖûOD\DQ WXWXPXQ WHUVLQH ûLPGL RQD E\N |QHP YHUHQ WXWXP NDUûÖVÖQGD \DQÖOJÖ\D GûPHPHN JHUHNLU (WLøLQ ELOJLVHO QLWHOLøLQL J|]GHQ NDoÖUDUDN YH E|\OHFH IHOVHIH\H X]DN NDODUDN JQP] GQ\DVÖQÖQ HWLN WDOHSOHULQH \DQÖW YHULOHELOHFHøLQL EHNOHPHN \DQÖOWÖFÖ RODELOLU dQN JQP]GH oRN oHûLWOLYH]HQJLQJ|UQPLoLQGHELULOJLRGDøÖKDOLQHJHOHQHWLNKkOkELOLPFLELUDoÖGDQ J|UOPHNWH YH PHVOHN HWLNOHUL ELoLPL\OH JLGHUHN GDKD GD ELOLPOHûPHNWH VRQXoWD IHOVHIHGHQ NRSXN NLPL X]PDQOÖN DODQODUÖQD G|QûPHNWHGLU %X DQOD\Öû LoLQGH GH 6HYJLù\L³dDøÖPÖ]GDYH(WLNWH%XQDOÖP HWLNWHQ JQON \DûD\ÖûÖPÖ]GD YH LûLPL]GH NDUûÖODûWÖøÖPÖ]VRUXQODUGDQ oHYUH VRUXQODUÖQD NDGDU X]DQDQ KHU WU LQVDQ VRUXQXQD EDøOÖ ûHNLOGH oHûLWOHQHUHN NLPL PHVOHNOHU YH GQ\D G]H\LQGH QRUPODU JHOLûWLUPHNOH o|]P EXOPDVÖ EHNOHQPHNWHGLU $QFDN ELU ELOJLDODQÖRODUDNHWLøLQLûL´DKODNQRUPODUÖµ\DGDNLPLRODVÖGXUXPODULoLQL\LYHGRøUX RODQÖ EHOLUOH\LFL QRUPODU NR\PDN GHøLOGLU %LU ELOJL GDOÖ \D GD IHOVHIH HWNLQOLøL RODUDN HWLøLQ DVÖO LûOHYL DoÖNODGÖøÖ NLPL NDYUDPODUÖQ ELOJLVL\OH YH HøLOGLøL VRUXQODUD JHWLUGLøL o|]POHUOH NLûLOHUH \DûDUNHQ YH H\OHUNHQ NDUûÖODûWÖNODUÖ VRUXQODU NDUûÖVÖQGD NHQGLOHUL ELOJL UHWHUHN o|]P EXODELOPHOHUL LoLQ \DUGÖPFÖ ROPDNWÖU %X EDNÖPGDQ HWLøLQ KLoELU GXUXPGDIHOVHIHGHQNRSPDPDVÖJHUHNLU %X EDNÖPGDQ JQP]GH HWLøLQ PHVOHN HWLNOHUL RODUDN ELU QRUPODU DODQÖQD G|QûPHVLQH PHVOHN HWLNOHUL QRUPODUÖQÖQ YH\D HYUHQVHO QLWHOLNOL QRUPODUÖQ EHNOHQHQ ûH\L QH |OoGH \DSDELOHFHNOHUL NRQXVXQXQ GD KD\OL WDUWÖûPDOÖ ROGXøXQX J|] |QQH DODUDN GLNNDW HWPHNWH \DUDUYDUGÖU ´(WLN YH +HNLPOLN 6DQDWÖµ DGOÖ \D]ÖVÖQGD WÖS HWLøLQL LUGHOH\HQ3HWHU.RVORZVNL´L\LLVWHPHROPDNVÖ]ÖQGRøUXELOJLGRøUXH\OHPHJ|WUPH]µ GL\RU YH ûXQX EHOLUWL\RU ´+LoELU LQVDQ ELU EDûNDVÖQÖ EX DUDGD KHNLPL GH NHQGL ELOJLVLQLHQHOYHULûOLELoLPGHNXOODQPD\DYHL\L\LLVWHPH\H]RUOD\DPD]µ .LûLOHULQ LûOHULQL \DSDUODUNHQ LoLQGH EXOXQGXNODUÖ WRSOXPVDO LOLûNLOHU EWQQGH HOEHWWH \DVD \|QHWPHOLN YH PHVOHNOHULQ |]HOOLøLQH J|UH NLPL Lo LONHOHUOH \DSÖODQ ELU G]HQOHPH RODFDNWÖU $PD NLûLOHULQ LûLQL \DSDUNHQ \DûDUNHQ YH H\OHUNHQ NDUDUODU YHULUNHQ NDUûÖODûWÖøÖ VRUXQODUÖQ WHNOLN J|VWHUHQ ûH\OHUH LOLûNLQ ROPDODUÖ QHGHQL\OH GDLPD QRUPODUÖDûDQNHQGLWHNOLNOHULQGHQRUPODUODHULûLOHPH]RODQELU\|QOHULYDUGÖUg\OH\VH NLûLOHU \DûDUNHQ YH H\OHUNHQ NDUûÖODûWÖNODUÖ VRUXQODUOD LOJLOL GRøUX o|]POHULQ ELOJLVLQL KHU WHN GXUXPGD YH EL]]DW NHQGLOHUL UHWPHN ]RUXQGDGÖU %XQXQ DQODPÖ ûXGXU <DûD\DQYHH\OH\HQKHULQVDQKHUGXUXPGDROPDVDGDNLPLGXUXPODUGDIHOVHIH\DSPDN ]RUXQGDGÖU%X\DûDPÖQJHWLUGLøL|]HOOLNOHGHLQVDQ\DûDPÖQGDKHUKDQJLELUNRûXOGDYH KHUKDQJLELUûHNLOGHRUWD\DoÖNÖYHUHQVRUXPOXOXøXQXDODOÖP\DGDDOPD\DOÖPRUDGDYDU RODQHWLNIHQRPHQOHUJHUoHNOLøLQLQJHWLUGLøLELU]RUXQOXOXNWXU ùQVDQ\DûDPÖQÖQNLPLDODQODUÖQGD|UQHøLQWÖSEDVÖQVL\DVHWJLELYHVRQ]DPDQODUGD ELOLP DUDûWÖUPDODUÖQGD NDUûÖODûÖODQ HWLN VRUXQODUÖQ oHûLGL YH NDSVDPÖQGDQ GROD\Ö IHOVHIL ELOJL JHUHNVLQLPL YH IHOVHIH \DSPD JHUHNOLOLøL NHQGLQL GDKD ID]OD KLVVHWWLUPHNWHGLU %X GXUXPGDHWLNEDNÖPGDQHVDVRODQûH\HøLWLOLUOHUNHQNLûLOHUHELUELoLPGHPXWODNDIHOVHIH \DSDELOPH EHFHULVL NDUûÖODûWÖNODUÖ ND]DQGÖUPDNWÖU VRUXQODU PXWODND ELU dQN ELOPH PHVOHNOHULQL YH ELOJL \UWUOHUNHQ RUWD\D NR\PD NLûLOHULQ HWNLQOLøLQL JHUHNWLUHFHøLQGHQIHOVHIH\DSPDEHFHULVLQLND]DQGÖUPD\|QHOLPLELUHøLWLPHWNLQOLøLQLQ YD]JHoLOPH] NRûXOX ROPDOÖGÖU %X IHOVHIHQLQ |]\DSÖVÖQGD EXOXQDQ LQVDQD G|QN LûOHYLQGHQND\QDNODQÖU gWH \DQGDQ EXJQ GQ\DGD NDUûÖODûÖODQ UNWF ER\XWWDNL VRUXQODU NDUûÖVÖQGD IHOVHIH YH IHOVHIHGH XODûÖOPÖû EXOXQXODQ ELOJL G]H\L \HWHUVL] GHøLOGLU )LOR]RIODU HWLN IHQRPHQOHUH GRøUX YH HOYHULûOL \DNODûÖPODU JHOLûWLUPLûWLU ´0RGHUQ GQ\DµGD DûÖOPDVÖ Jo J|UQHQ VRUXQODU YH EXQFD N|WOøQ ROXS GXUPDVÖ JQP]GH IHOVHIL ELOJL G]H\LQGHNL \HWHUVL]OLNWHQ GHøLO EX ELOJLQLQ \DûDPOD RODQ EDøÖQÖQ NXUXODPDPDVÖQGDQ GROD\ÖVÖ\OD ´L\L LVWHPHQLQµ JHQHOOLNOH ELOJLVL]OLN DPD ED]HQ GH ELOLQVH GH ND\ÖWVÖ]OÖN QHGHQL\OH´LVWHQPHPHVLQGHQµLOHULJHOPHNWHGLU ´0RGHUQ GQ\DµQÖQ oÖNPD]D G|QûHQ VRUXQODUÖQÖ KHU \|QGH GDOJD GDOJD \D\ÖODQ LQVDQOÖøÖQ EX EXQDOÖPÖQÖ QDVÖO DûDELOLUL]" %XQXQ LoLQ LONLQ ´PRGHUQ GQ\DµQÖQ GûQVHO DODQGDNL GDøÖOPÖûOÖøÖQGDQ oÖNPDN KHS GDKD ID]OD ELOJL DGÖQD DûÖUÖ ELU X]PDQODûPDQÖQ JHWLUGLøL ´NOWUV]ONµWHQ NXUWXOPDN \DQL LQVDQÖ \HQLGHQ YDU HWPHN 8OXVDO8\JXODPDOÖ(WLN.RQJUHVL JHUHNLU +HLGHJJHU·LQ GH\LûL\OH GLOH JHWLUPHN JHUHNLUVH <HQLoDøÖQ GûQûQGHNL LKPDOGHQ GROD\Ö XQXWXOPXû RODQ ELU VRUX\X ´9DUOÖøÖQ DQODPÖ VRUXVXQXµ VRUPDN YH ´9DU ROPDµ\Ö \HQLGHQ YDUODûWÖUPDN JHUHNOLGLU %XQX \DSDELOPHN DQFDN VDøODP ELU HWLN WHPHO]HULQGHPPNQGU'Q\DHWLNELOJLHNVLNOLøLQLQGHQH\LPLQL\HWHULQFH\DûDGÖ %XJQ ELUELULQGHQ NRSXN X]PDQOÖN DODQODUÖQD G|QûHUHN YDU JF\OH KNP VUHQ VÖQÖUVÖ] ELOPH WXWNXVX NDUûÖVÖQGD ELOJLQLQ LQVDQ LoLQ GHøHULQLQ YH DQODPÖQÖQ QH ROGXøX VRUXVXQXDVOÖQGDLQVDQÖQQHROGXøXVRUXVXQXGDKDVÖNVRUPDNJHUHNOLJ|UQPHNWHGLU %XQXQ \DQÖQGD LQVDQÖQ RQVX] ROXQDPD] ELU GûQVHO HWNLQOLøL RODQ IHOVHIH DODQÖQGD ELOLPOH GH EWQOHûHQ ELUOLNOL ELU NDYUD\ÖûÖQ ND]DQÖOPDVÖ |]HOOLNOH LQVDQÖQ NHQGL KDNNÖQGDNL ELOJLVL YH HWLN ELOJLVL LoLQ E\N |QHP WDûÖPDNWDGÖU %X QRNWDGD KHP \DûDUNHQ YH H\OHUNHQ NDUûÖODûÖODQ VRUXQODUÖQ KHP JHQHOGH GQ\D VRUXQODUÖQÖQ o|]P LoLQ WHPHOGH GRøUX YH HWNLOL ELU HøLWLP HWNLQOLøLQLQ \DQL IHOVHIL ELU HøLWLPLQ JHUHNOL ROGXøXQX YXUJXODPDNWD \DUDU YDUGÖU dQN DQFDN GRøUX YH HWNLOL ELU HøLWLPOH JHQHO RODUDN IHOVHIL ELU HøLWLPOH NLûLOHULQ EWQONO ELU NDYUD\ÖûD YDUPDODUÖ YH E|\OHFH \DûDUNHQYHH\OHUNHQNDUûÖODûWÖNODUÖHWLNVRUXQODUDo|]PEXOPDODUÖPPNQGU &XPKXUL\HWLQ NXUXOXû \ÖOODUÖQGD ONHPL]GH HøLWLP HWNLQOLøL\OH LOJLOL E|\OH ELU NDYUD\ÖûÖQ ROGXøXQX J|UPHNWH\L] %X QRNWDGD VD\ÖQ .XoXUDGL·QLQ GQ \DSWÖøÖ NRQXûPDGD GLOH JHWLUGLøL ELU D\UÖPÖ ´ELU GHøHU \DUJÖVÖQÖQ ELU GHøHU \DUJÖVÖ\OD oDWÖûPDVÖ LOH ELU GHøHU \DUJÖVÖQÖQ ELU ELOJL LOH oDWÖûPDVÖµ DUDVÖQGD \DSWÖøÖ D\UÖPÖ YXUJXOD\DUDN V|]OHULPL .ULWRQ &XUL·QLQ ûX GûQFHVL\OH ELWLUPHN LVWL\RUXP ´dHYUH HWLNoLOLøLQLQ ELU ¶LPDMROXûWXUPD·\ROXROPDVÖQDVRQYHULOPHOLGLUµ .D\QDNoD .XoXUDGL ù ´)HOVHIL (WLN YH ¶0HVOHN (WLNOHUL·µ (WLN YH 0HVOHN (WLNOHUL \D\ÖQD KD]ÖUOD\DQ+DUXQ7HSH7UNL\H)HOVHIH.XUXPX$QNDUDV .RVORZVNL 3 ´(WLN YH +HNLPOLN 6DQDWÖµ (WLN YH 0HVOHN (WLNOHUL \D\ÖQD KD]ÖUOD\DQ+DUXQ7HSH7UNL\H)HOVHIH.XUXPX$QNDUDV $J\V &XUL . ´0HVOHN (WLNOHULQGH <HQL %LU %R\XW dHYUH (WLøLµ (WLN YH 0HVOHN (WLNOHUL \D\ÖQD KD]ÖUOD\DQ +DUXQ 7HSH 7UNL\H )HOVHIH .XUXPX $QNDUD V *D]HWHFLOHULQ.OWUHOYH6L\DVDO$UNDSODQODUÖQÖQ+DEHU6HoLPOHUL h]HULQGHNL(WNLVL 'U1XUWHQ.DUD %X WHEOLøGH 7UNL\H·GH JD]HWHFLOHULQ NHQGL VL\DVDO YH NOWUHO ELULNLPOHULQLQ KDEHU VHoLPOHULQGH HWNLOL ROXS ROPDGÖøÖ ]HULQGH GXUDFDøÖP %XQX JD]HWHFLOHULQ ELUELULQGHQ IDUNOÖIHPLQLVWNDGÖQKDUHNHWOHULQLKDEHU\DSDUNHQNXOODQGÖNODUÖNULWHUOHUHEDNDUDNRUWD\D NR\PD\D oDOÖûDFDøÖP )HPLQLVW KDUHNHWOHUL ED] DOPDPGDNL QHGHQ EX KDUHNHWOHULQ IDUNOÖOÖNODUÖ\ODKHUELULQLQWRSOXPXG|QûWUPHLGHDOLQHVDKLSROPDVÖGÖU 7RSOXPX G|QûWUPH LGHDOLQH VDKLS ROPDVÖQÖ ûX KHGHIOHULQGHQ \ROD oÖNDUDN V|\O\RUXP # NDGÖQODUÖQLQLVL\DWLIYH|]JYHQND]DQPDVÖQÖVDøOD\DFDNoDOÖûPDODU\DSPDODUÖ # NHQGLOHUL LoLQ SROLWLND \DSDU KDOH JHOPHOHUL LoLQ ELOLQo \NVHOWPH oDOÖûPDODUÖ \DSPDODUÖ # PHUNH]LROPD\DQ\D\JÖQJHYûHN\HUHO|UJWOHQPHPRGHOOHULVXQPDODUÖ # KHU WUO RWRULWH YH KL\HUDUûLQLQ VRUJXODPDVÖQÖ VDøOD\DFDN ROGXNoD ]HQJLQ PFDGHOHYH|UJWOHQPHGHQH\LPOHULVXQPDODUÖ 7PEXQODUODIHPLQLVWKDUHNHWOHUELUH\LQ|]JUJHOLûLPLQLQ|]JQNRûXOX RODUDN WDQÖPODGÖøÖ ELU GQ\DQÖQ JHUoHNOHûPHVLQL LVWHUOHU %X GD IHPLQLVW NDGÖQ KDUHNHWOHULQLWRSOXPVDOKDUHNHW\DSDU %X IDUNOÖ IHPLQLVW NDGÖQ KDUHNHWOHUL³EX oDOÖûPDGD OLEHUDO UDGLNDO PDUNVLVW VRV\DOLVW LVODPFÖ KDUHNHWOHU RODUDN \HU DODFDNODUGÖU³NDGÖQODUÖQ H]LOGLøL YH NXUWXOXûODUÖ LoLQ VWUDWHMLOHU JHOLûWLUPHVL QRNWDVÖQGD ELUOHûLUOHU DPD H]LOPHQLQ QHGHQOHUL YH NXUWXOXûD JLGHQ\ROODUKDNNÖQGDELUELULQGHQIDUNOÖOÖNODUJ|VWHULUOHU %XoDOÖûPDJD]HWHFLOHULQIHPLQLVWKDUHNHWOHULIDUNOÖOÖNODUÖLOHQHNDGDUWDQÖGÖNODUÖQÖYH GÖûDUÖGDQ KHUKDQJL ELU EDVNÖ \D GD NÖVÖWODPDQÖQ ROPDGÖøÖ ELU RUWDPGD \HQL ELU WRSOXPVDO KDUHNHW NDUûÖVÖQGD JD]HWHFLOHULQ NXOODQGÖNODUÖ RUWDN KDEHU VHoPH NDWHJRULOHULQLQYDUROXSROPDGÖøÖQÖRUWD\DoÖNDUPD\ÖKHGHIOHPLûWLU )HPLQLVWKDUHNHWOHUGHROGXøXJLELWPWRSOXPVDOKDUHNHWOHUJHQHORODUDNLNLWHKOLNH LOHNDUûÖNDUûÖ\DNDOPÖûODUGÖU %LULQFLVL ´QRUPDOµ \D GD NXUXPVDOODûWÖUÖOPÖû H\OHPOHUGHQ QLWHOLN RODUDN D\UÖ WXWXOPDVÖYHEXQHGHQOHGHPDQWÖNVÖ]\DGDROJXQODûPDPÖûRODUDNGHøHUOHQGLULOPHVLLNLQFL RODUDN GD DPSLULN RODUDN GDKD GHULQ SUREOHPOHULQ \]H\VHO EDûNDOGÖUÖVÖ RODUDN J|UOPHVLQGHQ ´LNLQFLOµSR]LV\RQDLWLOPHVL <HQL WRSOXPVDO KDUHNHWOHU GHøLûHQ GHøHU \DUJÖODUÖ YH JHOLûHQ DOWHUQDWLI \DûDP ûHNLOOHUL\OH WRSOXPVDO ELU GHøLûLNOLN JLULûLPL ROPD |]HOOLøL GH WDûÖUODU .OWUHO PGDKDOHOHU YH \HQL \DûDP WDU]ODUÖ LOH JHOHQHNVHO GHøHUOHUH PH\GDQ RNXUODU gUQHøLQ .DGÖQKDUHNHWOHULQGHQ 5DGLNDOIHPLQL]PHJ|UH # NDGÖQ HUNHN DUDVÖQGDNL HJHPHQOLN LOLûNLVL HQ WHPHO HJHPHQOLN .DGÖQODUÖQHQWHPHOPFDGHOHVLHUNHNOHUHNDUûÖYHULOHQPFDGHOHGLU *D]LhQLYHUVLWHVLùOHWLûLP)DNOWHVL LOLûNLVLGLU 8OXVDO8\JXODPDOÖ(WLN.RQJUHVL /LEHUDOIHPLQL]PHJ|UH # NDGÖQODUDNDUûÖX\JXODQDQD\UÖPFÖOÖNOD\DVDOYHGLøHUUHIRUPODUODEDûHGLOHELOLU # WHPHORODUDNHûLWOLNYHELUH\LQ|]HUNOLøL]HULQGHGXUXUODU 0DUNVLVWIHPLQLVWOHUHJ|UH # NDGÖQODUÖQ WRSOXPVDO UHWLPLQ GÖûÖQGD WXWXOPDVÖQÖ DVÖO QHGHQ RODUDN DOÖU YH |]JUOHûPHN LoLQ YHULOHFHN PFDGHOHQLQ NDSLWDOL]PH NDUûÖ YHULOHQ PFDGHOHGHQ D\ÖUPD] 6RV\DOLVWIHPLQLVWOHUHJ|UH # NDGÖQÖQ H]LOPHVLQL SDWULDUNDO LOLûNLOHU YH NDSLWDOL]PLQ ELU |]HOOLøL RODUDN ELUOLNWH WDUWÖûÖUODU # DWDHUNLONDSLWDOL]PQLWHOHPHVL\OHNDGÖQODUÖQH]LOPHVLQLVÖQÖIWHPHOOLDoÖNODUODU ùVODPFÖPVOPDQIHPLQL]PHJ|UH # NDGÖQÖQPRGHUQWRSOXPODUGDH]LOPHVLQHo|]PRODUDN´PDKUHPµDODQÖ|QSODQD oÖNDUÖUODU # PFDGHOHOHULQLPVOPDQNDGÖQRODUDNVUGUUOHU $QFDNWPEXIHPLQLVWKDUHNHWOHUIDUNOÖOÖNODUÖYXUJXODQDUDNPHG\DGDHûLWûHNLOGHYH QHVQHO |OoWOHUGH \HU DOPD]ODU =DWHQ PHG\DGD NDGÖQODUÖQ VXQXPXQD LOLûNLQ oDOÖûPDODU YDUGÖU DPD GRøUXGDQ IHPLQLVW KDUHNHWOHULQ VXQXPXQD LOLûNLQ ELU oDOÖûPD 7UNL\H·GH \RNWXU 0HG\DGD ED]Ö ROD\ODU VUHNOL RODUDN KDEHU GHøHULQH VDKLSWLUOHU ED]ÖODUÖ LVH \D\ÖQODQDFDN NDGDU |QHPOL EXOXQPD]ODU +DOEXNL E|\OH ELU VUHoWH VHoLOHQ KDEHUOHULQ VUHNOL RODUDN \HQLGHQ UHWLOPHVL JLEL VHoLOPH\HQOHULQ GH \HQLGHQ \RN HGLOPHVL V|] NRQXVXGXU %LU ROD\ KDEHU RODUDN \DQVÖWÖOPÖ\RUVD ]DWHQ LoHULøLQLQ QH GHUHFH GRøUX YH QHVQHORODUDNYHULOGLøLQLWDUWÖûPDRODQDøÖGDEDûWDQ\RNRODFDNWÖU +DEHU \DSPD VUHFLQGH KDEHULQ KD]ÖUODQPDVÖ YH VHoLOPHVLQGH NXUXPVDO HNRQRPLN YH VL\DVDO NÖVÖWODPDODU ELU \DQD EÖUDNÖOGÖøÖQGD PHG\D SURIHV\RQHOOHULQLQ ]HULQGHNL ELUH\VHO |]QHO NÖVÖWODPDODU |Q SODQD oÖNDU %XUDGD PHG\D SURIHV\RQHOOHUL ELU ROD\D KDEHU GHøHUL DWIHWPHN LoLQ WRSOXPXQ GLøHU ELUH\OHUL JLEL NHQGL LGHRORMLN YH NOWUHO DQODP KDULWDODUÖQÖ YH oHUoHYHOHULQL UHIHUDQV RODUDN NXOODQDFDNODUGÖU %X QHGHQOH GH KDEHUGHJHUoHNOLNRQXKDEHU\DSDQKHUELUELUH\HJ|UHGHøLûNHQRODFDNWÖU 3HGHOW\·QLQ JD]HWHFLOHULQ ELUH\VHO YH RUWDN NOWUHO GHøHUOHULQLQ \D]GÖNODUÖ KDEHU PHWLQOHULQHE\N|OoGH\DQVÖGÖøÖQÖRUWD\DNR\DQoDOÖûPDODUÖYDUGÖU *RIIPDQ GD ELU JHUoHNOLøLQ DOJÖODQPDVÖ YH \DûDQPDVÖ LoLQ EX JHUoHNOLøLQ LoLQGH JHOLûWLøL VLVWHPLQ G]HQLQ ELOLQPHVL JHUHNWLUGLøLQL YXUJXODU $QFDN GHQH\LP VDKLEL ROXQPD\DQ NRQXODUGD QH \DSÖOGÖøÖQD LOLûNLQ WDWPLQ HGLFL ELU DoÖNODPD \DSPD] %X VRQ GHUHFH |QHPOLGLU dQN JQGHOLN \DûDPD LOLûNLQ ´oHUoHYHOHULQµ ROPDGÖøÖ GXUXPGD ROD\ODUÖ DOJÖOD\DELOPHN LoLQ JHUHNOL J|QGHUPHOHULQ \DSÖODELOHFHøL UHIHUDQVODUD LKWL\Do YDUGÖU YH EXQODU ROPDGÖøÖ WDNGLUGH |QHPOL ELU ROD\ IDUN HGLOPH\HQ ELU ROD\D G|QûHELOLU %LU WRSOXPXQ JHOLûLP VUHFL LoHULVLQGH SHN oRN WRSOXPVDO KDUHNHW LOH NDUûÖODûPDVÖ oRN GRøDOGÖU $QFDN EX WRSOXPVDO KDUHNHWOHULQ ED]ÖODUÖQD KDEHU GHøHUL DWIHGLOHUHN \D\ÖQODQPDVÖ YH ED]ÖODUÖQÖQ GD \RN VD\ÖOPDVÖ VDGHFH KDEHU ROXûXPXQGDNL oHûLWOL VUHo 03HGHOW\´7KH0DUJLQDO0DMRULW\:RPHQ:DU&RUUHVSRQGHQWVLQWKH6DOYDGRUDQ 3UHVV&RUSV$VVRFLDWLRQµ&ULWLFDO6WXGLHVLQ0DVV&RPPXQLFDWLRQ9RO (*RIIPDQ)UDPH$QDO\VLV$Q(VVD\RQWKH2UJDQL]DWLRQRI([SHULHQFH1HZ<RUN +DUSHU5RZ3UHVVV 1XUWHQ.DUD³*D]HWHFLOHULQ.OWUHOYH6L\DVDO$UNDSODQODUÖQÖQ+DEHU6HoLPOHULh]HULQGHNL(WNLVL YH ]RUOXNODUÖQ YDUOÖøÖ LOH DoÖNODQDPD] dQN L]OH\LFL YH RNX\XFXGDQ X]DN WXWXODQ EX ROD\ODUÖQ WRSOXPVDO KD\DWÖQ DQODûÖOPDVÖ YH DQODPODQGÖUÖOPDVÖQGD \DSDFDøÖ HWNLOHU \RN HGLOPLûROXU )HPLQLVWKDUHNHWOHUVL\DVDONOWUQG|QûPQVDøODPDNLoLQDWÖODQVHVVL]NoN DPD |QHPOL DGÖPODUGÖU %X QHGHQOH IHPLQLVW KDUHNHWOHU VLYLO WRSOXPXQ |QFV RODUDN GHøHUOHQGLULOPHOLGLUOHU $OWHUQDWLI ELU VL\DVDO NOWUQ PHG\DGDNL \DQVÖPDODUÖ EXQXQ WRSOXP LoHULVLQGH YDUOÖøÖQÖQ J|UOPHVL GûQOPHVL \D\JÖQODûPDVÖ YH UHWLOPHVLQLQ \ROXQX DoDFDNWÖU %X QHGHQOH IHPLQLVW NDGÖQ KDUHNHWOHUL JLEL \HQL WRSOXPVDO KDUHNHWOHULQ LoHULNOHULQLQ QHVQHO RODUDN KDEHU \DSÖOPDVÖ WRSOXPVDO \HQLOLNOHUH YH G|QûPHJLGHQ\ROGD|QHPOLELUEDVDPDNRODFDNWÖU %XQHGHQOHEXoDOÖûPDGDûXVRUX\DFHYDSDUDQPD\DoDOÖûÖOPÖûWÖU 0HG\D SURIHV\RQHOOHUL ]HUOHULQGH HNRQRPLN \D GD NXUXPVDO KHUKDQJL ELU EDVNÖ XQVXUX ROPDGÖøÖQGD ELOH ELU WRSOXPVDO ROD\D KDEHU GHøHUL DWIHWPHGH EHOLUOLVHoLPNDOÖSODUÖNXOODQÖ\RUODUPÖ" .XOODQÖODQ KDEHU VHoPH NDWHJRULOHUL PHG\D SURIHV\RQHOOHULQLQ VL\DVDO YH NOWUHODUNDSODQODUÖLOHEDøODQWÖOÖPÖ" %XQXEXODELOPHNLoLQ 0HG\D SURIHV\RQHOOHULQH LoHULVLQGH KHU ELU IHPLQLVW KDUHNHWH GHQN GûHQ |]QHVL NDGÖQ YH HUNHN RODQ KHP ROXPOX KHP ROXPVX] NXUPDFD KDEHULQ EXOXQGXøX ELU VRUPDFD YHULOHUHN WHN VRUXPOXQXQ NHQGLOHUL ROGXøX YH KHUKDQJL ELU EDVNÖ XQVXUXQXQ ROPDGÖøÖ ELU RUWDPGD NHQGL \D\ÖQODUÖQGD EX KDEHUOHUGHQ KDQJLOHULQH \HU YHULS YHUPH\HFHNOHULQL GRNX]OX ELU GHøHUOHQGLUPH FHWYHOLQGH EHOLUOHPHOHUL LVWHQPLûWLU %X VRUPDFDYHDQDOL]OHU4PHWRGRORMLVLNXOODQÖODUDN\UWOPûWU 4 PHWRGRORMLVL KDEHU VHoLPLQGH NDUDU YHUPH VUHFLQLQ NDOÖSODUÖQD X\JXQ GûPHVL QHGHQL\OHLOHWLûLPDODQÖQGDX\JXODQPD\DoRNHOYHULûOLELU\|QWHPGLUKDEHUVHoLPLQGHNL NDOÖSODUÖ WDQÖPODPDVÖQÖQ \DQÖ VÖUD KDEHULQ \D\ÖQD \D GD EDVNÖ\D KD]ÖUODQPDVÖ VUHFL\OH GHEHQ]HUOLNJ|VWHULU %XVHEHSOH|QFHOLNOHKDEHUVHoPHLûOHPLQHoRNX\JXQROPDVÖQGDQGROD\ÖYHLNLQFL RODUDNGDLQVDQODUÖQ|]QHONULWHUOHULQLQQHOHUROGXøXQXVDSWDPDGDVDøODGÖøÖNROD\OÖNWDQ GROD\ÖEXoDOÖûPDGD40HWRGRORMLVLNXOODQÖOPÖûWÖU 4 PHWRGRORMLVLQLQ DYDQWDMÖ WHN WHN YDNDODU ]HULQGHQ oDOÖûPDODU \DSPD\Ö PPNQ NÖOPDVÖGÖU ´7HN YDNDµGDQ NDVÖW oDOÖûPD NDSVDPÖQGDNL ELU WHN NLûL \D GD ELUELUL LOH HWNLOHûLPKDOLQGHRODQNLûLOHUGHQROXûPXûELUJUXSWXU %XUDGD \DSÖODQ KHUKDQJL ELU NLûLQLQ EDûND NLûLOHUOH RUWDN |]HOOLNOHULQLQ ROXS ROPDGÖøÖQÖ RUWD\D oÖNDUDUDN RUWDN |]HOOLøH VDKLS RODQODUÖ JXUXSODQGÖUDELOPHNWLU %HQ]HU ELUH\OHULQELUDUD\DJHOPHVLGH´RUWDNUHIHUDQVoHUoHYHVLµ RODUDNWDQÖPODQÖU gUQHNOHP %XDUDûWÖUPDJD]HWHWHOHYL]\RQYHKDEHUDMDQVODUÖQGDDNWLIRODUDNKDEHU\D]DQ\DGD GHøHUOHQGLUHQ KDEHU LOH GRøUXGDQ LOLûNLOL NLûLOHU ]HULQGH \DSÖOPÖûWÖU 8ODûÖODELOHFHN PHYFXW JD]HWHOHUGHQ KHU ELULQLQ JHQHO HGLW|U KDEHU VSRU NDGÖQ YH VRV\DO NRQXODUOD LOJLOL RODQ SHUVRQHOL DUDûWÖUPD NDSVDPÖQD DOÖQPÖûWÖU $UDûWÖUPD HYUHQLQLQ VDøOÖNOÖ ELU ûHNLOGHEHOLUOHQHELOPHVLLoLQVDGHFHVDUÖEDVÖQNDUWÖWDûÖ\DQODUDUDûWÖUPDNDSVDPÖQGD\HU -XP&1XQQDOO\-U,QWURGXFWLRQWR3V\FKRORJLFDO0HDVXUHPHQW1HZ<RUN0F*UDZ+LOOV 8OXVDO8\JXODPDOÖ(WLN.RQJUHVL DOPÖûWÖU 6HUEHVW oDOÖûDQODU SDUW WLPH oDOÖûDQODU \D GD oHûLWOL QHGHQOHUOH EDVÖQ NDUWÖ DODPD\DQDPDDNWLIRODUDNJD]HWHFLOLN\DSDQODUGDoDOÖûPDNDSVDPÖGÖûÖQGDWXWXOPXûWXU ']HOWPHQ WHUFPDQ NDPHUDPDQ PHVVHVH PGU \D GD LGDUL WHPVLOFL JLEL J|UHYOHUHVDKLSRODUDNVDUÖEDVÖQNDUWÖWDûÖ\DQDQFDNKDEHU\DSÖPÖLOHLOLûNLVLGROD\OÖRODQ oDOÖûDQODU GD NDSVDP GÖûÖQGD EÖUDNÖOPÖûWÖU dHUoHYHQLQ LoLQGH NDODQODU PXKDELUOHU LVWLKEDUDW ûHIOHUL KDEHU PGUOHUL \D]Ö LûOHUL PGUOHUL JHQHO \D\ÖQ \|QHWPHQOHUL YH N|ûH\D]DUODUÖROPXûWXU 7RSODP NLûL\H X\JXODQDQ DQNHWLQ ·LQL NDGÖQODU ·Q HUNHNOHU ROXûWXUPXûWXU 8\JXODQDQ DQNHW oDOÖûPDVÖQGD NDGÖQ YH HUNHNOHU DUDVÖQGD HûLW ELU GDøÖOÖPÖQ VDøODQPDVÖQD |]HQ J|VWHULOPLûWLU DQFDN ELU HûLWOLN VDøODQPDVÖ PPNQ ROPDPÖûWÖU %XQXQ VHEHEL PHG\D VHNW|UQGH |]HOOLNOH NDUDU DOPD VHYL\HVLQGH oDOÖûDQ NDGÖQODUÖQ VD\ÖFDD]OÖøÖGÖU PXKDELU YH VW G]H\ SR]LV\RQODUGD EXOXQDQ PHG\D SURIHV\RQHOL DUDûWÖUPD NDSVDPÖLoHULVLQGH\HUDOPÖûWÖU 6L\DVDO J|UûH LOLûNLQ NDWHJRULOHULQ 7UNL\H·QLQ PHYFXW VL\DVDO \DSÖVÖQD YH NRûXOODUÖQD X\JXQ LGHRORMLOHUL \DQVÖWPDVÖQD |]HQ J|VWHULOPLûWLU 'HQHNOHUH VL\DVDO J|UûOHULQL HQ L\L DoÖNOD\DELOHQ NDYUDPÖQ QH ROGXøX VRUXOPXû ELU NHVLQOLN EHOLUWLOPHPLûWLU %X oDOÖûPDGD DUDûWÖUPD GHQHNOHULQGHQ ·VLVL\DVDO J|Uû KDNNÖQGDELOJL YHUPHN LVWHPHPLûWLU $ $QDOL] %X DQDOL]OHU \DSÖOÖUNHQ VRUXODUÖQ GHøLO \DQÖWOD\DQ NLûLOHULQ DUDVÖQGDNL LOLûNL\H EDNÖOGÖøÖQGDQNLûLOHUDUDVÖQGDNLIDNW|UDQDOL]LQLQNRUHODV\RQPDWULNVLoÖNDUÖOPÖûWÖU %XOJXODU %LULQFL*UXS 7RSODP NLûLQLQ ROXûWXUGXøX EX JUXSWD PHG\D SURIHV\RQHOOHUL |QFHOLNOH VDQVDV\RQHO RODQ KDEHUOHUL VHoPLûOHUGLU %X VDQVDV\RQHO KDEHUOHU NDGÖQOD LOJLOL DQFDN KHUKDQJL ELU IHPLQLVW NDGÖQ KDUHNHWLQH GHQN GûPH\HQ KDEHUOHUGLU %N] (N KDEHU QRJLEL 6L\DVDO J|UûOHUL DoÖVÖQGDQ HûLW ELU GDøÖOÖPÖQ YDU ROGXøX \DQÖW \RN GL\HQOHULQ GH EX JUXSLoHULVLQGHRUDQÖQGD\HUDOGÖøÖJ|UOU ùNLQFL*UXS 7RSODPNLûLQLQROXûWXUGXøXLNLQFLJUXSGDYUDQÖûNDOÖEÖQÖQVHUJLOHGLøL|]HOOLNoRN |QHPOLGLU %X GDYUDQÖû NDOÖEÖQGD UDGLNDO IHPLQLVW NDGÖQ KDUHNHWOHULQH GHQN GûHQ KDEHUOHU UHGGHGLOLUNHQ OLEHUDO RODQ KHP ROXPOX KHP GH ROXPVX] WP KDEHUOHU \D\ÖQODQPDNLVWHQPLûWLU %X JUXSWD \HU DODQ PHG\D SURIHV\RQHOOHUL LQFHOHQGLøLQGH VL\DVDO J|UûOHUL EDNÖPÖQGDQ QHUHGH\VH WDPDPHQ HûLW ELU GDøÖOÖP VHUJLOHGLNOHUL J|UOPûWU .DEXO J|UHQ WRSOXPVDO GHøHUOHU GÖûÖQGD NDODQ KDEHUOHU PDQWÖN GÖûÖ RODUDN GHøHUOHQGLULOPLûWLU 7RSOXPVDO VDøGX\X NL EX VDGHFH oRøXQOXøD DLW ROGXøX GûQOHQ VDøGX\XGXU KDEHU VHoLPLQLHWNLOHPLûWLU $QDOL]OHULQ\DSÖOPDVÖQGD6366SURJUDPÖNXOODQÖOPÖûWÖU 1XUWHQ.DUD³*D]HWHFLOHULQ.OWUHOYH6L\DVDO$UNDSODQODUÖQÖQ+DEHU6HoLPOHULh]HULQGHNL(WNLVL hoQF*UXS %X JUXSWD |]HOOLNOH 5DGLNDO YH ùVODPFÖ IHPLQLVW KDUHNHWOHULQ QHJDWLI RODUDN J|VWHULOGLøL KDEHUOHU WDPDPHQ UHGGHGLOPLûWLU 6RV\DOLVW YH 0DUNVLVW IHPLQLVW NDGÖQ KDUHNHWOHULQLQSR]LWLIRODUDNYHULOGLøLKDEHUOHULVH\D\ÖQODQPDNLVWHQPLûWLU .HQGLVLQL $WDWUNo OLEHUDO PLOOL\HWoL RODUDN WDQÖPOD\DQODUÖQ EX JUXSWDNL GHQHNOHU DUDVÖQGDKLo\HUDOPDGÖNODUÖEXOJXODUDUDVÖQGDGÖU'HQHNOHULQ·VLQLNHQGLVLQL6RV\DO 'HPRNUDW YH 0DUNVLVW RODUDN WDQÖPOD\DQODU ·LQL GH \DQÖW YHUPH\HQOHU ROXûWXUPDNWDGÖU %X GD J|VWHUL\RU NL EX JUXS LoHULVLQGHNLOHU ELU \DQGDQ NHQGL VL\DVDO J|UûOHUL GRøUXOWXVXQGDNLKDEHUOHULQ\D\ÖQODQPDVÖQÖLVWHUNHQGLøHU\DQGDQGDDQDDNÖPLoHULVLQGH VDSNÖQ \D GD D\NÖUÖ RODUDN WDQÖPODQDQODUÖQ GD NHVLQOLNOH ROXPVX] RODUDN \DQVÖWÖOPDVÖQGDQ\DQDGHøLOOHU '|UGQF*UXS 0DUNVLVWUDGLNDOYHOLEHUDOKHPSR]LWLIKHPGHQHJDWLINDGÖQKDUHNHWOHULQL\DQVÖWDQ KDEHUOHULQ WPGHQ UHGGHGLOGLøL EX JUXSWD LVODPFÖ YH OLEHUDO NDGÖQ KDUHNHWOHULQLQ GH |]HOOLNOHNDGÖQODUWDUDIÖQGDQROXPVX]ODQGÖøÖKDEHUOHULQ\D\ÖQODQPDNLVWHQGLøLJ|UOU %XJUXSWDNL\DQÖWOD\ÖFÖODUÖQ·VÖNHQGLVLQLùVODPFÖRODUDNJHULNDODQÖGD0DUNVLVW RODUDNWDQÖPODPÖûWÖU %XJUXSWDNLOHUPHG\DSURIHV\RQHOOHULQLQNHQGLVL\DVDO\DNODûÖPÖQDGHQNGûVHELOH NDGÖQ KDUHNHWOHULQH LOLûNLQ KDEHUOHUL \D\ÖQODPDN LVWHPHGLNOHULQL RUWD\D NR\DU +DWWD NHQGL J|UûQH GHQN GûHQ ELU VL\DVDO V|\OHPGH GH NHQGLVLQL ùVODPFÖ RODUDN WDQÖPOD\DQODUGDROGXøXJLELEL]]DWNDGÖQODUWDUDIÖQGDQEXKDUHNHWLQROXPVX]ODQPDVÖQÖ GROD\ÖVÖ\OD \RN HGLOPHVLQL \D GD VDoPD J|VWHULOPHVLQL VDøOD\DFDN KDEHUOHUL \D\ÖQODPDN LVWHGLNOHULRUWD\DoÖNPÖûWÖU %HûLQFL*UXS dRøXQOXNOD ùVODPFÖ NDGÖQ KDUHNHWLQH GHQN GûHQOHULQ \DQÖ VÖUD 0DUNVLVW YH UDGLNDO RODQODUÖQ GD \D\ÖQODQPD\D GHøHU J|UOGø EX JUXSWDNLOHUGH GLøHU WP NDGÖQ KDUHNHWOHULQLROXPVX]OD\DQKDEHUOHULQUHGGHGLOGLøLELUGDYUDQÖû|]HOOLøLRUWD\DoÖNPÖûWÖU %X JUXS LoHULVLQGH \HU DODQ GHQHNOHU NHQGLOHULQL GDKD oRN OLEHUDO RODUDN WDQÖPOD\DQODUGDQ ROXûPDNWDGÖU %X GD NHQGLOHULQL DQDDNÖP IHPLQLVW KDUHNHWOHUH GûQFH RODUDN GDKD \DNÖQ KLVVHGHELOHFHNOHULQL J|VWHULU *HUoHNWHQ GH DQDDNÖP IHPLQLVW KDUHNHWOHUL ROXPVX]OD\DQ KDEHUOHUL \D\ÖQODPDN LVWHPHPHNWH DPD NHQGLOHULQH J|UH DûÖUÖ \D GD VDSNÖQ RODUDN WDQÖPOD\DELOHFHNOHUL KDUHNHWOHUH GHQN GûHQ KDEHUOHUGH KHPROXPOXKHPGHROXPVX]KDEHUOHUL\D\ÖQODPDNLVWHPHNWHGLUOHUùEUHWROVXQKHUNHV QHPDOROGXNODUÖQÖJ|UVQ $OWÖQFÖ*UXS (UNHNOHU WDUDIÖQGDQ NDGÖQ KDUHNHWOHULQLQ ROXPVX]ODQGÖøÖ KDEHUOHUL \D\ÖQODPDN LVWH\HQ DQFDN HUNHNOHULQ NDGÖQ KDUHNHWOHULQL GHVWHNOHGLøLQL EHOLUWHQ |]HOOLNOH UDGLNDO IHPLQL]PGHNLSR]LWLIKDEHUOHULUHGGHGHQELUGDYUDQÖû|]HOOLøLRUWD\DoÖNPÖûWÖU g]HOOLNOH EX JUXSWD \HU DODQODUÖQ KDEHUVHoLPLQGH FLQVL\HWoL ELU \DNODûÖP NHQGLVLQL DoÖNoDJ|VWHUPHNWHGLU <HGLQFL*UXSWD 0DUNVLVW YH ùVODPFÖ IHPLQL]PL ROXPVX]OD\DQ KDEHUOHUH \NVHN KDEHU GHøHUL YHUHQ YH|]HOOLNOH&XPDUWHVL$QQHOHULLOHLOJLOLRODQKDEHULNHVLQOLNOH\D\ÖQODPD\ÖUHGGHGHQELU NDOÖS RUWD\D oÖNPÖûWÖU %X JUXSWDNL VL\DVDO J|Uû GDøÖOÖPÖQD EDNWÖøÖPÖ]GD EXQODUÖQ 8OXVDO8\JXODPDOÖ(WLN.RQJUHVL ·QQ NHQGLVLQL $WDWUNo RODUDN WDQÖPODGÖNODUÖ J|UOU %X JUXS LoHULVLQGH ùVODPFÖ/LEHUDO\DGD0DUNVLVWVL\DVDOJ|UûOKLoNLPVHEXOXQPDPDNWDGÖU %X JUXS LoHULVLQGH \HU DODQODU LoLQ PHG\D KHJHPRQ\D NXUPDN LoLQ JoO ELU D\JÖW RODUDNJ|UOU 6HNL]LQFL*UXS %XJUXSWDNLOHULoLQKDEHUGHøHULQLHWNLOH\HQEDûNDXQVXUODUÖQYDUOÖøÖQGDQV|]HWPHN GDKD GRøUX RODFDNWÖU %X JUXSWD \HU DODQODU LoLQ KDEHU XQVXUODUÖQÖQ WDP ROXS ROPDGÖøÖ GDKDEHOLUOH\LFLROPXûWXU *UXSWDNLGHQHNOHUGHQ·GHDQNHWVRUXODUÖQÖGLNNDWOLELUûHNLOGHRNXPDODUÖQD UDøPHQ KHSVLQH NHVLQOLNOH \D\ÖQODUÖP DQODPÖQD JHOHQ SXDQÖQÖ YHUPH\L X\JXQ J|UPûOHUGLU $QNHW \DQÖWODUÖ DOÖQGÖNWDQ VRQUD \DSÖODQ \] \]H J|UûPHOHUGH EX NLûLOHULQ DQNHW oDOÖûPDODUÖQÖQ X\JXODQGÖøÖ G|QHPGH JQGHPL \RøXQ ûHNLOGH PHûJXO HGHQ 0LOOL *YHQOLN .XUXOX .DUDUODUÖ GRøUXOWXVXQGD X\JXODQDQ VÖNÖ VDQVU X\JXODPDVÖQD ELU WHSNL RODUDN EX SXDQÖ VHoWLNOHUL DQODûÖOPÖûWÖU %X GD J|VWHUL\RU NL XOXVDO JYHQOLN V|\OHPL LoHULVLQGH JHOLûWLULOHQ \RøXQ VDQVU X\JXODPDODUÖ JD]HWHFLOHU ]HULQGHE\NELUEDVNÖXQVXUXROXûWXUPDNWDYHKDEHUVHoLPOHULQLHWNLOHPHNWHGLU %X oDOÖûPDQÖQ VRQXQGD ûX V|\OHQHELOLU ù\L \D GD N|W WP KDEHUOHULQ \D\ÖQODQPDVÖ \D GD \D\ÖQODQPDPDVÖ ELU \DUJÖQÖQ UQGU <DSÖODQ oDOÖûPD KDEHUGH NOWUHO YH VL\DVDO ELU WDUDIOÖOÖøÖQ NDoÖQÖOPD] ROGXøXQX RUWD\D NR\PXûWXU DPD EXQXQ GR]X \D GD \|QQ D\DUODPDN PHG\D SURIHV\RQHOOHUL LoLQ LPNDQVÖ] RODQ ELU ûH\ GHøLOGLU /DNDWRV NDYUDPVDO KDSLVKDQHOHULPL]L EL] NXUX\RUVDN RQODUÖ \ÖNPDN GD EL]LP HOLPL]GHGLUGHU %X YHULOHULQ DQDOL]L VRQXFXQGD PHG\D SURIHV\RQHOOHULQLQ NXOODQGÖNODUÖ GRNX] D\UÖ KDEHU VHoPH NDWHJRULVL RUWD\D oÖNPÖûWÖU %X NDWHJRULOHU PHG\D SURIHV\RQHOOHULQLQ ]HULQGH R\QD\DPD\DFDNODUÖ LoHULøLQL GHIRUPH HGHPH\HFHNOHUL ELU KDEHU KDYX]XQGDQ \DSWÖNODUÖKDEHUVHoLPOHUL\OHEHOLUOHQPLûWLU LOH $UDûWÖUPDVRQXQGD40HWRGRORMLVLLOHVDSWDQDQGRNX]D\UÖKDEHUVHoPHNDWHJRULVL X\XPOX WRSODP GRNX] IDNW|UJUXS RUWD\D oÖNPÖûWÖU %LULQFLVLQGH PHG\D SURIHV\RQHOOHULQLQ|QFHOLNOHIHPLQLVWNDGÖQKDUHNHWOHULLOHLOJLOL\DGDLOJLVL]VDQVDV\RQHO RODQ KDEHUOHUH KDEHU GHøHUL YHUGLNOHUL J|UOPûWU ùNLQFLVLQGH PRGHUQ NDGÖQ LPJHVL\OH |UWûHQ OLEHUDO IHPLQL]PLQ GÖûÖQGD NDODQ IHPLQL]POHULQ IDUNOÖ VL\DVDO J|UûOHUH VDKLS ELU JUXS PHG\D SURIHV\RQHOL WDUDIÖQGDQ JHQHO ELU X]ODûÖ\OD GÖûODQGÖøÖ DoÖøD oÖNPÖûWÖU $QDDNÖP OLEHUDO IHPLQL]PGHQ D\UÖODQ NDGÖQ KDUHNHWOHUL EX JUXSWDNL PHG\D SURIHV\RQHOOHULQFH J|UPH]GHQ JHOLQPLûWLU hoQF JUXSWD PHG\D SURIHV\RQHOOHULQLQ |]HOOLNOH NHQGL VL\DVDO J|UûOHULQH GHQN GûHQ IHPLQLVW NDGÖQ KDUHNHWOHULQH KDEHU GHøHUL YHUGLNOHUL VDSNÖQ \D GD D\NÖUÖ VD\ÖODELOHFHNOHUL NHVLQOLNOH UHGGHWWLNOHUL ELU VHoLP RUWD\D oÖNPÖûWÖU '|UGQF JUXSWD |]HOOLNOH NDGÖQODU WDUDIÖQGDQ ROXPVX]ODQDQ IHPLQLVW NDGÖQ KDUHNHWOHULQH KDEHU GHøHUL YHULOGLøL J|UOU %X JUXSWDNLOHU NDGÖQ KDUHNHWOHULQH NDUûÖ DoÖN ELU NDUDODPD NDWHJRULVLQLQ YDUOÖøÖQÖ RUWD\D NR\PXûWXU %HûLQFL JUXSWD GHUV YHULFL X\DUÖFÖ QLWHOLNWH ROGXNODUÖ GûQOHQ QHJDWLI KDEHUOHUH \HU YHULOPLûWLU %LU EDûND GH\LûOH ´LEUHW ROVXQµ \D GD ´KHUNHV QH PDO ROGXNODUÖQÖ J|UVQµ GL\H |]HOOLNOH QHJDWLI KDEHUOHULQ VHoLOGLøL ELU NDWHJRUL RUWD\D oÖNDUPÖûWÖU $OWÖQFÖ JUXSWDNLOHU IHPLQLVW NDGÖQ KDUHNHWOHULQL NoPVH\HQ YH DûDøÖOD\DQ KDWWDHUNHNOHULQEXKDUHNHWOHULQGHVWHNoLVLROPDODUÖQÖ\DQVÖWPDNLVWHPH\HQFLQVL\HWoLELU \DNODûÖPOD KDEHU VHoLOGLøLQL RUWD\D NR\PXûWXU <HGLQFL JUXS WDPDPHQ VWDWNRFX ELU KDEHU \DSPD DQOD\ÖûÖQÖQ YDUOÖøÖQÖ J|VWHUPLûWLU <DQL VLVWHPL HOHûWLUHQ QLWHOLNWH \D GD 1XUWHQ.DUD³*D]HWHFLOHULQ.OWUHOYH6L\DVDO$UNDSODQODUÖQÖQ+DEHU6HoLPOHULh]HULQGHNL(WNLVL ´UDGLNDO oÖNÖûODUÖµ ROXPOX J|VWHUHELOHFHøL GûQOHQ KDEHUOHU VHoLOPHPLûWLU 6HNL]LQFL JUXS KDEHU XQVXUODUÖQÖQ \HULQGH ROPDVÖQÖ \HWHUOL EXODQ IHPLQLVW NDGÖQ KDUHNHWOHUL DUDVÖQGD VHoLFL ROPD\DQ ELU KDEHU NDOÖEÖQÖ RUWD\D NR\DU 'RNX]XQFX JUXS KNPHW WDUDIÖQGDQ X\JXODQDQ VÖNÖ VDQVUOHULQ PHG\D SURIHV\RQHOOHUL DUDVÖQGD WHSNLVHO KDEHU VHoLPL \DSPDODUÖQD QHGHQ ROGXøX RUWD\D oÖNPÖûWÖU %X JUXS LoHULVLQGH \HU DODQODUÖQ WPQQ HUNHN ROGXøX J|UOPûWU %X GD HUNHNOHULQ \HWNL NXOODQPDGD GDKD UDKDW GDYUDQGÖNODUÖQÖRUWD\DNR\PDNWDGÖU (NRQRPLN.UL]LQLQùû(WLøLQGH$oWÖøÖ2ODQDNODU$ODQÖ 6LEHO2NWDU 6RV\DO YH WHNQRORMLN NRûXOODUGDNL GHøLûLPJHOLûPH ûLUNHWOHULQ Lû \DSÖû ûHNLOOHULQL \|QHWLP WDU]ODUÖQÖ WDPDPHQ GHøLûWLUPLûWLU .DOLWH DUWÖN ûLUNHWOHUL ELUELULQGHQ D\ÖUDQ IDUNOÖODûPDODUÖQÖVDøOD\DQELUNDYUDPROPDNWDQoÖNÖSLûLQROPD]VDROPD]SDUoDVÖKDOLQH JHOPLûWLU %X JHOLûLPOH EDøODQWÖOÖ RODUDN ûLUNHW oDOÖûDQODUÖQÖQ NDWNÖ YH GHøHUL LûOHWPHOHU LoLQ|QHPOLNRQXODUÖQEDûÖQGDJHOPH\HEDûODPÖûWÖU úLUNHWOHULQKLVVHGDUODUÖQDPûWHULOHULQHNLPûWHULWDQÖPÖVDGHFHûXDQGDRûLUNHWLQ VDøODGÖøÖ UQ YH KL]PHWWHQ \DUDUODQDQ NLûLOHU ROPDNOD VÖQÖUODQGÖUÖOPD\ÖS SRWDQVL\HO PûWHULOHUL NDSVDGÖøÖQGD WRSOXPD YH oDOÖûDQODUÖQD NDUûÖ VRUXPOXOXNODUÖ YDUGÖU %X VRUXPOXOXNODUÖQELULQFLOEHOLUOH\LFLVLYH\|QOHQGLULFLVLûLUNHWLQHWLNoHUoHYHVLQLROXûWXUDQ DQDGHøHUOHULGLU %X GHøHUOHULQ ûLUNHWOHU LoLQ |QHPOL ROPDVÖQÖQ VHEHEL QHGLU" <D]ÖOÖ KDOH JHWLULOPHVL SD\ODûÖOPDVÖ GDYUDQÖû NRGODUÖ RODUDN EHQLPVHQPHVL QHGHQ JHUHNOL" úLUNHWOHU Lû HWLøL ]HULQHQHGHQHøLWLPYHUL\RUODUDQDGHøHUFPOHOHULQLSD\ODûÖ\RUODU"6DGHFHVRQPRGD LûOHWPH\|QHWLPLVORJDQODUÖROGXøXLoLQPLûLUNHWOHUE|\OHELU\DNODûÖPDVÖFDNEDNÖ\RU" úLUNHWOHULQ DQD DPDFÖQÖ EDVLW ELU ûHNLOGH DoÖNODPDN JHUHNLUVH X]XQ G|QHPOL NDU YH JHOLûPH VDøODPDN GL\HELOLUL] %X DPDFD PûWHUL GHYDPOÖOÖøÖQÖ X]XQ VUH VDøOD\DUDN XODûÖODELOLU$PDFÖVRQXFDEDøOD\DQ]LQFLULQKDONDODUÖQÖGDDPXWOXPûWHULEûLUNHWH EDøOÖNHQGLQLLûLQHYHUHQ\HWHQHNOLPXWOXYH\HWNLQSHUVRQHOYHFPNHPPHOUQYH VHUYLV G YL]\RQ YH H X]XQ VUHOL E\PH YH NkU·GDQ ROXûXU 3HN oRN ûLUNHWoH EHQLPVHQPLû RODQ ´KL]PHWNkU ]LQFLULµ J|UûQQ KD\DWD JHoHELOPHVLJHUoHNOHûHELOPHVL LoLQ KDONDODUÖQ HWNLOHûLP LoLQGH ROPDVÖ JHUHNLU %X HWNLOHûLP 1HZWRQ·XQ GHYLQLP \DVDVÖQGD EHOLUWWLøL ´X\JXODQDQ KHU NXYYHWLQ WHUV \|QQGHHûLWE\NONWHELUNXYYHWRUWD\DoÖNDUµJ|UûLOHSDUDOHOOLNJ|VWHULU %XUDGD NDVWHGLOHQHWNLOHûLPELODUGRWRSODUÖQÖQHWNLOHûLPLQGHQIDUNOÖRODUDNoLIW\|QOYHEHOLUOL ELU G]HQ LoLQGH ROPDVÖGÖU %X G]HQL KDONDODUÖQ \HU DOGÖøÖ oHUoHYH EHOLUOHU úLUNHWOHUGH LVH EX HWNLOHûLPLQ JHUoHNOHûPHVL LoLQ JHUHNOL oHUoHYH\L YH GHYLQLPLQ G]HQOL YH oLIW \|QO ROPDVÖQÖ ûLUNHW GHøHUOHUL YH HWLN ROXûWXUXU %X QHGHQOH ûLUNHW GHøHUOHULQLQ YDU ROPDVÖYHX\JXODQPDVÖEDûNDELUGH\LûOHJHoHUOLROPDVÖNDøÖW]HULQGHûÖNJ|UQPHQLQ oRN|WHVLQGHKD\DWLELU|QHPWDûÖPDNWDGÖU %XJQ ELUoRN ûLUNHW PLV\RQ YL]\RQ YH GHøHUOHULQL \D]ÖOÖ KDOH JHWLUPHNOH NDOPD\ÖS GDYUDQÖû NRGODUÖ RODUDN EHQLPVHPH YH EHQLPVHWPH \ROXQX L]OHPHNWHGLU 0LV\RQ FPOHVL ELU ûLUNHWLQ YDU ROPD QHGHQLQL YL]\RQ FPOHVL XODûPDN LVWHGLøL QRNWD\Ö DQD GHøHUOHULLVHLû\DSÖûûHNOLQLJ|VWHULU %LUoRN ûLUNHWLQ DQD GHøHUOHUL LQFHOHQGLøLQGH JHQHO RODUDN GUVWON EDûNDODUÖQD |QHP YHUPHGLNNDWH DOPD JYHQLOLUOLN DoÖNOÖN WDNÖP oDOÖûPDVÖ PûWHUL RGDNOÖOÖN &RPPHUFLDO8QLRQ %XUDGDNÖVDFD|]HWOHQHQEXJ|Uû-DPHV/+HVNHWW:(DUO6DVVHUYH/HRQDUG $6FKOHVLQJHU·HDLWWLU'DKDGH\D\OÖELOJL\H6HUYLFH3URILW&KDLQ+RZ/HDGLQJ&RPSDQLHV/LQN3URILW DQG*URZWKWR/R\DOW\6DWLVIDFWLRQDQG9DOXHDGOÖNLWDSODUÖQGDQXODûÖODELOLU 1HZWRQ%HûLøL´1HZWRQ·VFUDGOHµGHQLOHQDUDoODUODEXILNULQJ|VWHULPL\DSÖOPÖûWÖU 8OXVDO8\JXODPDOÖ(WLN.RQJUHVL oDEXN YH GRøUX FHYDS YHUPH JLEL NDYUDPODUÖQ \HU DOGÖøÖQÖ J|U\RUX] %X GHøHUOHULQ ûLUNHW oDOÖûDQODUÖQFD EHQLPVHQL\RU ROPDVÖ GDYUDQÖûD G|QûWUOPHVL |QHPOLGLU $QD GHøHUOHU ûLUNHW LoL \DûDQWÖGD G]HQOH\LFL YH X\JXODPD\Ö NROD\ODûWÖUÖFÖ IDNW|U RODUDN GDYUDQÖû YH HWLN NRGODUÖ RODUDN NDUûÖPÖ]D oÖNÖ\RU úLUNHWOHULQ EXOXQGXøX ONHOHUGHQ GH EDøÖPVÖ]HYUHQVHOJHQHONXUDOYHGHøHUOHUGHQROXûWXNODUÖQÖGDV|\OH\HELOLUL] úLUNHW DQD GHøHUOHULQLQ NUL] DQODUÖQGD |QHP YH |QFHOLNOHULQL ND\EHGLS ND\EHWPHGLNOHULQLQ HNRQRPLN NRûXOODUGDNL GHøLûLNOLNOHULQ HWLN GDYUDQÖû NRGODUÖQÖQ X\JXODPD\D NRQPDVÖQGD HWNLOL ROXS ROPDGÖøÖQÖQ NUL] DQODUÖQÖQ EX ´GHøHUµOHULQ GHøHUOHQGLULOPHVLQGHIDUNOÖOÖN\DUDWÖS\DUDWPDGÖøÖQÖQVRUJXODQPDVÖ|QHPOLGLU úLUNHW DQD GHøHUOHUL VHoPH YH \HUOHûWLUPH JQON Lû SUDWLNOHUL YH LûWHQ D\UÖOPD SURWRNROOHUL GH GDKLO ROPDN ]HUH ûLUNHW \DûDPÖQÖQ KHU ROJXVXQXQ LoLQH LûOHPLû ROPDVÖ YHWPûLUNHWoDOÖûDQODUÖQÖQEXGHøHUOHULEHQLPVH\HUHNEXGHøHUOHUOH\DûÖ\RUROPDVÖEX GHøHUOHULQSUDWLN\DûDPDDNWDUÖOÖ\RUROPDVÖDoÖVÖQGDQ|QHPOLELUJ|VWHUJHGLU ´8\JXODPDOÖ (WLNµLQ NRQXVX RODELOPHVL LoLQ ELU NRQXQXQ WDUWÖûPD\D \RO DoDQ FRQWURYHUVLDO EHOLUOL ELU J|UûQ NDUûÖW J|UûOHULQLQ GH YDU ROGXøX ELU NRQX ROPDVÖ JHUHNWLøL J|UûQGHQ \ROD oÖNDUVDN EXUD\D NDGDU EHOLUWLOHQOHU KHUNHV WDUDIÖQGDQ EHQLPVHQHELOHFHN WDUWÖûPD NRQXVX ELOH ROPDVÖ JHUHNPH\HFHN NDGDU NDEXO HGLOHELOLU J|UQHELOLUYH´X\JXODPDOÖHWLNµLQNRQXVXROXSROPDGÖøÖWDUWÖûÖODELOLU .RQX\X ELUD] GDKD |]HOH LQGLUJHPHN YH ûLUNHW DQD GHøHUOHULQLQ X\JXODPD\D \DQVÖPDVÖQÖ LVWL\RUXP 7UNL\H·GH ùûWH EX \DûDQDQ QRNWDGD HNRQRPLN GD GXUXPNUL] NRQXQXQ oHUoHYHVLQGH ´X\JXODPDOÖ HWLNµL WDUWÖûPDN LOJLOHQGLUGLøLQL GûQ\RUXP.UL]G|QHPLX\JXODPDODUÖùQVDQ.D\QDNODUÖYH3HUVRQHO\|QHWLFLOHULQLQ PHVOHN NXUXOXûODUÖQD NRQX ROGX GRøUX ROPDGÖøÖ GûQOHQ X\JXODPDODU HOHûWLULOGL YH V|\OHQHQOHUH NDUûÖW ELU J|Uû ROPDGÖøÖQGDQ WDUWÖûPD \DUDWPDNWDQ oRN ELOJL SD\ODûÖPÖ RUWDPÖ \DUDWWÖ .DUûÖW J|UûOHULQ V|]FNOHUOH GLOH JHWLULOPHPLû ROPDVÖQÖQ EL]L \DQÖOWPDPDVÖJHUHNWLøLQLGûQ\RUXPoQNNDUûÖWJ|UûH\OHPGDYUDQÖûRODUDNGLOH JHWLULOGL %L]]DW X\JXODPDGD NHQGLQL J|VWHUGL %X QHGHQOH Lû HWLøLQLQ G|QHPVHO GHøLûLNOLNOHUGHQHWNLOHQLûELoLPLQLQWDUWÖûÖOPDVÖQÖQ|QHPOLROGXøXQXGûQ\RUXP .UL]G|QHPLQGHNLX\JXODPDODUODNUL]|QFHVLEHQLPVHQPLûRODQûLUNHWDQDGHøHUOHUL YH RQXQ JHWLUGLøL GDYUDQÖû ELoLPLQGH ELU oDWODN ROXûWXøXQD WDQÖN ROGXN <DûDQDQ HNRQRPLN NUL] EHQLPVHGLøLPL] GHøHUOHUGH ELU VDUVÖQWÖ PÖ \DUDWWÖ \RNVD DVOÖQGD EX WLS GHøHUOHULPL]ROPDGÖøÖQÖPÖRUWD\DoÖNDUWWÖ" 1H\D]ÖNNLVRQD\LoHULVLQGHLûVL]NDODQNLûLVD\ÖVÖQÖELOHWDPRODUDNELOPL\RUX] )DUNOÖ ND\QDNODU LOH DUDVÖQGD IDUNOÖ UDNDPODUGDQ EDKVHGL\RU .UL]LQ HQoRNHWNLOHGLøLNHVLPLQLVHEH\D]\DNDOÖoDOÖûDQODU\DQLL\LHøLWLPOLJHQoGHøLûLPHYH JHOLûLPH DoÖN NUL] |QFHVL ELUoRN ûLUNHW LoLQGHQ oDOÖûPDN LVWHGLøL ûLUNHWL VHoHELOHFHN ûLUNHWOHULPL]GH oDOÖûWÖUPDN LoLQ Lû RUWDPODUÖQÖ DU]X HGLOHQ KDOH JHWLUPHN LoLQ oDED KDUFDGÖøÖPÖ] oDOÖûDFDøÖ ûLUNHWLQ DQD GHøHUOHULQL JHUoHNOHûWLUPHVLQGH NDWNÖGD EXOXQDFDøÖQD LQDQÖODQ LûH DOÖQÖUNHQ EX DQD GHøHUOHUL JHUoHNOHûWLUHFHN \HWNLQOLNOHUL ROXS ROPDGÖøÖoHûLWOLWHVWYHPODNDWODUODVÖQDQDQELUJUXS %X LQVDQODUÖQ JHUoHNWHQ LûWHQ oÖNDUWÖOPDVÖ JHUHNL\RU PX\GX" %X VRUXQXQ WDPDPHQ D\UÖ ELU WDUWÖûPD NRQXVX ROGXøXQX NHQGL EDûÖQD X]XQ X]XQ WDUWÖûÖOPDVÖ JHUHNWLøLQL GûQGøPGHQ GHWD\OÖ RODUDN EX \D]ÖQÖQ JQGHPLQGH \HU DOPD\DFDN %X QHGHQOH \D]ÖQÖQJHULNDODQNÖVPÖQGDLûWHQoÖNDUWPDODUÖQNDoÖQÖOPD]ROGXøXQXYDUVD\DFDøÖP %N]ùQWHUQHW(QF\ORSHGLDRI3KLORVRSK\KWWSZZZXWPHGXUHVHDUFKLHS WDULKLQGHKDEHUEOWHQOHULQGH\D\ÖQODQDQVD\Ö 6LEHO2NWDU³(NRQRPLN.UL]LQLQùû(WLøLQGH$oWÖøÖ2ODQDNODU$ODQÖ 6RUJXODPDPÖ] JHUHNHQ ´Lû DKODNÖQDµ X\JXQ GDYUDQÖûODUÖPÖ]ÖQ WHPHOLQL ROXûWXUGXøXQD LQDQGÖøÖPÖ] ûLUNHW DQD GHøHUOHUL D EX GHøHUOHU JHUoHNWL JHUoHNWHQ LQDQÖOÖ\RUGX DPD HNRQRPLN RUWDPNUL] R NDGDU NDWDVWURIRELNWL NL ûLUNHWOHU NHQGL GHøHUOHUL LOH WXWDUVÖ]ODûPD\D ]RUODQGÖ E EX GHøHUOHU JHUoHNoL GHøLOGL F EX GHøHUOHU JHUoHNGHøLOGL D úLUNHW DQD GHøHUOHULQL EHQLPVHPLû YH GDYUDQÖûODUÖ LOH KD\DWD JHoLUPLû ûLUNHWOHU GH \DûDQDQ NUL]OH ELU LNLOHP \DûDGÖODU .DoÖQÖOPD] GXUXPODUGD LQVDQODUÖQ JLWPHOHULQH L]LQ YHUGLOHU EXQX \DSDUNHQ RQODUÖ LûH DOÖUNHQ J|VWHUGLNOHUL |]HQL J|VWHULS LQVDQ RODUDN ´GHøHUµ ROGXNODUÖQÖ XQXWPDGÖODU .HQGL DQD GHøHUOHUL LOH PPNQROGXøXQFDoHOLûPHGLOHU E úLUNHWOHU LGHDO ROGXNODUÖQÖ GûQGNOHUL ² EHONL GH VDOW LGHDO ROGXNODUÖ LoLQ EHQLPVHGLNOHUL²DPDJHUoHNOHûPHVL]RURODQGHøHUOHULEHQLPVHPH\HoDOÖûWÖODU NHQGLOHULQH JHUoHNOLøH ELUHELU \DQVÖ\DPD\DFDN LQDQo VLVWHPOHUL \DUDWWÖODU %X GHøHUOHULQ JHUoHN YH JHUoHNoL ROGXøXQXQ \DQÖOVDPDVÖQÖ \DûDGÖODU .UL] RUWDPÖQGD LVH EX LGHDO GHøHUOHULQ JHUoHNoL ROPDGÖøÖQÖQ IDUNÖQD YDUGÖODU ùVWHVHOHUGHX\JXODQDPD]GHøHUOHUOHNDUûÖNDUûÖ\DNDOGÖODU F 6RQ GXUXPGD LVH EX GHøHUOHU NDøÖW ]HULQGH \D]ÖOÖ ROPDQÖQ |WHVLQGH KLo YDU ROPDGÖODU KLo X\JXODQPDGÖODU %X \D]ÖOÖ GRNPDQODU NUL] LOH VDGHFH ´NDøÖWµÖQ GHøHULQL DODELOGLOHU úLUNHW DQD GHøHUOHUL LOH X\JXODPD DUDVÖQGD LNLOHP \DûDPD\DQ WHN JUXS WD EX ROGX (NRQRPLN NUL] LûWHQ oÖNDUWPDODUD QHGHQ PL \RNVD EDKDQH PL ROGX WDUWÖûPDVÖ GD EX QRNWDGD NDUûÖPÖ]D oÖNWÖ úLUNHW DQD GHøHUOHULQL EHQLPVHPHPHQLQ GÖûÖQGD LQVDQÖ ´GHøHUµ RODUDN J|UPHGHQ WP PRUDOGHøHUOHUHWHUVGûHQX\JXODPDODUDIÖUVDWYHULOGL .UL]LQ RODQDNODQGÖUGÖøÖ ûH\OHUGHQ ELUL GH GHøHUOHULPL]L YH GHøHUOHULPL]L GHøHUOHQGLUGLøLPL] GHøHUOHQGLUPH VLVWHPOHULPL]L \HQLGHQ J|]GHQ JHoLUPHN YH WDUWÖûPD RUWDPÖ VDøOD\DELOPHNWLU ´ùû HWLøLµ NDYUDPÖQÖ \HQLGHQ LQFHOHPHNWLU .UL] &XPKXUEDûNDQÖWDUDIÖQGDQVL\DVLHWLN\DVDVÖQÖQ]RUXQOXOXøXQXQLIDGHHGLOPHVLQHQHGHQ ROPXûVD EX oHUoHYHGH Lû HWLøL \DVDVÖQÖQ JQGHPH JHWLULOPHVLQH GH RODQDN VDøOD\DELOHFHNWLU ùûWHQ oÖNDUWPD NHQGL LoLQGHNHQGLOLøLQGHQ ² L\L \D GD N|W GRøUX \D GD \DQOÖû HWLN \D GD HWLN ROPD\DQ ûHNLOGH \DSÖOPDVÖQGDQ EDøÖPVÖ] ² ]DWHQ IDUNOÖ VRV\DO SVLNRORMLN HNRQRPLN VRUXQODU EDUÖQGÖUPDNWDGÖU .HQGLOLøLQGHQ IDUNOÖ GHøHUOHUL VDUVDQ ELU H\OHPLQ HQ D]ÖQGDQ LQVDQÖQ NHQGL GHøHULQL NRUXPD\D RODQDN VDøOD\DFDN \|QWHPOHUOH \DSÖOPDVÖ PPNQGU%XWLS\|QWHPYHX\JXODPDODUDELUoRN|UQHNVÖUDODQDELOLU.LûLOHULoDOÖûDQ HPSOR\HHGXUXPXQGDQoDOÖûDQRODELOLUHPSOR\DELOLW\KDOLQHJHWLUPHNOHLûHEDûODQDELOLU $QFDN XQXWXOPDPDVÖ JHUHNHQ EDûND ELU KXVXV GD EX GHøHUOHULQ \HUOL \HULQGH ROPDVÖQÖVDøOD\DFDNRUWDPODUÖQGD\HUOL\HULQGHROPDVÖJHUHNOLOLøLGLUúXDQGDPHYFXWLû \DVDODUÖ YH \DVDO X\JXODPDODUÖ NUL]LQ ELU EDKDQH RODUDN NXOODQÖOPDVÖQÖ RODQDNOÖ KDOH JHWLUHFHN QRNWDGDGÖU <DVDGD LûYHUHQ LoLQ EHOLUOHQHQ ]RUOD\ÖFÖ IDNW|UOHU oDOÖûDQÖ NRUXPDNWDQ ]L\DGH LûYHUHQLQ X\JXODPD\Ö JHUoHNOHûWLUPHVLQL HQJHOOH\HFHN ûHNLOGHGLU %HONLEXQRNWDGDEDWDQELUJHPLGHQDQFDNIOLNDVD\ÖVÖQDRUDQWÖOÖVD\ÖGDNLûLQLQNXUWDUÖODELOHFHøL GûQFHVLQHJ|QGHUPH\DSDELOLUL]NLPLQIOLNDGDNDODFDøÖNLPLQJHULGHEÖUDNÖODFDøÖKXVXVXQGDNL HWLNNDUDUÖQYHULOPHVLDûDPDVÖQGDPPNQROGXøXQFDREMHNWLINULWHUOHULQNXOODQÖOGÖøÖQÖXPDUDN 3ODWR·QXQ'HYOHW·WHWDQÖPODGÖøÖPDøDUDDOHJRULVLQGHQoRNGDIDUNOÖROPD\DUDN3ODWR7KH 5HSXEOLF3HQJXLQ%RRNV(QJODQGV &XPKXUEDûNDQÖ·QÖQ<DVDPDG|QHPLDoÖOÖûNRQXûPDVÖ 8OXVDO8\JXODPDOÖ(WLN.RQJUHVL .UL] G|QHPLQGH GH LOJLOL \DVDODUÖQ KHP ûLUNHWOHUL KHP GH oDOÖûDQODUÖ NRUXPDNWDQ DFL] NDOGÖøÖ J|UOG <D]ÖOÖ Lû V|]OHûPHOHULQLQ ² \DVD LOH NRUXQDQ ² \HWHUVL] NDOGÖøÖ EX GXUXPGD \D]ÖOÖ \D GD V|]O GLOH JHWLULOHQ ûLUNHW GHøHUOHULQLQ NRUXQPDVÖ YH UHIHUDQV RODELOPHVLQLEHNOHPHNRODQDNVÖ]ODûWÖ úLUNHW GHøHUOHULQLQ YH LQVDQ RODUDN GHøHULPL]LQ NHQGL LoLQGH ELU EDøOD\ÖFÖOÖøÖ ROPDVÖ YHEX\DNODûÖPÖQ\DVDOG]HQOHPHOHUGHQGHJoDODELOPHVLJHUHNPHNWHGLU úXDQGD\UUONWHRODQoDOÖûPDPHY]XDWÖ\DVDYHX\JXODPDODUGDNLEHOLUVL]OLNOHUGHQ ND\QDNODQDQ\DSÖVÖLWLEDULLOHLûYHUHQLHWLNNXUDOODUoHUoHYHVLQGHoDOÖûPD\D\UHNOHQGLULFL GHøLOGLU dDOÖûPD PHY]XDWÖQÖQ Lû HWLøL \DVDVÖ LOH GHVWHNOHQPHVL YH X\JXODPDODUÖQ EX \|QGH WHNUDU J|]GHQ JHoLULOPHVL KHP oDOÖûDQ KHP GH LûYHUHQ DoÖVÖQGDQ \DUDU VDøOD\DFDNWÖUdDOÖûPDPHY]XDWÖLûYHUHQLQ\NQVUHNOLRODUDNDøÖUODûWÖUPD\|QWHPLQL VHoWLøL]DPDQGDKDID]ODVD\ÖGDûLUNHWLPHY]XDWGÖûÖQGDX\JXODPD\DSPD\DLWHFHøLQGHQ oDOÖûDQÖQKDNODUÖQÖQNRUXQPDVÖ\|QQGHNL\DSWÖUÖPD]DODFDNWÖU .RQX\X LNL EDûOÖN DOWÖQGD |]HWOH\LS |UQHNOHPHPL] PPNQ $ dDOÖûPD PHY]XDWÖQDLOLûNLQ<DVDODU%dDOÖûPDPHY]XDWÖQDLOLûNLQX\JXODPDODU $ dDOÖûPDPHY]XDWÖ\DVDVÖQDúLUNHWDQDGHøHUOHULYHX\JXODPDODUÖLOHLOJLOLûXDQD NDGDUWDUWÖûWÖøÖPÖ]NRQXODUODLOLûNLOHQGLUHUHNEDNWÖøÖPÖ]GDo|UQHNOHQHGHQELU QHWOHûWLUPH\HLKWL\DoGX\XOGXøX|]HWOHQHELOLU D )HVLK ELOGLULPL IHVLK ELOGLULP ûHNOL ² NL EXUDGD \D]ÖOÖ ROPD ]RUXQOXOXøX NDVWHGLOL\RU GDKD QHW ROPDNOD ELUOLNWH \DSÖOPD \HUL YH ]DPDQÖ EHOLUVL]OLN LoLQGHGLUYHEXNRQXGDELUKNP\RNWXU )HVLKELOGLULPLQLQ\DSÖOPD\HULYH]DPDQÖKDNNÖQGDKNPROPDGÖøÖQGDQ EXQXQ HVDV LWLEDUL\OH Lû\HUL YH oDOÖûPD VUHOHUL LoLQGH YH\D GÖûÖQGD KHU \HUGH YH KHU ]DPDQ \DSÖOPDVÖ PPNQ J|UOPHNWHGLU $QFDN PQDVLS ROPD\DQ\HUYH]DPDQGD\DSÖODQIHVLKELOGLULPLQLQUHGGHGLOPHVLKDOLQGHJHoHUVL] VD\ÖODFDøÖNDEXOHGLOPHNWHGLU %X QRNWDGD HWLN ROPDGÖøÖQÖ GûQGøP] LûWHQ oÖNDUWPD ELOGLULPOHULQLQ ´PQDVLSµ ROXS ROPDGÖøÖQÖQ NDUDUÖQÖ YHUPHPL] ]RUODûPDNWD \DVD\D J|UH PQDVLSROPDRODVÖOÖøÖGRøPDNWDGÖU E hFUHWWHQ LQGLULP \DSÖODPDPDVÖ VD\ÖOÖ ùû .DQXQX·QXQ PDGGHVL ´LûoL FUHWOHULQGHQ KHU QH ûHNLOGH ROXUVD ROVXQ HNVLOWPH \DSÖODPD]µ GHPHNWHGLU $QFDN EX KNP ´KL]PHW DNGL YH\D WRSOX Lû V|]OHûPHVL LOH oDOÖûPD NRûXOODUÖQÖQ GHøLûWLULOPHVL YH\D VUHQLQ D]DOWÖOPDVÖ KDOOHUL LOH LOJLOL GHøLOGLUµ %X GXUXPGD oDOÖûDQÖQ UÖ]DVÖ LOH E|\OH ELU GHøLûLNOLN \DSPD RODVÖOÖøÖ KHU ]DPDQ YDU %L]LP LVH HWLN ROXS ROPDGÖøÖQÖ VRUJXODGÖøÖPÖ] ´oDOÖûDQÖQ UÖ]DVÖµ DOÖQDUDN oHûLWOL \|QWHPOHUOH FUHW LQGLULPL \DSÖODQ GXUXPODUÖQ´HWLNµOLøLQLWDUWÖûPDPÖ]]RUODûÖ\RU % dDOÖûPD PHY]XDWÖQD LOLûNLQ X\JXODPDODU X\JXODPDODUD LOLûNLQ |UQHNOHUL oHûLWOHQGLUPHN YH VD\ÖVÖQÖ DUWWÖUPDN oRN NROD\ DQFDN EX QRNWD GD EHQ HQ JQFHO YH HQ EDVLW RODQÖ VHoHFHøLP $QD\DVDQÖQ PDGGHVLQGH ´'HYOHW oDOÖûDQODUÖQ \DSWÖNODUÖ LûH X\JXQ DGDOHWOL ELU FUHW HOGH HWPHOHUL LoLQ JHUHNOL WHGELUOHUL DOÖUµ KNP EXOXQPDNWDGÖU NRQXVXQGDNL DQD\DVDO VRUXPOXOXøX 'HYOHWLQ JHUHNOL WHGELUOHUL DOPDN VD\ÖOÖ ùû .DQXQX·QXQ 1XULdHOLNùû+XNXNX'HUVOHUL%HWD%DVÖP<D\ÖP'DøÖWÖP$úùVWDQEXOV $J\V $J\V 6LEHO2NWDU³(NRQRPLN.UL]LQLQùû(WLøLQGH$oWÖøÖ2ODQDNODU$ODQÖ PDGGHVLQGH \HU DODQ DVJDUL FUHW X\JXODPDVÖ LOH NDUûÖPÖ]D oÖNDU $VJDUL FUHW DVJDUL FUHW \|QHWPHOLøLQLQ PDGGHVLQGH ´DVJDUL FUHW LûoLOHUH QRUPDO ELU oDOÖûPD JQ NDUûÖOÖøÖ RODUDN |GHQHQ YH LûoLQLQ JÖGD NRQXW JL\LP VDøOÖN XODûÖP YH NOWU JLEL ]RUXQOX LKWL\DoODUÖQÖ JQQ IL\DWODUÖ ]HULQGHQ DVJDUL G]H\GH NDUûÖODPD\D \HWHFHN FUHWWLUµ ûHNOLQGH WDQÖPODQÖU %X WDQÖPGDQ \ROD oÖNDUDN ´DVJDUL FUHWLQ VDSWDQPDVÖQGD LûoLQLQ DLOHVLQLQ GHøLO VDGHFH NHQGLVLQLQ ]RUXQOX LKWL\DoODUÖQÖQ J|] |QQGH EXOXQGXUXODFDøÖ VRQXFXQD YDUÖODELOPHNWHGLUµ $QD\DVDQÖQ PDGGHVLQLQ QH GHUHFH \HULQH JHWLULOGLøL VRQ JQOHUGH DVJDUL FUHW NDSVDPÖQGD \RøXQ RODUDN WDUWÖûÖOPDNWDGÖU %|\OH ELU RUWDPGD \XNDUÖGD EHOLUWLOHQ ´FUHWLQLQGLULOHPH]OLøLµQLQX\JXODPDSUREOHPOHULQLQ´HWLNµROXSROPDPDVÖKXVXVXQXQ LNLQFLONDOPDVÖoRNGRøDOGÖU <XNDUÖGDNL |UQHNOHUGHQ GH DQODûÖODFDøÖ JLEL oDOÖûPD PHY]XDWÖQÖQ EXJQN GXUXPX oDOÖûDQKDNODUÖQÖNRUXPDNWDQROGXNoDX]DNWÖU%XNRQXGD\|QHWPHOLNYHX\JXODPDODUGD L\LOHûWLUPH\HJLWPHN\HWHUOLROPD\DFDNWÖU<DVDODUÖQ\HQLGHQJ|]GHQJHoLULOPHVLYH HNRQRPLN NUL]LQLQ DoWÖøÖ RODQDN DODQODUÖQÖ GHøHUOHQGLULS Lû HWLøL \DVDVÖQÖQ oÖNDUWÖOPDVÖ HQD]ÖQGDQLûHWLøLoHUoHYHVLQGHROJXQODûWÖUÖOPDVÖJHUHNOLGLU úLUNHW NHOLPHVL ùQJLOL]FH YH /DWLQFH N|NHQOHULQGH ´HNPHøLQL SD\ODûDQµ DQODPÖQD JHOPHNWHGLUg\OHLVHHNPHøLSD\ODûDQWPWDUDIODUÖQ²HNPHøLQYDUOÖøÖQÖQGHYDPÖLoLQ HWLN GHøHUOHULQ EDøOD\ÖFÖOÖøÖQÖ VDøODPDN \|QQGH oDED KDUFDPDVÖ JHUHNL\RU%X GD \DVDO G]HQOHPHOHUH HN RODUDN WNHWLFL KDNODUÖ LOH LOJLOL NXUXOXûODU VRV\DO GHQHWLP NXUXOXûODUÖ \HWNLQ YH REMHNWLI VLYLO RUJDQL]DV\RQODU DUDFÖOÖøÖ LOH ûLUNHWOHULQ NHQGLOLNOHULQGHQ VRV\DO VRUXPOXOXNODUÖ HWLN GHøHUOHUL LOH LOJLOL GHQHWOHQPHN LVWHPHOHUL GHQHWLP VRQXoODUÖQÖQ SD\ODûÖOPDVÖ PûWHUL oDOÖûDQ YH ûLUNHW RODUDN EX GHøHUOHUL EHQLPVH\HQOHULQ EDøOD\ÖFÖ \DNODûÖPYHGDYUDQÖûODUÖLOHPPNQRODELOLU $J\VYXUJXEDQDDLW $J\V &RPSDQ\NHOLPHVLN|NHQRODUDN´VKDUHURIEUHDGµHNPHøLSD\ODûDQODUDQODPÖQGDRODQFRPSDQLRQ NHOLPHVLQGHQ/DWLQFHN|NHQLQGHLVH´FRPµELUDUDGD´SDQLVµHNPHN\DQLHNPHøLQLSD\ODûDQ DQODPÖQDJHOPHNWHGLU 0HG\D3ROLWLNDODUÖQÖQ'HPRNUDWLNOHûPHVL6UHFLQGH.UHVHOYH8OXVDO " 0HG\D8]DPODUÖQGD(WLNùNL].XOHOHUgUQHN2OD\Ö <UG'Ro'U1LPHWgQU $UDû*|U$\ûHdDWDOFDOÖ *LULû *QP]GHNUHVHOOHûPHQLQJHOLûHQGLQDPLNOHULXOXV|WHVLROXûXPODUÖQDNW|UOHULQ RUJDQL]DV\RQODUÖQYHoRNXOXVOXûLUNHWOHULQ\DVDONXUXPVDOHWNLQOLNOHULQLDUWWÖUPDNWDGÖU 8\GX WHNQRORMLOHULQLQ GLMLWDO \D\ÖQFÖOÖN YH HULûLP RODQDNODUÖQÖQ JHOLûPHVLQLQ \DQÖ VÖUD XOXVDO YH NUHVHO PHG\D HQGVWULOHUL PHG\D SD]DUODUÖ DUDFÖOÖøÖ\OD HNOHPOHQHUHN \HQLGHQ \DSÖODQPDNWDGÖU %X \DSÖGD \HQL JHOLûHQ VD\ÖODUÖ \DNODûÖN RWX]NÖUN XOXV |WHVL ûLUNHWLQ E\\HUHN EDûDW KDOH JHOGLøL YH KHU ELULQLQ ´NRQJOHPHUDWµ ELU \DSÖ ND]DQGÖøÖ NUHVHO PHG\DODUGDQ\DNODûÖNRQNDGDUÖQÖQ$PHULNDQûLUNHWLROGXøXJ|UOPHNWHGLU%XGXUXP NUHVHO PHG\DQÖQ WHPHO |]HOOLøL RODQ PHG\D JFQQ PHUNH]LOHûPHVL VUHFLQLQ GH J|VWHUJHVLGLU *HOLûPHOHU JLGHUHN NDPX \D\ÖPFÖOÖøÖQÖQ YH NDPXVDO KL]PHWOHULQ ELULQFLO DPDo ROPDNWDQ oÖNDUDN WLFDULOHûPHVL\OH VRQXoODQPDNWDGÖU %|\OHOLNOH KHU QH NDGDU PHG\D VD\ÖVÖ DUWWÖNoD GHPRNUDVLOHUGH NDPXVDO DODQODUD LûOHUOLN ND]DQGÖUDELOHFHøL J|Uû \D\JÖQOÖøÖQÖ NRUX\RUVD GD JHUoHNWH LNL \|QO ELU JHOLûPH VRPXW L]OHQHELOLU ELU KDO DOPDNWDGÖU D *HUHN PHUNH] JHUHNVH oHYUH ONHOHUGH QHROLEHUDOLVW SROLWLNDODUÖQ \D\JÖQODûPDVÖ XOXVODUDUDVÖ PDO YH VHUPD\H KDUHNHWOLOLøLQL PHG\D DODQÖQÖ KHP GDKD NkUOÖ ELU KDOH JHWLUPHNWH KHP GH YD]JHoLOPH] NÖOPDNWDGÖU %X GXUXP XOXVDO PHG\DODUÖQ VD\Ö YH WHNQLN GRQDQÖP EDNÖPÖQGDQ JHOLûPHVLQL YH JLGHUHN HQGVWULOHûPHVLYHWHNHOOHûPHVUHFLQHLWLOPHVLQLLYPHOHQGLUPHNWHGLU E .DSLWDOL]PLQ GLQDPLNOHULQLQ \DUDWWÖøÖ PHG\D GHYOHULQLQ GLNH\ oDSUD] \DWD\ WHNHOOHûPHOHU YH VHUPD\H HYOLOLNOHUL\OH NUHVHO XOXV|WHVL WLFDUL PHG\DODU KDOLQH G|QûP XOXVDO YH \HUHO PHG\DODUÖQ HWNLQOLN DODQODUÖQÖ QIX]XQX NÖUPDNWDGÖU %|\OHOLNOH XOXV|WHVL PHG\D GHYOHUL GQ\DQÖQ KHU QRNWDVÖQÖ NRQWUROHGHUKDOHJHOPHNWHGLU dRN XOXVOX ûLUNHWOHULQ ·OÖ \ÖOODUGDQ LWLEDUHQ ELUHU ´DV R\XQFXµ RODUDN HWNLQOLNOHULQLQ J|UOPH\H EDûODPDVÖ\OD XOXVODUDUDVÖ PDO YH VHUPD\H KDUHNHWL PHG\D\Ö |QHPOLELUJoKDOLQHJHWLUPLûWLU.XûNXVX]NUHVHOPHG\DVLVWHPLQHXOXVDOYH\HUHOELU WDNÖP WHSNLOHULQ ELUOLNWH RUWD\D oÖNWÖøÖ J|UOVH GH XOXVODUDUDVÖ LOHWLûLP NUHVHOOHûPHQLQ DOW\DSÖVÖQÖROXûWXUGXøXQGDQJHULG|QOHPH]NDUûÖNRQXODPD]ELUVUHoEDûODPÖûWÖU%X DOW\DSÖ D 7RSOXPODUDUDVÖ N|SUOHU NXUDUDN JHoLUGLNOHUL ELOJL YH HQIRUPDV\RQOD \HUHO XOXVDOYHXOXVODUDUDVÖELUOHûPHYHD\UÖûPD]HPLQOHULROXûWXUPDNWDGÖU ùNL].XOHOHU7ZLQ7RZHUV1HZ<RUN·WDNL'Q\D7LFDUHW0HUNH]LELQDVÖGÖU%XELQD\D (\OOWDULKLQGHXoDNODWHU|ULVWH\OHPG]HQOHQPLûYHoRNVD\ÖGDNLûL|OPûWU (JHhQLYHUVLWHVLùOHWLûLP)DNOWHVL5DG\R7HOHYL]\RQYH6LQHPD%|OP (JHhQLYHUVLWHVLùOHWLûLP)DNOWHVL*D]HWHFLOLN$QDELOLP'DOÖ 8OXVDO8\JXODPDOÖ(WLN.RQJUHVL E 8OXVODUDUDVÖLOHWLûLPNDQDOODUÖXOXVLoLELUoRNHWNLOHûLPDODQÖQÖXOXVODUDUDVÖDODQD oHNPHNWHGLU F %XLOHWLûLPNDQDOODUÖ\ODXOXVODUDUDVÖYHULSD\ODûÖPÖDUWPÖûWÖU G %LOJLYHHQIRUPDV\RQJHQHOOLNOH%DWÖPHUNH]ONHOHUGHUHWLOPHNWHGLU H 0HUNH] YH oHYUH ONHOHU DUDVÖQGD SD\ODûÖODQ ELOJLQLQ VWUDWHMLN |QHPL JLGHUHN GDKD GD DUWPDNWDGÖU dHYUH ONHOHU GH EX WHNQRORMLOHU LoLQ L\L ELUHU SD]DUGÖU 'ROD\ÖVÖ\OD PHUNH] NDGDU ROPDVD GD EX WHNQRORMLOHULQ NXOODQÖPÖ DUWPD \ROXQGDGÖU I *HOLûPHOHU ELOJL WHNQRORMLOHULQLQ WRSOXP ]HULQGHNL LQLVL\DWLILQGHQ oRN ´<HQL 'Q\D ']HQLQLQµ \DQL XOXVODUDUDVÖ VLVWHPLQ EX WHNQRORMLOHUL \|QOHQGLULFL KDOHJHOPHVLQHGD\DQPDNWDGÖU ·ODUGDQ LWLEDUHQ XOXVODUDUDVÖ YHUL DNÖûÖ KÖ]OD DUWPÖûWÖU 0]LN HQGVWULVL ILOP UDG\R WHOHYL]\RQ EDQNDFÖOÖN YE VHNW|UOHU X\GX WHNQRORMLOHUL ILEHU RSWLN YH GLMLWDO LOHWLûLP RODQDNODUÖ\OD ELUOHûLQFH RUWD\D oÖNDQ HQIRUPDV\RQ RWR\ROODUÖ NUHVHO LOHWLûLPDOW \DSÖVÖQÖQ +HUPDQ ( 6 0F&KHVQH\ 5 : LûOHUOLOLøLQL KÖ]ODQGÖUPDVÖ XOXV GHYOHWOHULQPHG\DSROLWLNDODUÖQÖGHøLûWLUPH\|QQGHEDVNÖROXûWXUPXûWXU g]HOOLNOH WHOHNRPQLNDV\RQ WHNQRORMLOHULQLQ NUHVHOOHûPHVL EDûWD ROPDN ]HUH LOHWLûLP DODQÖQÖQ NUHVHOOHûPHVL WNHWLFL DoÖVÖQGDQ GD XOXVODUDUDVÖ LOHWLûLPL |QHPOL KDOH JHWLUPLûWLU +NPHWOHU HOHNWURQLN \D\ÖQFÖOÖNWD YH ùQWHUQHWWH GDKD \RøXQ RODQ ELOJL DNÖûÖ ]HULQGH G]HQOHPH \HWNLVLQH VDKLS ROPDGÖNODUÖQGDQ EX DODQ ]HULQGH NDUDU YHUPH \HWNLOHUL JLGHUHN ]D\ÖIODPDNWDGÖU 0RKDPPDG\ $ 0HUNH] ONHOHULQ PHG\D ûLUNHWOHULQGHQ oHYUH ONHOHUH GDKD \D\JÖQ ROPDN ]HUH JHUoHNOHûHQ LNQD HGLFL UHNODPFÖOÖNPHVDMODUÖWNHWLPNOWUKDEHUELOJLYEDNÖûÖ\ODYHPHUNH]LQJ|UûOHULQLQ \D\JÖQODûPDVÖ\ODSROLWLNDODQGDNLV|\OHPOHULEXWHNQRORMLOHUOHoRNX]DNDODQODUÖELOHHû ]DPDQOÖ RODUDN EHQ]HU NOWUHO IRUPDODUD GRøUX ND\GÖUPÖûWÖU 8OXV |WHVL ûLUNHWOHULQ NXOODQGÖNODUÖ \HQL LOHWLûLP WHNQRORMLOHUL YH PHG\D SD]DUODUÖQÖQ UQOHUL KNPHWOHULQ VÖQÖUODUÖQÖ DûPDNWD EX QHGHQOH GH NUHVHO LOHWLûLPL VÖQÖUODQGÖUDFDN EDUL\HUOHU XOXV GHYOHWOHUWDUDIÖQGDQNXUXODPDPDNWDGÖU %X ûHNLOGH ROXûDQ ELU HYUHQVHO PHG\D X]DPÖQGD NUHVHO PHG\DODU XOXVDO YH \HUHO PHG\DODUOD HNOHPOHQPHNWH YH EX \ROOD GD HYUHQVHOPHG\DODUÖ \HUHOOHûWLUPLû ROPDNWDGÖU gUQ&117UN $QFDN NUHVHO PHG\D RUWDPÖ \HUHOOHûPLû J|]NVH GH NUHVHO VHUPD\HQLQ NUHVHO DNÖûNDQOÖøÖQD JHUHNVLQLP GX\GXøX DODQODUGD VUHNOL ELU JHQLûOHPH J|VWHUHUHN YH LGHRORMLN YH NOWUHO GHøLûLPOHU \DUDWDUDN NHQGLVLQGHQ EHVOHQHQ XOXVDO YH \HUHO PHG\DODUÖWLFDULOHûWLUPHNWHGLU%XQHGHQOHXOXVDOPHG\DODUÖQNDPX\D\ÖQFÖOÖøÖKL]PHWLQL \HULQH JHWLULû ELoLPLQGH FLGGL ND\PDODU J|]OHQPHNWHGLU 2UWD\D oÖNDQ EX GHøLûPHOHU Lo LoHLNLD\UÖROXûXPX\DUDWPDNWDGÖU6WUHHW- D gQFHOLNOH XOXVDO KNPHWOHULQ JF ]HULQGH PHG\DQÖQ HWNLVL JLGHUHN DUWPDNWDGÖU E 0HUNH] ONHOHU oHYUH ONHOHU ]HULQGH SROLWLN oÖNDUODUÖQÖ VUGUPHN LoLQ KNPHWOH PHG\D ]HULQGH VUHNOL G]HQOHPHOHU \DSPD JHUHNVLQLPL GX\PDNWDGÖU 'HY PHG\D ûLUNHWOHUL XOXVDO PHG\DODUOD DUDODUÖQGD NXUGXNODUÖ RUWDNOÖNODUOD \D GD GRøUXGDQ VDWÖQ DOPDODUOD PH\GDQD JHWLUGLNOHUL PHG\D X]DPODUÖQGD F\EHUVSDFH NUHVHO LOHWLOHULQ GLO YH LoHULN EDøODPÖQGD EHQ]HUOLNOHUL V|] NRQXVX ROPDNWDGÖU 'LøHU ELU 1LPHWgQU$\ûHdDWDOFDOÖ³0HG\D3ROLWLNDODUÖQÖQ'HPRNUDWLNOHûPHVL6UHFLQGH.UHVHO GH\LûOH XOXVDO PHG\D NUHVHO IRUPDWD X\DQ \D\ÖQ DQOD\ÖûÖ YH LoHULøL J|VWHUPHNWHGLU %|\OHOLNOH NUHVHO DODQD oÖNDQ XOXVDO PHG\D YH NUHVHO PHG\D \D\ÖQ SROLWLNDODUÖQGD J|VWHUPHNWH\DGDPHUNH]LQPHG\DSROLWLNDODUÖQGDQHWNLOHQPHNWHGLUOHU %|\OHOLNOH PHUNH] YH oHYUH ONHOHU PHG\D X]DPODUÖ\OD GQ\D VLVWHPLQH IDUNOÖ G]H\OHUGH NDWÖOÖP J|VWHUVHOHU GH XOXVDO PHG\DODU KHP DOW \DSÖ YH KHP GH PHG\D UQOHULQLQ \HWHUVL]OLNOHUL QHGHQL\OH LOHWLûLPGH HQIRUPDV\RQ WHNQRORMLOHULQLQ \DUDWWÖøÖ RODQDNODUD PHUNH] ONHOHULQ NDQDOÖQGDQ XODûPDNWDGÖUODU %|\OHFH ND]DQÖODQ Hû ]DPDQOÖOÖN YH Hû X]DNOÖOÖN LONHVL\OH WP GQ\D EHQ]HU NOWUHO VWDQGDUWODUD GRøUX oHNLOPHNWHGLU 'DKD E\N HNRQRPLOHULQ \DUDWÖOPDVÖQD KL]PHW HGHQ EX JHOLûPHOHU WHPHOGH PHG\D ûLUNHWOHULQLQ NUHVHO DoÖOÖPODUOD ELUOLNWH Hû ]DPDQOÖ XOXVDOODûPDODUÖQÖ \HUHOOHûPHOHULQL JHUHNOL NÖOPDNWDGÖU %|\OHFH NUHVHOOHûPH PHG\D X]DPODUÖQGD \HUHOOHûPHNWHGLU .UHVHOOHûPH6UHFLQGH0HG\D3ROLWLNDODUÖQÖQ'HPRNUDWLNOHûPHVLYH(WLN 8OXVDO PHG\D SROLWLNDODUÖ NUHVHOOHûPHQLQ GD\DWWÖøÖ WHNHOOHûPH WLFDULOHûPH VUHoOHUL\OH\HQLGHQ\DSÖODQPDNWDGÖU .UHVHO ûLUNHWOHU PHG\D KDNLPL\HWLQH R\QDPDNWDGÖUODU .HQGLOHUL LoLQ |QHPOL RODQ oVHoHQHøLGHøHUOHQGLUPH\DUÖûÖLoLQGHGLUOHU D 6WG\RROPDNYHUQUHWPHN E 7RSWDQGDøÖWPDN F 'RQDWÖP WHPLQ HGHUHN ELU VLVWHP NXUPDN 0LUOH\ ' 5RELQV . $QFDN XOXVDO PHG\D SROLWLNDODUÖ PHG\DQÖQ VUHNOL NkUOÖ DODQODUD ND\PD \DUÖûÖ LoLQGH \HWHUVL] NDOPDNWDGÖU 2\VD EWQ UHMLPOHUGH \|QHWHQ YH \|QHWLOHQ DUDVÖQGD |QHPOL ELU N|SU ROXûWXUDQ PHG\DQÖQ LOHWWLøL ELOJL \XUWWDûODUÖQ HNRQRPLN VRV\DO SROLWLN DPDoODUÖ\OD KNPHWLQ DOGÖøÖ NDUDUODU DUDVÖQGD G]HQOH\LFL \|QOHQGLULFL ELU LûOHYL \HULQH JHWLUPHVL JHUHNPHNWHGLU %X QHGHQOH JQP]GH GH NUHVHOOHûHQ GQ\DGDNL XOXV GHYOHWOHULQ YDWDQGDûODUÖQÖQ PHG\DQÖQ \DUDWWÖøÖ NDPXVDO DODQODUGD KDOHQ GHPRNUDVLOHUGHNL NRQVHQVVQ ROXûPDVÖLoLQJHUHNOLRODQWDUWÖûPD]HPLQLQHXODûPDODUÖEHNOHQPHNWHGLU0HG\D GHPRNUDVLVL GH GL\HELOHFHøLPL] EX JHOLûPHOHUOH XOXV GHYOHWOHUGH YDWDQGDû GHYOHWLOLûNLOHULG]HQOHQPHNWHGLU *QP]Q NDWÖOÖPFÖ GHPRNUDVLOHUL RODUDN GD EHWLPOHQHQ EX DûDPDGD YDWDQGDûODUÖQ ELOJLOHQPHVL VUHFL HQIRUPDV\RQ DOW \DSÖVÖ NDGDU GD |QHPOLGLU <LQH GH JQP]GH NUHVHOOHûHQ XOXVDO PHG\DODUÖQ EX LûOHYL \HULQH JHWLUPHVL VUHFLQGH PHG\D XOXVDO DPDoODUÖQ GÖûÖQD oÖNDELOPHNWHGLU 2\VD |]HOOLNOH NDWÖOÖPFÖ GHPRNUDVLOHULQ YD]JHoLOPH]DUDFÖVD\ÖODQPHG\DQÖQLGHDOGHûXLûOHYOHUL\HULQHJHWLUPHVLEHNOHQPHNWHGLU *XQWKHU50XJKDQ$ D 3ROLWLN LOHWLûLP VUHFL RODUDN KNPHWLQ GÖûÖQGD IDUNOÖ ELOJL HQIRUPDV\RQ YH SHUVSHNWLI VXQDUDN VL\DVDO HOLWOHULQ KNPHW ]HULQGH NRQWUROQ YH NDPXR\XQXQ\|QHWLPHELUWHSNLROXûWXUPDVÖQÖVDøODPDOÖGÖU E 9DWDQGDûODUÖQ LOHWLûLP |]JUOøQ JHQLûOHWPH\H oDOÖûDUDN DOWHUQDWLI ELOJL ND\QDNODUÖ VXQPDOÖGÖU $\QÖ ]DPDQGD KNPHWLQ NH\IL X\JXODPDODUÖQGDQ YDWDQGDûODUÖQNRUXQPDVÖQGDGDHWNLOLROPDOÖGÖU%XWHPHOGHPHG\DoRøXOFXøXQ NXUXPODûPDVÖQÖ VDøODPDOÖGÖU 6DOW PHG\DQÖQ oRøXOFX ELU \DSÖ\D XODûPDVÖ GHøLO NDPXQXQ GRøUX ELOJLOHQGLULOPHVL HøLWLOPHVL LoLQ NXUXPODûPDQÖQ ROXûPDVÖ GD JHUHNPHNWHGLU 8OXVDO8\JXODPDOÖ(WLN.RQJUHVL %|\OHFH KNPHW NRQWUROQGHQ EDøÖPVÖ]ODûDQ PHG\D WLFDUL DODQD ND\PDNWDGÖU .UHVHOOHûPH\OH ELUOLNWH LNLQFL GQ\D VDYDûÖQGDQ LWLEDUHQ NDSLWDOLVW ELU Jo RODUDN RUWD\D oÖNDQ $PHULND NUHVHOOHûHQ GQ\DQÖQ PHUNH]L YH oHNLUGHøL ELU NRQXPD \HUOHûPLûWLU 0HG\D PHUNH] NDSLWDOLVW WRSOXPODUOD EX WRSOXPODUÖQ oHYUHVL DUDVÖQGD \DWÖUÖP ELULNLPOHUL\OH IL\DWODUÖQ VDSWDQPDVÖ GHYLUOLOLN VUHNOLOLN LoLQGH LOLûNLOHULQL GH G]HQOHQGLøLQGHQJQP]WRSOXPODUÖLoLQ|QHPOLELULûOHYLYDUGÖU ·OL \ÖOODUGDQ (PSHU\DOL]PLµ LWLEDUHQ ´0HG\D ´<HQL 'Q\D (PSHU\DOL]PLµ (QIRUPDV\RQ ´<HQL 'Q\D ']HQLµ ùOHWLûLP ´.OWU ']HQLµ \DNODûÖPODUÖQGD ROGXøX JLEL 6WHYHQVRQ 5 / PHG\D HJHPHQ LGHRORML\L GRøUXGDQ VDYXQPDN \HULQH LGHRORMLN GHøHUOHUL \D\JÖQODûWÖUPD LûOHYLQL GLøHU JQGHOLN LûOHYOHULQLQ LoLQH VÖNÖûWÖUDUDN \HULQH JHWLUPHNWHGLU 3L\DVD LOLûNLOHULQL JQFHO ROD\ODUÖ UHWLP YH WNHWLP KDONDODUÖQÖQ NRRUGLQH HGLOPHVLQGH HJHPHQ LGHRORML\L GH ROXPODPD LoLQH JLUPHNWHGLU (QGVWUL\HO NDSLWDOL]PLQ YH JQP]Q LOHUL NDSLWDOLVW LOLûNLOHULQLQ PHûUXODûWÖUÖOPDVÖ RQD\ODQPDVÖ DQODPÖQD JHOHQ EX VUHo VUHNOL NOWUHO DODQÖ \HQLOHPHNWHGLU *ROGLQ YH 0XUGRFN GD EHQ]HU ûHNLOGH PHG\DQÖQ LGHRORMLN ELU UROQQ ROGXøXQX ]HQJLQOLN YH LNWLGDUÖ PHûUXODûWÖUGÖøÖQÖ LOHUL VUPHNWHGLU 'XUXP EX WRSOXPVDO EWQOøQ JLGHUHN GDKD NDUPDûÖN ELU J|UQPH EUQGNoH ELU NÖVÖP ELUH\OHULQ ROD\ODUÖDQDOL]HWPHOHULQLQ]RUODûPDNWDROGXøXQXYHEWQQELOJLVLQHXODûDELOPHNLoLQ NHQGLQL VHPEROLN RODUDN GROD\ÖPODQPÖû WHFUEHVLQH GDKD EDøÖPOÖ KDOH JHOPHNWH ROGXøXQXLOHULVUPûWU6KROOH'- *UDPVFL ³|UQ KDEHUOHULQ VRV\DO VLVWHP LoLQGHNL SROLWLN HQWHOHNWHO HWLN GHøHUOHUL QHGHQL\OH³ HJHPHQOLøL \D\JÖQODûWÖUGÖøÖQÖ LOHUL VUPHNWHGLU .DPX\D LOHWLOHQ KDEHUOHULQ GHWHNUDUODQDQQRUPDOLWHOHUOHPDUMLQDOLWHOHUOHPHûUXOXN\DGDPHûUXROPD\ÖûÖQNRGODUÖ oL]LOHUHN LOHWLOPLû RODELOHFHøL J|UûQGHGLU %X \ROOD NDSLWDOLVW VLVWHPLQ NDEXO HGLOHELOLU GHøHUOHULQLQ LGHRORMLVLQLQ GH \D\JÖQODûPDVÖ JHUoHNOHûPHNWHGLU 'ROD\ÖVÖ\OD KDEHUOHU LNLQFL HO JHUoHNOLNOHUGLU %HUNRZLW] ' +DEHUOHULQ KD]ÖUODQPDVÖ YH KDEHUGHøHULRODUDNJ|UOHQNULWHUOHUVLVWHPDWLNNXUXOXELUDQODPGQ\DVÖQDNDWÖOÖPGÖU %X VUHo NLûLQLQ NHQGLOLøLQGHQ EHOLUOL HWLN GHøHUOHUH EDøODQPDVÖQÖ JHUHNWLULU 0HG\D VD\ÖVÖ DUWVD GD KDEHUOHU IDUNOÖ ND\QDNODUGDQ JHOVH GH ELUH\OHULQ JHUoHøL \DNDODPDVÖ X]DN J|]NPHNWHGLU .OWUOHUHWLNVLVWHPOHULEHOLUOHPHNWHGLU0HG\D\ROX\ODNXUXODQXOXVODUDUDVÖLOHWLûLP VUHFLQGH GH IDUNOÖ NOWUOHULQ HWLN GHøHUOHUL NDUûÖ NDUûÖ\D JHOPHNWHGLU %|\OHFH NOWUOHU NRG VLVWHPOHULQLQ LGHDO DQODP GHøHUOHULQLQ DOWÖQÖ oL]PHNWHGLU &DVPLU ) / gQHPOL RODQ GLøHU ELU QRNWD GD JoO RODQ EDûDW NOWUQ EHOLUOH\LFLOLøLGLU 'HPRNUDVLOHUGH PHG\DQÖQ NOWUOHUL HûLW RODUDN WHPVLO HWPHVL JHUHNPHNWHGLU 2\VD PHG\D ED]Ö NOWUOHUL GDKD JoO KDOH JHWLULUNHQ ED]ÖODUÖQÖ ]D\ÖIODWPDNWDGÖU gUQHøLQ PHUNH] ONHOHULQ NOWUOHUL NDUûÖVÖQGD |WHNL WRSOXPODUÖQ NOWUOHUL XOXV GHYOHW LoLQGHNL oHûLWOL DOW NOWUOHU ]D\ÖIODWÖODUDN VXQXOPDNWDGÖU %|\OHFH LONH RODUDN GHPRNUDWLN XOXV GHYOHWLQ oRN IDUNOÖOÖøÖQGDQ NOWUOON ND\QDNODQDQ ROJXVX EX ER]XOPXû NOWUHO ROPDNWÖU IDUNOÖODûPD\OD 0HG\DGD NOWUOHU WHPVLO GRøDO HGLOPH DODQÖQGDQ PHG\DQÖQWHPVLODODQÖQDoHNLOPHNWHGLU.UHVHOGQ\DVLVWHPLQHGLUHQoJ|VWHUHQ²|UQ ùVODPFÖOÖNWD ROGXøX JLEL² \HUHO YH XOXVDO NOWUOHU GH PHG\DGD |WHNLOHûWLULOPHNWHGLU 0HG\D LoHULNOHUL\OH KHP |WHNLQLQ IRUPDWODUÖ oL]LOPHNWHGLU KHP PDUMLQDOOHûWLULOPHNWHGLU %DûDW NOWU RODUDN VXQXODQ |UWO QHROLEHUDOL]PLQ GHøHUOHUL SRSOHU NOWU RODUDN 1LPHWgQU$\ûHdDWDOFDOÖ³0HG\D3ROLWLNDODUÖQÖQ'HPRNUDWLNOHûPHVL6UHFLQGH.UHVHO SROLWLN DODQGD YDWDQGDû YH GHYOHW DUDVÖQGDNL LOLûNLOHUL GH \|QOHQGLUPHNWH \D GD GHøLûWLUPHNWHGLU $UDûWÖUPDQÖQ<|QWHPYH7HNQLøL $UDûWÖUPDGD (\OO WDULKLQGH PH\GDQD JHOHQ LNL] NXOHOHU |UQHN ROD\ÖQÖ 7UNL\H 8OXVDO %DVÖQÖ LoLQGH HQ VDøGDQ HQ VROD \D\ÖQ SROLWLNDODUÖ LoLQGH \HU DODQ =DPDQ VDø 5DGLNDO RUWD &XPKXUL\HW VRO JD]HWHOHULQLQ PDQûHW KDEHU EDûOÖNODUÖ YH LoHULNOHUL ELUELUL\OH NDUûÖODûWÖUÖOPÖûWÖU EN] (\OO VD\ÖODUÖ .RQX\OD LOJLOL =DPDQ 5DGLNDO&XPKXUL\HWJD]HWHOHULQLQ|QVD\IDGD\HUDODQPDQûHWOHULYHKDEHULoHULNOHUL D .DSLWDOL]PYH<HQL'Q\D']HQLNUHVHOOHûPHROXPODPDROXPODPDPD E $PHULNDQVWQOø F $PHULNDQJFJoV]Oø G $PHULNDQÖQKDNOÖOÖøÖKDNVÖ]OÖøÖ H $PHULNDOÖ YH |WHNL PVOPDQ NRQXVXQGD FPOHOHU QLWHOLNVHO LoHULN DQDOL]L\OH VÖQÖIODQGÖUÖOPÖûWÖU WHNQLøL\OH $QODWÖPODU \RUXPODQPD\D ID]ODFD GHWD\ODQGÖUÖOPDNVÖ]ÖQ oDOÖûÖOPÖûWÖU 'HøHUOHQGLUPHGH V|\OHP PHWQLQ DQDOL] DQODPVDO LoHULøL PHWLQ GÖûÖ GRøUXGDQ \D GD GROD\ÖPODQPÖû J|QGHUPH \DSÖODQ DQODPODUOD o|]POHQPH\HoDOÖûÖOPÖûWÖU .DSLWDOL]P<HQL'Q\D']HQLYH.UHVHOOHûPH 0DQûHWOHUGH=DPDQJD]HWHVL\HQLGQ\DG]HQLQLNRDOLV\RQRODUDNGHøHUOHQGLULUNHQ 5DGLNDO EX GQ\DQÖQ KHUNHVLQ GQ\DVÖ ROGXøXQX LûELUOLøL oDøUÖVÖ YE EDûOÖNODUOD PHUNH]LQ J|UûQ RQD\ODPDNWDGÖU %HQ]HU ûHNLOGH &XPKXUL\HW JD]HWHVLQLQ GH ´'Q\D 6DUVÖOÖ\RUµ ´'Q\D 'HYOHWOHUL /DQHWOHGLµ ´$PHULNDQÖQ <DQÖQGD\Ö]µ YE JLEL PDQûHWOHUOH \HQL GQ\D G]HQLQL RQD\DQ EX GQ\DQÖQ GÖûÖQGDNL GQ\D\Ö \RN VD\DQ DQODPLoHULNOHUL\NOHQHUHNKD]ÖUODQPÖûROGXøXJ|UOPHNWHGLU 0DQûHWOHULQ DOWÖQGDNL KDEHUOHULQ DQODP LoHULNOHULQH EDNÖOGÖøÖQGD |] RODUDN =DPDQ JD]HWHVL GQ\D\Ö VDUVDQ EX ROD\D ID]ODFD ND\ÖWVÖ] NDOPDNVÖ]ÖQ NHQGLVLQLQ WDUDIWDU ROPDGÖøÖ PHUNH]LQ J|UûOHULQLQ GÖûÖQGD DQODWÖPODUOD \DNODûPDNWDGÖU ùVODP GQ\DVÖ YH EX GQ\D GÖûÖQGDNL |WHNL GQ\D D\UÖPÖQÖQ GROD\ÖPODQPÖû RODUDN LIDGH HGLOGLøL DQODWÖPGD NDSLWDOLVW GQ\DQÖQ |YOPHVLQGHQ oRN LoHULNWH GH ELUWDNÖP WDQÖPODPDODUGD NUHVHO ELUOLNWHQ |YJ LOH V|] HGLOPHPHNWHGLU $QFDN EX GQ\DQÖQ LoLQGH \HU DODQ ROXûXPODUÖQ DQODWÖPÖQGD ´0VOPDQ %ORNµXQ D\UÖ ROXûXPXQGDQ GROD\OÖ RODUDN V|] HGLOPHNWHGLU gUQ ´$%' KNPHWL 0WWHILN hONHOHU dLQ YH 0VOPDQ 'HYOHWOHUµ D\UÖPÖQDoHûLWOLELOJLOHUOHELUOLNWH\HUYHULOPHNWHGLU %HQ]HU D\UÖP &XPKXUL\HW JD]HWHVLQGH GH YDUGÖU $QFDN EXUDGD GDKD oRN NDSLWDOLVW GQ\DQÖQ YH NRQXVXQGDNL EX GQ\DGDNL \DNODûÖP GLNNDW EDVÖQÖQ PHUNH]LQ oHNLFLGLU JFQ gUQHøLQ 6SHU DEDUWPDPDVÖ *FQ JHUHNWLøL oDUHVL]OLøLQLQ XOXVODUDUDVÖ VLVWHPLQ \HQLGHQ \DSÖODQPDVÖ JHUHøLQLQ $%' ELUOLøLQLQ o|NûQGHQ YE V|] HGLOLUNHQ NDSLWDOLVW GQ\DQÖQ E\NOøQH $%'·QLQ EX ELUOLøLQ PLPDUÖ ROGXøXQD $PHULNDQ HPSHU\DOL]PLQH J|QGHUPHOHU \DSÖOÖUNHQ D] GD ROVD HOHûWLUHO DQODWÖPODUÖQ \HU DOGÖøÖ GD J|UOPHNWHGLU 6SHU JFQ LQVDQ DYÖQGDQ EX JFQ DEDUWÖOGÖøÖQGDQ $%'·QLQHPSHU\DOLVWSROLWLNDODUÖQGDQYEV|]HGHUNHQNUHVHONDUûÖWODUÖQGD\HUDODQVRO FHSKHGHNLJ|UûOHUH\HUYHUPHQLQGHWHUFLKHGLOGLøLJ|UOPHNWHGLU 5DGLNDO JD]HWHVLQLQ PHUNH]LQ J|UûOHULQH GRøUXGDQ NDWÖOÖPFÖ ELU WXWXP LoLQGH NHQGLVLQLQ GH \HU DOGÖøÖ GQ\DQÖQ LoLQGHNL $%' LVWLKEDUDWÖQÖ $%' ED\UDøÖQÖ 7UNL\H·QLQ EXEORNWDNL ´\DVµD VDYDûD NDWÖOÖPÖQGDQ ,UDN GÖûÖQGDNL $%' LWWLIDNÖ $%' 8OXVDO8\JXODPDOÖ(WLN.RQJUHVL GRVWODUÖ 3HQWDJRQ NDPSDQ\DVÖ NDYUDPODUÖQÖ NXOODQDUDN $PHULNDQÖQ NUHVHO ELUOLNWHOLøL GROD\OÖRODUDNROXPOD\DQDQODPODUÖQD\HUYHUGLøLJ|UOPHNWHGLU $PHULND·QÖQhVWQOø 0DQûHW KDEHUOHULQGH =DPDQ JD]HWHVLQLQ $PHULNDQÖQ VWQOøQH J|QGHUPH \DSPDGÖøÖ GLNNDW oHNPHNWHGLU 2\VD &XPKXUL\HW V|] NRQXVX EX VWQOø $%' %DûNDQÖQÖ FH]DODQGÖUPD JLULûLPLQH $%'·QLQ ·OL UDNDPODUD XODûDQ DMDQ YH )%, X]PDQODUÖQÖQROGXøXYEJ|UûOHUL\OHVUGUGøVRUXûWXUPDGDQV|]HWPHNWHGLU 5DGLNDO JD]HWHVL EX NRQXGD GD %DWÖ·QÖQ VWQOøQ $PHULND·QÖQ IHQD YXUDFDøÖQÖ .DELO·GHNL %DWÖ NRUNXVX RODQODUÖ .XUWDUPD HNLSOHULQLQ YLQo YH MHQHUDW|UOHULQLQ JUOWVQ $PHULND·\Ö ´DELµ RODUDN QLWHOHQGLUHQ DQODWÖPÖ\OD NXUWDUPD oDOÖûPDODUÖQÖQ SODQOÖ ROXûX\OD E|\OH ELU ROD\OD NDUûÖODûPDQÖQ \DUDWWÖøÖ &,$ )%, YH 16$·QÖQ ]RU GXUXPODUÖQGDQ V|] HGHUHN GLøHU LNL JD]HWH\H J|UH $PHULNDQÖQ VWQOøQ YXUJXODPDNWDGÖU $PHULNDQÖQ*F*oV]Oø =DPDQ JD]HWHVLQGH $PHULNDQÖQ VWQOøQ YXUJXOD\DQ |QHPOL PDQûHWOHUH UDVWODQÖOPDGÖøÖKDOGH&XPKXUL\HWJD]HWHVL´6SHUJoLPDMÖQVDUVÖOGÖµ´,,,'Q\D6DYDûÖ EDûODGÖµ PDQûHWOHUL LOH LWWLIDNÖQ LoLQGH \HU DODQ 7UNL\H·QLQ GH J|UHYH KD]ÖU ROGXøXQX ELOGLUPHNWHKHP$PHULNDQÖQJFQRQDPDNWDKHPGHEXJFQ\DQÖQGD7UNL\H·QLQ GHROGXøXQXLIDGHHWPHNWHGLU5DGLNDOJD]HWHVLEXJFQNHQGLQLQLoLQJ|VWHUPHGLøLQL JHoNDOÖQGÖøÖQÖLûLûWHQJHoWLøLQL*QD\GÖQ´NRUVDQODUÖQL]LQHUDVWODQÖOGÖøÖQÖµ´$PHULND PLVLOOHPH\H ELU NDUDU YHULUVHµ JLEL $PHULNDQ JFQ DoÖøD oÖNDUDQ PDQûHWOHUH \HU YHUPLûWLU 0DQûHWOHUOH LOJLOL KDEHUOHUH EDNÖOGÖøÖQGD =DPDQ JD]HWHVL $PHULNDQÖQ JF YH JoV]OøQ YXUJXOD\ÖFÖ DQODWÖPODUD \HU YHUPHNVL]LQ V|\OHQHQOHULQ VSHNODV\RQGDQ LEDUHWROGXøXQXEHOLUWPHNWHGLU &XPKXUL\HW LVH EX ROD\ÖQ $PHULND·QÖQ JFQ \ÖSUDWWÖøÖQD ´'Q\D 'HYLQLQ NDOELQGHQ YXUXOXûXµQD GHøLQLUNHQ KD]ÖUOÖNVÖ] \DNDODQGÖøÖQÖ GD EHOLUWPHNWH DQFDN %XVK·XQ EX VDOGÖUÖODUÖQ FH]DVÖ] NDOPD\DFDøÖ WHU|ULVWOHUL DYOD\DFDøÖQÖ EX VÖQDYÖ PXWODN JHoHFHNOHULQL GQ\D LVWLKEDUDW |UJWOHULQLQ GH $PHULND·QÖQ \DQÖQGD ROGXøX \ROXQGDNL J|UûOHULQH \HU YHUHUHN $PHULND·QÖQ JFQ DoÖøD oÖNDUPDNWDGÖU $QFDN 5DGLNDO LOH NDUûÖODûWÖUÖOGÖøÖQGDEXNRQXGDNLV|\OHPOHULQ]D\ÖIROGXøXNDQDDWLQHXODûÖODELOPHNWHGLU 5DGLNDO JD]HWHVL LVH KDEHU LoHULNOHULQGH )%, \DUGÖPFÖ SHUVRQHOLQ ROGXøXQX $IJDQLVWDQ·D DQL EDVNÖQ KD]ÖUOÖøÖQÖ HYUHQVHO GHVWHN DOÖQGÖøÖ YXUJXODQDUDN JFQQ E\NOø RUWD\D oÖNPDNWDGÖU %X GHVWHøLQ VDOW $PHULND·\Ö GHøLO GQ\D\Ö GD ]DIHUHJ|WUHFHNROGXøXQXEHOLUWHQDQODPLoHULNOHULQLQ|QHoÖNWÖøÖJ|UOPHNWHGLU $PHULNDQÖQ+DNOÖOÖøÖ+DNVÖ]OÖøÖ =DPDQ JD]HWHVLQGH PDQûHW KDEHUOHUGH $PHULNDQÖQ KDNOÖOÖøÖQÖ |QH oÖNDUDQ KDEHUH UDVWODQÖOPDPÖûWÖU ´ho NLûL WXWXNODQGÖµ ´7HU|UL]POH PFDGHOH NDUDUÖµ RODUDN \HU DODQ PDQûHWOHU KDEHU DoÖNODPDODUÖ\OD ELUOHûWLULOGLøLQGH $PHULNDQÖQ PDøGXUL\HWLQL VL\DVDO ùVODP·DNDUûÖGXUXûXQXKDNOÖoÖNDUDQEHWLPOHPHOHUHGH\HUYHUGLøLJ|UOPHNWHGLU &XPKXUL\HW JD]HWHVL =DPDQ LOH NDUûÖODûWÖUÖOGÖøÖQGD J|UHFH EX KDNOÖOÖøÖ PDQûHWOHULQH GDKD ID]OD WDûÖPÖû ROGXøX J|UOPHNWHGLU %XVK ROD\Ö $%'·\H DoÖOPÖû ELU VDYDû RODUDN QLWHOHQGLUGL \HQPHN LoLQ ND\QDNODU NXOODQÖODFDN YE JLEL V|\OHPOHUH \HU YHULOHUHN YXUJXODQPDNWDGÖU 1LPHWgQU$\ûHdDWDOFDOÖ³0HG\D3ROLWLNDODUÖQÖQ'HPRNUDWLNOHûPHVL6UHFLQGH.UHVHO 5DGLNDO JD]HWHVL LVH PDQûHWOHULQGH ´(Q NDUDQOÖN JHFH %H\D] 6DUD\ KHGHIWH ED\UDNODUÖQ \DUÖ\D LQHFHøL WDULKLQ HQ E\N WHU|U YE JLEL V|\OHPOHUOH EX KDNOÖOÖøÖ oRN EHOLUJLQELUELoLPGHYXUJXODPDNWDGÖU +DEHU LoHULNOHULQH EDNÖOGÖøÖQGD =DPDQ JD]HWHVLQGH GDKD oRN LGGLDODU KDNNÖQGD QHW ELU ND\QDN J|VWHULOPH\HQ EHOLUVL] DQODWÖPODUÖQ \HU DOGÖøÖ J|UOPHNWHGLU 'XUXPX SURWHVWR HGHQOHU ´ GN·OÖN VD\JÖ GXUXûXQGD *XLOORX IXDUÖ WHUN HWWLµ ´.|U N|UQH |o YH LQWLNDP DOÖQPD\DFDøÖQÖµ YE DQODWÖPODUD \HU YHULOPLûWLU %X N|U N|UQH LQWLNDP DOPDQÖQ JHUoHNOHûPH\HFHøLQL EHOLUWLOPHVL $PHULNDQ WHKOLNHVLQL \XPXûDWPDN DPDFÖQÖ WDûÖPDNWDGÖU &XPKXUL\HW JD]HWHVLQGH GH $%'·\H DoÖOPÖû ELU VDYDûÖQ YDUOÖøÖQGD $%'·QLQ SVLNRORMLN WUDYPD LoLQGH ROPDVÖ QHGHQL\OH GûPDQÖ \HQPHN LoLQ ND\QDNODUÖQ KDUHNHWH JHoLULOHFHøLEHOLUWLOPHNWHGLU%|\OHFH$PHULNDQÖQKDNOÖOÖøÖQDGD\HUYHULOPHNWHGLU 5DGLNDOJD]HWHVLLVH$PHULND·QÖQKDNOÖOÖøÖQÖNDKUDPDQODUÖQND\EÖQÖQYH|OVD\ÖVÖQÖQ E\N ROGXøXQX NXUWDUPD HNLSOHULQGHQ FDQ ND\ÖSODUÖQÖ YXUJXOD\DUDN PDøGXUL\HWLQL EHOLUWPHNWHYHKDNOÖOÖøÖQÖ|QHoÖNDUPDNWDGÖU $PHULNDOÖYHgWHNL0VOPDQ +DEHUOHUGH =DPDQ JD]HWHVL WDP EHOLUJLQ ELU ELoLPGH $PHULNDOÖ YH gWHNL D\UÖPÖQÖ PDQûHWH\DQVÖWPDPDNODELUOLNWHEXD\UÖPÖGDYDUVD\DUDN´WDUDIODUDUDVÖQGDEWQOHûPH JHUHNVLQLPL\DUDWÖOPDVÖQGDQµ\DQDROGXøXJ|VWHUPHNWHGLU &XPKXUL\HWJD]HWHVLQLQGHV|]NRQXVXD\UÖPÖQGDKDSHNLûWLUGLøLJ|UOPHNWHGLUgUQ ´*|]OHU /DGLQ·H oHYULOGLµ ´$IJDQLVWDQ·GDQ DOHYOHU \NVHOL\RUµ ´/DGLQ·LQ YH WDUDIWDUODUÖQ NDQOÖ NURQRORMLVLµ ´0VOPDQODUD VDOGÖUÖ DUWWÖµ ´7HKOLNHOL NXWXSODûPDµ JLELYXUJXODPDODUODD\UÖPODûDQLNLD\UÖGQ\DGDQV|]HWPHNWHGLU 5DGLNDOJD]HWHVL$PHULND·QÖQûXDQGDELUIHODNHWL\DûDGÖøÖQÖYHEXQXQIDUNOÖOÖNODUÖQD UDøPHQEL]LP\DûDGÖøÖPÖ]GRøDOGHSUHPIHODNHWLQHEHQ]HUELUIHODNHWLQROGXøXDFÖYH NHGHUL |INH\L NRQX HGHUHN |WHNLOHULQ $PHULNDQ KDONÖQÖ Jo GXUXPD GûUGøQH J|QGHUPH\DSDUDN$PHULNDLOH$PHULNDGÖûÖQGDNDODQODUÖELUELULQGHQD\ÖUPDNWDGÖU 0DQûHWOHULQ DOWÖQGDNL KDEHUOHUH EDNÖOGÖøÖQGD =DPDQ JD]HWHVL $UDS |øUHQFLOHU ]HULQGHNLNXûNXODUÖQYDUOÖøÖQGDQ&XPD·QÖQ|OHQOHUHGXDJQROPDVÖQGDQEDKVHGHUHN $%'·QLQ0VOPDQDOH\KWDUOÖøÖQÖN|UNOHGLøLNRQXVXQX|QHoÖNDUPDNWDGÖU&XPKXUL\HW JD]HWHVLQLQ LVH GLQOHU NDYJDVÖQÖQ \DQOÖûOÖøÖ 0VOPDQ J|oPHQOHULQ WUEDQODUÖ\OD GRODûPDPDODUÖ JHUHNWLøL 1$72·QXQ VDOGÖUÖ SODQÖ YH $IJDQLVWDQ·GDNL VDYDû SDQLøL H\OHPOHULQ VRUXPOXVX /DGLQ YH WDUDIODUÖ YE LIDGHOHUOH $PHULNDQÖQ |WHNLOHULQL KHP WDQÖPODPDNWDKHPGHEXD\UÖPÖGHULQOHûWLUPHPH\HoDOÖûWÖøÖJ|UOPHNWHGLU 5DGLNDO JD]HWHVL LVH $PHULNDQÖQ WDQÖPODGÖøÖ \|QGH ROD\ÖQ IDLOL RODUDN 8VDPH %LQ /DGLQ·L J|VWHUPHNWHGLU +DWWD oHûLWOL DQODWÖPODUÖQGD E\N ELU RUDQOD EX NRQXGDNL NDQDDWLQL SHNLûWLUPHNWHGLU 7HU|UQ IDLOLQL J|VWHUHUHN oHûLWOL V|\OHPOHUOH GH EXDQODPÖSHNLûWLUPHNWHGLU 6RQXo ·OÖ \ÖOODUGDQ LWLEDUHQ QHROLEHUDOLVW SROLWLNDODUOD PHG\D DODQODUÖQÖQ WLFDULOHûPHVL YH NUHVHOOHûPHVL PHG\DODUÖ NDPX \D\ÖQFÖOÖN LONHVLQGHQ X]DNODûWÖUPDNWDGÖU .DPX \D\ÖQFÖOÖøÖQÖ PHûUX NÖODQ YH PLV\RQX EHOLUOH\HQ oRøXOFXOXN WHPVLO KDNNÖ HULûLP YH LOHWLûLPKDNNÖJLELNDYUDPODUJHWLULOPLûYHXOXVDOPHG\DODUGDEHNOHQWLOHUGHøLûPLûWLU 0HG\DQÖQ WRSOXPODUÖQ ELOJLOHQGLULOPHVL D\GÖQODWÖOPDVÖ HøLWLOPHVL JLEL LûOHYOHUL\OH XOXV GHYOHWLQ LûOH\LûLQLQ |QQGHNL HQJHOOHULQ NDOGÖUÖOPDVÖ GD JLGHUHN RUWDGDQ NDONPDNWDGÖU 'LøHU ELU GH\LûOH |QFHVL XOXV GHYOHWOHUL D\DNWD WXWDFDN XOXV NOWU 8OXVDO8\JXODPDOÖ(WLN.RQJUHVL ROXûWXUPDVÖYHJHOLûWLUPHVLEHNOHQHQPHG\DNUHVHOHNRQRPLNLûELUOLøLLoLQGHXOXV|WHVL ROXûXPODUÖQ HWNLVLQH JLUPHNWHGLU 'ROD\ÖVÖ\OD \D\ÖQ SROLWLNDODUÖ XOXV GHYOHWOHUOH VÖQÖUOÖ NDOPD\ÖS XOXV |WHVL PHG\D PDUNHWOHULQ EDVNÖVÖ DOWÖQD JLUPLûWLU +DEHU HøOHQFH WLFDUL UHNODPFÖOÖNHOHNWURQLNYHULOHULYHVHVOLYH\D]ÖOÖLOHWLOHULDNWDUDQPHG\DQÖQXOXVODUDUDVÖ ND\QDNODUGDQ EHVOHQGLøL WHNHOOHûPHOHU YH LoLQ VHUPD\HQLQ HNOHPOHQPHOHUOH ROGXøX NUHVHO NDGDU PHG\D PHG\D X]DPODUÖQD NXUXPODUÖQGDNL DoÖOPÖû ROGXøX J|UOPHNWHGLU .DPXVDO \D\ÖQ SROLWLNDODUÖQGD WLFDULOHûPH \|QQGH JHOLûHQ EX HøLOLP XOXVDO PHG\D HWLøLQL YH SROLWLNDODUÖQÖ GHøLûWLUHUHN PHG\DQÖQ \HULQH JHWLUGLøL XOXVoX SROLWLNVRV\DOL]DV\RQVUHFLQLHWNLOHPHNWHGLU ùNL] .XOHOHU |UQHN ROD\Ö\OD LOJLOL KDEHUOHULQ \HU DOGÖøÖ PHG\DQÖQ SROLWLNDODUÖQD J|UH LoHULøLQGH ELoLPOHQGLøL J|UOPHNWHGLU $QFDN PHG\D SROLWLNDVÖQÖQ \DQÖ VÖUD NUHVHOOHûPHVUHFLQLQNDSLWDOLVWLGHRORMLQLQPHG\DQÖQWXWXPXQGDEHOLUOH\LFLELUHWNHQ ROGXøXJ|UOPHNWHGLU %|\OHOLNOH $PHULNDQ LGHRORMLVLQH NDUûÖ GXUDQ ùVODPFÖ EDNÖû DoÖVÖ KDEHU GHøHUOHQGLUPH\H GH \DQVÖPDNWDGÖU ùQFHOHGLøLPL] o JD]HWHGHQ VDø \D\ÖQ SROLWLNDVÖQÖ EHQLPVH\HQ =DPDQ JD]HWHVL $PHULNDQ LGHRORMLVL WDUDIWDUOÖøÖQÖ HQ D] \DQVÖWÖU GXUXPGD LNHQ VRO \D\ÖQ SROLWLNDVÖQGD \HU DODQ &XPKXUL\HW JD]HWHVL GH NÖVPHQ GH ROVD NUHVHOOHûPH\H ROXPOX \DNODûPDNWD 5DGLNDO JD]HWHVL GH $PHULNDQ LGHRORMLVLQL WDPDPHQROXPOD\DQELUWXWXPVHUJLOHPHNWHGLU 6RQXo RODUDN JQP]GH PHG\D HWLøL PHG\D \D\ÖQ SROLWLNDODUÖ\OD QHROLEHUDOLVW X\JXODPDODUODYHWRSOXPODUÖQNOWUHO\DSÖODUÖ\ODELoLPOHQPHNWHGLU .D\QDNoD +HUPDQ(60F&KHVQH\5:*OREDO0HGLD7KH1HZ0LVVLRQDULHVRI&RUSRUDWH &DSLWDOLVP&DVVHOO:RUOLQJ+RXVH/WG/RQGRQ 0RZODQD + *OREDO ,QIRUPDWLRQ DQG :RUOG &RPPXQLFDWLRQ 1HZ )URPWLHUV ,QWHUQDWLRQDO5HODWLRQV/RQJPDQ1HZ<RUN 0RKDPPDG\ 'HYHORSLQJ $ :RUOGµ ´&RPPXQLFDWLRQ ,QWHUQDWLRQDO DQG *OREDOL]DWLRQ &RPPXQLFDWLRQ DQG 3URFHVV *OREDOL]DWLRQ LQ WKH HG $ 0RKDPPDG\6DJH3XEOLFDWLRQV/RQGRQ 6WUHHW-0DVV0HGLD3ROLWLFVDQG'HPRFUDF\3DOJUDYH1HZ<RUN 0RUOH\ ' 5RELQV . .LPOLN 0HNkQODUÖ YH .UHVHO 0HG\D (OHNWURQLN 2UWDPODU YH .OWUHO6ÖQÖUODUoHY(=H\EHNRøOX$\UÖQWÖ<D\ÖQODUÖùVWDQEXO *XQWKHU50XJKDQ$'HPRFUDF\DQGWKH0HGLD&DPEULGJH8QLYHUVLW\3UHVV 6WHYHQVRQ 5 / ´&RPPXQLFDWLRQ 'HYHORSPHQW 7KLUG :RUOGµ 7KH *OREDO 3ROLWLFVRI,QIRUPDWLRQ/RQJPDQ,QF1HZ<RUN 6KROOH'-´(OHûWLUHOdDOÖûPDODUùGHRORML7HRULVLQGHQùNWLGDU%LOJL\Hµ0HG\DùNWLGDU ùGHRORMLGHUYHoHY0HKPHW.oN$UN<D\ÖQODUÖ %HUNRZLW]'6RFLDO0HDQLQJ1HZV6DJH3XEOLFDWLRQV/RQGRQ &DVPLU ) / (WKLFV LQ ,QWHUFXOWXUDO DQG ,QWHUQDWLRQDO &RPPXQLFDWLRQ /DZUHQFH (ULEDXP$VVRFLDWHV3XEOLVKHU/RQGRQ " 8\JXODPDOÖ(WLN8\JXODPDVÖ](WLNYH)HOVHIH<DSPDQÖQ(WLøL 3URI'U<DPDQgUV *LULû %X VXQXûXQ \|QWHPELOJLVL PHWRGRORML DoÖVÖQGDQ NXûNXVX] ELUELULQH \DNÖQGDQ EDøOÖ RODQ DQD QRNWDODUÖQÖ û|\OH VÖUDOD\DELOLUL] 7HN ELU HWNLQOLN RODUDN DGODQGÖUÖODQ YH |\OH NDEXO HGLOHJHOPLû RODQ IHOVHIHQLQ RQXQ HYULPL VÖUDVÖQGD RUWD\D oÖNPÖû oRN GHøLûLN NDUûÖWRNXOODUÖQDNÖPODUÖQDUDODUÖQGDNLD\UÖOÖNODUDEDøOÖROPDN]HUHJHUoHNWHELUGHQoRN HWNLQOLN RODUDN GD GûQOHELOHFHøL HWLN \D GD DKODNL GHøHUOHU IHOVHIHVL DODQÖQGD EXQXQ EHONL |]HOOLNOH EHOLUJLQ ROGXøX DKODNL GHøHUOHULQ \DOQÖ] IHOVHIH HWNLQOLøLQGH GHøLO LQVDQWRSOXPELOLPOHULQGHGHHOHDOÖQGÖøÖIHOVHIHFLOHUFHGDKDoRN´X\JXODPDOÖHWLNOHUµ RODUDNELOLQHJHOPLûXøUDûHWLNOHULQLQIHOVHIHGHNLHWLøLQV|]NRQXVXXøUDûODUGDNL|]HOYH IDUNOÖODûPÖû ELUHU X]DQWÖVÖ RODUDN J|UOHELOHFHøL %X EDøODPGD HQ |QGH JHOHQ YH IHOVHIH HWNLQOLøLQLQ WP HYULPL ER\XQFD ]HULQGH SHN GXUXOGXøXQX V|\OH\HPH\HFHøLPL] ELU QRNWD RODUDN GD IHOVHIHQLQ \D GD IHOVHIH \DSPDQÖQ HWLNDKODNL GHøHUOHU DoÖVÖQGDQ VRUJXODQDELOHFHøLQGHQVRUJXODQPDVÖ JHUHNWLøLQGHQ V|]DoÖODFDNWÖU .XûNXVX]E|\OHELU DOWHWNLQOLN IHOVHIHQLQ ELU DOW GDOÖ RODQ HWLN·WHQ D\UÖ NRQXPGDGÖU YH ELU X\JXODPDOÖ HWLN \D GD IHOVHIH HWNLQOLøLQLQ NHQGLVLQLQ ELU XøUDû NRQXPXQXQ EXOXQXS EXOXQPDGÖøÖ NRQXVX ELU \DQD ELU XøUDû HWLøLDKODNÖ RODUDN GûQOHELOLU %|\OH GH GûQOPHOLGLU YH IHOVHIHFLOHULQ HWNLQOLNOHULQH \|QHOLN RODUDN EXUDGDQ oÖNDUDFDNODUÖ |QHPOL \|QWHPELOJLVLYH´XøUDûDKODNÖµVRQXoODUÖROPDOÖGÖU )HOVHIH(WLN)HOVHIHOHU(WLNOHU %XUDGD |QFH IHOVHIH HWNLQOLøL LOH LOJLOL RODUDN V|] DoPDQÖQ |QHPOL ROGXøXQX GûQGøP ELU QRNWD\Ö GLOH JHWLUPHP JHUHNHFHNWLU .DQÖPFD IHOVHIH DODQÖ LoLQ LONHFH JHoHUOLRODQ´$NDGHPLNµRODQYHROPD\DQ)HOVHIHD\UÖPÖQÖNHQGLDoÖPGDQEXVXQXûXQ WPEDøODPÖQGDGLNNDWHDOPDNGXUXPXQGD\ÖP´$NDGHPLN)HOVHIHGHQµ\ÖONDGDU |QFH (JH NÖ\ÖODUÖQGD RUWD\D oÖNDQ VRQ \]\ÖOODUGD GD ´%DWÖ )HOVHIHVLµ ELoLPLQGH DQÖODUDNNHQGLQLVUGUHQYHJHUHNHøLWLPLJHUHNVHNHQGLVLLONHFHQLYHUVLWHLoLQGH\DGD ELU QLYHUVLWH DQOD\ÖûÖ\OD JHUoHNOHûWLULOHQ NDYUDPVDOHOHûWLUHOPDQWÖNVDO ELU JHUHNoHOHQGLUPH HWNLQOLøLQL DQODWPDN LVWL\RUXP %WQ GûQOGøQGH EX HWNLQOLN JHQHOGH ´'RøX )HOVHIHVLµ \D GD ´'RøX )HOVHIHOHULµ RODUDN ELOLQHQ EXJQ GDKD oRN ´<DûDP )HOVHIHVLµ RODUDN WHULPOHQGLUHELOHFHøLPL] YH |UQHøLQ EHONL ´9DUROXûFXOXøXQµ ELU WU NDUûÖOÖøÖ RODUDN J|UHELOHFHøLPL] HWNLQOLNOH \HULQH J|UH E\N D\UÖOÖN J|VWHUPHNWHGLU$QFDNEXUDGDNRQX\ODLOJLOLoQRNWD\ÖGDKDEHOLUWPHNGXUXPXQGD\ÖP ùON RODUDN NXOODQGÖøÖP ´$NDGHPLN )HOVHIHµ WHULPLQGHNL ´DNDGHPLNµ V|]FøQQ .RQJUHGHNLVXQXOXûXQGDQVRQUDEXPHWLQLNLD\UÖEDøODPGD|]QGHGHøLûLNOLN\DSÖOPDGDQ DQFDNGDKDX]XQRODUDND\UÖEDûOÖNODUODYHDOWEDûOÖNODUÖQGDGHøLûLNYXUJXODPDODUOD\HQLGHQ VXQXOPXûYHWDUWÖûÖOPÖûWÖU´(WLN8øUDû(WLNOHULYH)HOVHIH<DSPDQÖQ(WLøLµ$NGHQL] hQLYHUVLWHVL)HOVHIH.XOE$QWDO\D1LVDQhQLYHUVLWH·GHNLWDQÖWÖPÖQGDEDûOÖN´(WLN 'HøHUOHUYH(WLN)HOVHIHVLµRODUDNYHULOPLûWLU´)HOVHIHYH(WLøLµ7UN6RV\DO%LOLPOHU 'HUQHøL$QNDUD0D\ÖV%XUDGDNLVRQPHWLQLoLQLVHGDKDoRNNRQJUHGHNLVXQXûXQYH WDUWÖûPDODUÖQNDYUDPoHUoHYHVLGLNNDWHDOÖQPÖûWÖU $QNDUDhQLYHUVLWHVL7ÖS)DNOWHVL'HRQWRORML$QDELOLP'DOÖ 8OXVDO8\JXODPDOÖ(WLN.RQJUHVL 3ODWR·QXQ ´$NDGHPLVLµ LOH GRøUXGDQ KLo ELU LOLûNLVLQLQ EXOXQPDGÖøÖQÖ V|\OHPHP JHUHNL\RU ùNLQFL QRNWD WDULKVHO ROPDNWDQ oRN \|QWHPELOJLVHOGLU 6|] NRQXVX JHUHNoHOHQGLUPH LûLQH %DWÖ IHOVHIHVLQGH GH |UQHøLQ ]DPDQÖPÖ]ÖQ ´SRVWPRGHUQµ GHQHQ IHOVHIHVLQGH ROGXøX ELoLPGH QHUHGH\VH ERû YHULOGLøLQL |WH \DQGDQ RQXQ 9L\DQD dHYUHVL·QLQ \HQL ROJXFXOXøXQGD PDQWÖNoÖ HPSLULVL]PGH |]HOOLNOH 5HLFKHQEDFK·ÖQ DoÖNOÖøD NDYXûWXUGXøX ELOLPVHO IHOVHIHGH ]DPDQÖPÖ]GD WHPHO ELOLP HWNLQOLøLQGH ROGXøX JLEL ELU GRUXøD XODûWÖøÖQÖ V|\OH\HELOLUL] %XUDGD oQF RODUDN LVH EX VRQXQFXVX\OD \DNÖQGDQ EDøODQWÖOÖ RODQ ûX QRNWD V|] NRQXVXGXU 7DULKVHO DoÖGDQ EXUDGDNL EDøODPÖPÖ]GD LVH GDKD |QHPOL RODUDN \|QWHPELOJLVL DoÖVÖQGDQ DNDGHPLN IHOVHIHQLQ LON RUWD\D oÖNÖûÖQGDQ EHUL ELU EDNÖPD RQXQ YDUOÖN QHGHQL ROGXøX V|\OHQHELOHFHN YH WHPHO ELOLP DQODPÖQGD ELOLPLQNL\OH LONHFH |UWûHQ DPDFÖQÖ JQGHPH JHWLUPHOL\L] HQ JHQLû DQODPGD \HU\] YH J|N\]QGH GRøD YH LQVDQ WRSOXPODUÖQGD HYUHQGH WP ROXS ELWHQOHU DQODPÖQGD GQ\DQÖQ DQODûÖOPDVÖ YH DoÖNODQPDVÖ =DPDQ LoLQGH EX DPDFÖQ GRøUXGDQ GL\HELOHFHøLPL] ELoLPGH JHUoHNOHûWLULOGLøL HWNLQOLN JLGHUHN \RøXQ ELU ELoLPGH ELOLP ROPXûWXU %DûODQJÖoWD 9L\DQD dHYUHVL·QLQ GDU ELU DoÖGDQ GD ROVD oRN \HULQGH VDSWDGÖøÖ JLEL EX EDNÖPGDQ DNDGHPLN IHOVHIH\H GH EDûWD WHPHO ELOLP ROPDN ]HUH ELUHU´DNDGHPLNµXøUDûRODQYHROPD\DQEHOOLEDûOÖLQVDQHWNLQOLNOHULQLGûQFHGLOYH GHøHUOHUG]H\LQGHLUGHOHPHNGûPHNWHGLU%XPHWLQGHGH´IHOVHIHGHQµNXûNXVX]KHS DNDGHPLNIHOVHIHDQODûÖOPDOÖGÖU *LULûWHNÖVDFDGHøLQLOGLøLEXE|OPQEDûOÖøÖQGDGDEHOLUWLOGLøLJLELNDQÖPFDIHOVHIH EHONL |]HOOLNOH JQP]GH WHN ELU HWNLQOLN RODUDN J|UOHPH] EXQXQ GD WHPHO QHGHQL DODQÖQHYULPLER\XQFD\HULQHJ|UHWHPHO\|QWHPELOJLVHOQRNWDODUGDELUELULQHoRNNDUûÖW RODQ IHOVHIH RNXOODUÖQÖQDNÖPODUÖQÖQ EXOXQXûXGXU %X DNÖPODUÖQ DUDVÖQGD EXUDGDNL EDøODPÖPÖ]GD |UQHN ROXûWXUDFDNODU ûXQODU RODELOLU ùQJLOL] HPSLULVL]PL PDGGHFLOLN LGHDOL]P \HQL 3ODWRQFXOXN \HQL .DQWoÖOÖN YDUROXûoXOXN \HQL ROJXFXOXN %XQODUÖQ DUDVÖQGDNL \|QWHPELOJLVHO LOLûNLOHUL \D GD IHOVHIH RNXOODUÖQÖQDNÖPODUÖQÖQ VÖQÖIODQGÖUÖOPDVÖNPHOHQGLULOPHVL VRUXQXQX EXUDGD ELU \DQD EÖUDNDUDN WP IHOVHIH HYULPL ER\XQFD YDU ROPXû HQ WHPHO LNL NPH RODUDN 8VVDOFÖOÖN 5DV\RQDOL]P YH 'X\XVDOFÖOÖN (PSLULVL]P DUDVÖQGDNL NDUûÖWOÖøÖ JQGHPH JHWLUHELOLUL] *HQHOOLNOH ELOLQPHVL JHUHNWLøL JLEL EXQODUÖQ DUDVÖQGDNL WHPHO D\UÖP ELOJLQLQ N|NHQL \D GD ND\QDøÖ LOH LOJLOLGLU %LULQFLVLQH J|UH EX LQVDQ XVXGXU LNLQFLVL DoÖVÖQGDQ LVH GÖû GQ\DGÖU )HOVHIHGH EX LNL DQD DNÖP \D GD RNXO YH DOWDNÖPODUDOWRNXOODU DUDVÖQGD EX \|QGHQ RUWD\D oÖNDQ D\UÖOÖN \HULQH J|UH |\OHVLQH E\NWU NL \|QWHPELOJLVHO DoÖGDQ GHPHN ROX\RU NL IHOVHIH DQOD\ÖûÖ \DNODûÖP \|QWHP YH HWNLQOLøL JHUoHNOHûWLUPHIHOVHIH \DSPD DoÖVÖQGDQ WHN ELU IHOVHIH HWNLQOLøLQGHQ oRN GHøLûLN ´IHOVHIHOHULQµ EXOXQGXøXQX LOHUL VUPHN DEDUWÖOÖ ROPD\DFDNWÖU g]GHû \D GD ELUELULQH \DNÖQ ]DPDQODUGD JHOLûPLû ´IHOVHIHOHUGHQµ 3ODWR·QXQ YH $ULVWR·QXQ IHOVHIHOHUL .DQW·ÖQ IHOVHIHVL LOH GL\DOHNWLN PDGGHFLOLN YDUROXûoXOXNOD PDQWÖNoÖ HPSLULVL]P EX EDNÖPGDQ J|VWHULOHELOHFHN X\JXQ NDUûÖWoLIWOHURODUDNGûQOHELOLU )HOVHIH\OH LOJLOL DNDGHPLN ELU VXQXûWD EX HWNLQOLNWHNL DNÖPODUÖQ RQXQ GDOODUÖ \D GD DOWGDOODUÖ\OD NDUÖûWÖUÖOPDPDVÖ JHUHNWLøLQGHQ V|] DoPDN EHONL DEDUWÖOÖ YH JHUHNVL] ELU Lû JLELJ|UQHELOLUNDQÖPFDGDEXLONHFHDEDUWÖOÖYHJHUHNVL]ELULûWLU$QFDNVXQXFXQX]XQ EX NRQXGDNL J|]OHPOHUL QH \D]ÖN NL EX LûL QHUHGH\VH JHUHNOL NÖOPDNWDGÖU 2 |UQHøLQ NHQGL EHQLPVHGLøL IHOVHIH RNXOX RODQ ELOLPVHO IHOVHIHQLQ VH\UHN ROPD\DUDN ELU IHOVHIH GDOÖ RODQ ELOLP IHOVHIHVL\OH NDUÖûWÖUÖOGÖøÖQÖ J|UPûWU KHP GH ELUWDNÖP IHOVHIHFLOHU KLo GHJHQoROPD\DQGHQH\LPOLIHOVHIH|øUHWLP\HOHULWDUDIÖQGDQ <DPDQgUV³8\JXODPDOÖ(WLN8\JXODPDVÖ](WLNYH)HOVHIH<DSPDQÖQ(WLøL )HOVHIH NRQXVXQGD \|QWHPELOJLVHO YH HYULPVHO ELU \DNODûÖPOD \XNDUGD \DSÖODQ o|]POHPH \HULQGH LVH IHOVHIHQLQ ELU GDOÖ RODQ (WLN \D GD $KODNL 'HøHUOHU )HOVHIHVL DODQÖQGDGDJLULûE|OPQGHGHGHøLQGLøLPJLELELUELULQGHQD\UÖELUGHQoRNHWNLQOLøLQ EXOXQGXøX VDSWDPDVÖ ELU DEDUWPD ROPD\DFDNWÖU %X NRQXGD SHN JoON oHNPHGHQ ELU HWLN HWNLQOLøLQGHQ oRN ELUWDNÖP ´HWLNOHUµGHQ V|] DoPDN NXûNXVX] HQ EDûWD JHOHQHNVHO LQVDQ YH EHQ PHUNH]OL XVVDOFÖ IHOVHIHFLOHULQ JHOLûWLUGLNOHUL ´DKODN VLVWHPOHULµ GLNNDWH DOÖQGÖøÖQGD ROGXNoD KDNOÖ ELU J|]OHPLQ DQODWÖPÖ ROVD JHUHNWLU 6RNUDW·OD 3ODWR·\X 6SLQR]D·\Ö .DQW·Ö 1LH]WVFKH·\L YE GûQHOLP 2QODUÖQ JHOLûWLUGLNOHUL DKODN |øUHWLOHUL DUDVÖQGDELUWDNÖPEHQ]HUOLNOHUGHROVDEXUDGDNLVDYLONHFHJHoHUOLGLUNDQÖVÖQGD\ÖP(WLN DODQÖQGDGDVLVWHPJHOLûWLUPH\HNDUûÖRODQ|]QHOFL\DNODûÖPOÖHPSLULVLVWOHULQEXDODQGDNL GHøLûLNJ|UûOHULGûQOQFHIHOVHIHGH´HWLNOHUµLQYDUOÖøÖGDKDEHOLUJLQROPDNWDGÖU %LOLP)HOVHIH$KODNYH(WLN .RQX LoHULNOHUL RUWDN ROVD GD ´$KODNµ YH ´(WLNµ WHULPOHUL DUDVÖQGD JHQHO RODUDN NDEXO J|UGøV|\OHQHELOHFHN D\UÖOÖøÖ NXûNXVX] EX EDøODPGD GD JQGHPH JHWLUPHOL\L] %XUDGDNL HQ WHPHO QRNWD EXQODUGDQ ELULQFLVLQLQ ELU WRSOXPGD LQVDQ WXWXP YH GDYUDQÖûODUÖQD \|QHOLN LVWHNOHUL YH NDEXOOHUL LoHUHQ GHøHUOHULPL]LQ WRSODPÖ DQODPÖQD JHOPHVLQH NDUûÖOÖN LNLQFLVLQLQ DNDGHPLN ELU DOWDODQ ROXûXGXU 6RQ RQ\ÖOODUGD GQ\DGD HWLN DODQÖQGD JLGHUHN GDKD \RøXQ ELoLPGH JQGHPH JHOHQ JHOLûPHOHULQ VRQXFX RODUDN LNLQFL WHULP ELUWDNÖP DQODP GHøLûLNOLNOHULQH XøUDPÖûVD GD \|QWHPELOJLVL DoÖVÖQGDQ RQXQODLOJLOLE|\OHELULON\DGDWHPHOVDSWDPD\ÖLONHFH\HULQGHNDEXOHGHELOLUL] <|QWHPELOJLVHO DoÖGDQ EXUDGD NRQX HGLOHELOHFHN LNLQFL ELU QRNWD ûXGXU 'HRQWLN PDQWÖN JLEL EHOOL ´WHNQLNµ \|QOHULQL ELU \DQD EÖUDNÖUVDN JHQHOGH HWLN DODQÖ IHOVHIH HWNLQOLøLQLQHQD]WHNQLNYHELUEDNÖPDJHUoHNWH´RUJDQLNµELULOLûNLVLQLQGHEXOXQGXøX V|\OHQHELOHFHN ´\DûDP IHOVHIHVL\OHµ EHQ]HûHQ GDOÖGÖU %XUDGD ´WHNQLNµ V|]Fø\OH JHQHOGH DNDGHPLN DODQODUÖQ LONHFH KHSVL LoLQ JHoHUOL ROGXøXQX GûQGøP ûX QRNWD\Ö DQODWPDNLVWL\RUXPLQVDQODUÖQJQON\DûDPODUÖQGDD]oRNRUWDNVD\ÖODELOHFHNGHQH\LP LOLûNL VUHo YE ROXS ELWHQOHUGHQ D] \D GD oRN GHøLûLNOLN D\UÖOÖN J|VWHUHQ |]HOOLNOHU %X DoÖGDQ EDNÖOGÖøÖQGD |UQHN RODUDN YHUPHN JHUHNLUVH PDWHPDWLN YH PDWHPDWLN IHOVHIHVL VLPJHVHO PDQWÖN IL]LNWH J|UHFHFLOLN NXUDPÖ YH IHOVHIL o|]POHPHVL HYULP EL\RORMLVL YH IHOVHIHVL |UQHøLQ KXNXN YH IHOVHIHVLQGHQ VL\DVDO IHOVHIH \D GD WDULKOH EX DODQÖQ IHOVHIHVLQGHQ\HULQHJ|UHoRNGDKD´WHNQLNµDODQODUGÖU %XE|OPQEDøODPÖQGDoQFELUNRQXRODUDN¶ELOLP·NDYUDPÖQGDQV|]DoDELOLUL] %X NDYUDPÖQ JQGHPH JHOPHVLQLQ QHGHQL VXQXFXQX]XQ |]QHOFL \DNODûÖPÖQD J|UH LQVDQ WXWXP YH GDYUDQÖûODUÖ\OD LOJLOL LVWHN YH GLOHNOHULPL]GHQ ROXûDQ DKODNL GHøHUOHULPL]LQELOLPHWNLQOLøLQL\DNÖQGDQLOJLOHQGLUPHVLGLU$QFDNEXUDGD´LOJLOHQGLUPHµ LOHEDûWDWHPHOELOLPOHUROPDN]HUHEXHWNLQOLøLQDKODNLGHøHUOHUDoÖVÖQGDQLUGHOHQLûLQL GDKD DoÖN ELU DQODWÖPOD ´ELOLPOHULQ HWLøLQLµ \D GD ´ELOLP DKODNÖQÖµ DQODWPDN LVWHPL\RUXP %HQLP EXUDGD ]HULQGH GXUGXøXP QRNWD DKODNL GHøHUOHULPL]LQ QH\L DKODNL VRUXQ RODUDN J|UGøP]Q EX DODQGDNL o|]P |QHULOHULPL]LQ VHoLPOHULPL]LQ YH NDUDU YHUPHOHULPL]LQ WRSOXPLQVDQ ELOLPOHULQLQ |QHPOL NRQX NPHOHUL DUDVÖQGD ROXûODUÖGÖU .XûNXVX] EX NRQXODUÖQ EX ELOLPOHUGH HOH DOÖQPDVÖ RQODUÖQ DoÖNODQPDVÖ YH RUWD\D oÖNÖû NRûXOODUÖ\OD LOJLOL RODUDN ELUWDNÖP JHQHOOHPHOHUH YDUÖOPDVÖ ELU EDûND DQODWÖPOD ELOLPVHO ELOJL UHWLOPHVL DPDFÖQD \|QHOLNWLU )HOVHIHGH LVH EX DODQÖQ \|QWHPELOJLVLQLQ JHUHøL RODUDN E|\OH ELU ELOJL UHWLPL DPDFÖ V|] NRQXVX RODPD] gUQHøLQ VXQXFXQX]XQ EDøOÖ EXOXQGXøX ELOLPVHO IHOVHIH DNÖPÖQÖQ GRøUXOWXVXQGD HWLN GDOÖQGD GD HQ EDûWD \DSÖODQ DKODNL GHøHUOHULPL]LQ VRUXQODUÖPÖ]ÖQ o|]POHULPL]LQ 8OXVDO8\JXODPDOÖ(WLN.RQJUHVL NDUDUODUÖPÖ]ÖQ EXQODUOD LOJLOL H\OHPOHULPL]LQ YE WXWDUOÖOÖN EHOOL EDûOÖ HWLN LONHOHUL JLEL \|QOHUGHQ NDYUDPVDO G]H\GH o|]POHQPHVLGLU EX o|]POHPHQLQ EDûOÖFD QLWHOLøL LVH RQXQHOHûWLUHOPDQWÖNVDODQODPELOJLVHOELU\RUXPDXODûPDoDEDVÖROXûXGXU %X E|OPQ NDSVDPÖ LoLQGH G|UGQF YH VRQ RODUDN GD ´HWLNµ YH ´DKODNµ WHULPOHULQLQDUDVÖQGDNLDQODPD\UÖOÖøÖQÖQ´X\JXODPDOÖHWLNOHUµRODQXøUDûHWLNOHULQGHELU EDNÖPD RUWDGDQ NDONPDVÖQGDQ V|] HGHELOLUL] %XQD J|UH |UQHøLQ ´ELOLP DKODNÖµ LOH ´ELOLP HWLøLµ ´WÖS HWLøLµ LOH ´WÖS DKODNÖµ \D GD ´DUDûWÖUPD HWLøLDKODNÖµ DUDVÖQGD JHQHO RODUDN ´HWLNµOH ´DKODNµ DUDVÖQGD V|] NRQXVX RODQD EHQ]HU ELU D\UÖOÖøÖQ EXOXQGXøX SHN V|\OHQHPH] 8øUDû DKODNÖXøUDû HWLNOHUL NRQXVXQX ûLPGL \DNÖQGDQ LUGHOHUNHQ EX NRQXQXQEHONLGROD\OÖELoLPGHGHROVDGDKDELUDoÖNOÖøDNDYXûDFDøÖQÖGûQ\RUXP %LUHU)DUNOÖODûPÖû8]DQWÖ2ODUDN8øUDû(WLNOHUL %XUDGDNL EDøODPÖPÖ]GD EHONL oRøX IHOVHIHFLQLQ J|]\OH ELUHU ´X\JXODPDOÖ HWLNµ RODUDN J|UOHQ XøUDû HWLNOHUL NRQXVXQX D\UÖQWÖOÖ RODUDN LûOHPHPL]H SHN JHUHN \RNWXU GL\HELOLUL] %XQXQ ELU QHGHQL EXUD\D GHN \DSWÖøÖPÖ] JHQHO YH GDKD NXUDPVDO RODQ o|]POHPHOHUGHQVRQUDEDøODPÖPÖ]DoÖVÖQGDQEXQDSHNJHUHNNDOPDPDVÖRODELOLUVHELU |WHNLVL GH EDûOÖøÖPÖ]GDNL o WHULPGHQ HQ oRN YXUJXODQPDVÖ JHUHNHQLQ EXQGDQVRQUDNL E|OPGH HOH DODFDøÖPÖ] ´IHOVHIH \DSPDQÖQ HWLøLµ WHULPL ROPDVÖGÖU +HU GXUXPGD EX EDøODPGD XøUDû HWLNOHULQL WDUWÖûPDPÖ]ÖQ GDKD oRN ELU ´IHOVHIH HWLøLQLQµ JHOLûWLULOPHVL |QHULVLQH DUDo RODUDN GûQOPHVL JHUHNWLøLQL EHOLUWPHOL\L] %XUDGD \D]ÖQÖQ EDûOÖøÖQGDNL LNLQFL WHULP RODQ ´X\JXODPDVÖ] HWLNµ ]HULQGH GXUPD\Ö GûQP\RUXP RQGDQ ´JHQHO RODUDN HWLNµ DQODûÖODELOHFHøL JLEL DNDGHPLN DQODPGD EDûOÖøD GLNNDWL oHNPH EHNOHQWLVLQL NDUûÖODPD GÖûÖQGD DQODPELOJLVHO KHUKDQJL ELU LûOHY EHNOHQPH\HELOLU GH %X E|OPQ EXOXQPDNWDGÖU EDûOÖøÖQGD DoÖNOÖøD NDYXûWXUXOPDVÖ ´IDUNOÖODûPÖû X]DQWÖµ YH ´XøUDûµ JHUHNHQ %XQODUGDQ LNL WHULP LNLQFLVL GDKD IL]LNWHQ WRSOXPELOLPH GHN WHPHO ELOLPOHUL WÖS |WHNL VDøOÖN DODQODUÖ PKHQGLVOLNOHU JLEL JHUHNOL ROPD]VD ROPD] NRûXOODUÖ WHPHO ELOLP RODQ DODQODUÖ JLGHUHN GH WDULK KXNXN HøLWLP LNWLVDWIHOVHIHYEQLYHUVLWHHøLWLPLQHGD\DQDQSHNoRNHWNLQOLøLYHEXQODUÖQQLYHUVLWH GÖûÖQGDNL YH LoLQGHNL JHUoHNOHûWLULOPH ELoLPOHULQL DQODWPDNWDGÖU %L]LP EXUDGDNL EDøODPÖPÖ]GD GDKD |QHPOL YH oRN GDKD JHoHUOL RODQ ELULQFL WHULPLQ ND\QDøÖQÖ LVH FDQOÖOÖN ELOLPOHULQGHNL ROXûWXUPDNWDGÖU LNL ´UDKLPLoL KFUHQLQ JHOLûLPµLQ ELUOHûPHVLQGHQ WHPHO |]HOOLøL ROXûPXû RODQ ´G|OOHQPLû ´IDUNOÖODûPDµ \XPXUWDGDQµ JHOLûHQ DQFDN ]DPDQ LoLQGH RQGDQ JLWWLNoH GDKD LOHUL ELU ELoLPGH D\UÖOÖNODU J|VWHUHQ KFUHOHU YH RQODUÖQ EDûND \DSÖVDO |øHOHUOH ELUOLNWH ROXûWXUGXNODUÖ GRNXODU gUQHøLQ VLQLU \D GD NDV KFUHOHULQGH ROGXøX JLEL EX D\UÖPODûPD \D GD IDUNOÖODûPD |\OHVLQH LOHUL G]H\GH RODELOLU NL JHOLûPHQLQ LON DûDPDODUÖQGDNL KFUHOHUOH RQODUÖQ DUWÖN oRN D] EHQ]HUOLøLQLEXODELOLUVLQL] ùûWHEXUDGDQ \ROD oÖNÖODUDN \DSÖODELOHFHN ELU EHQ]HWLPOHû|\OH GûQHELOLUL] <NVHN HøLWLPH GD\DQDQ KHUKDQJL ELU XøUDûÖQ KHU \|QQQ DKODNL GHøHU VRUXQODUÖQÖQ LQFHOHQGLøL ELU XøUDû HWLøL IHOVHIHQLQ ELU GDOÖ RODQ ´JHQHOµ JQON \DûDPGDNL DKODNL GHøHU VRUXQODUÖQGDQ SHN ´IDUNOÖODûPDPÖûµ HWLøLQ EX XøUDû LoLQGHNL X]DQWÖVÖ RODUDN GûQOHELOLU %XUDGD ´IDUNOÖODûPD\Öµ YH RQXQ QLFHOLøLQL ´|OoVQµ EHOLUOH\HQ V|] NRQXVX XøUDûÖQ GDKD \XNDUGD V|]Q HWWLøLPL] ´WHNQLNOLNµ GHUHFHVL RODFDNWÖU %XQX XVXPX]GDDoÖNOÖøDNDYXûWXUPDNLoLQ\LQHGDKD|QFHV|]DoWÖøÖPÖ]JLELJQON\DûDPÖQ DKODNL VRUXQODUÖ YH o|]POHUL\OH |UQHøLQ oHNLUGHN IL]LøL FDQOÖOÖN ELOLPOHULQGH NDOÖWÖP DUDûWÖUPDODUÖ HWQRORML DUDûWÖUPDODUÖ \D GD SVLNL\DWUL YH VLQLU FHUUDKLVLQLQ \UWOPHVL <DPDQgUV³8\JXODPDOÖ(WLN8\JXODPDVÖ](WLNYH)HOVHIH<DSPDQÖQ(WLøL VÖUDVÖQGD RUWD\D oÖNDQ DKODNL GHøHU VRUXQODUÖQÖNRQXODUÖQÖ NDUûÖODûWÖUDOÖP ùNLQFLOHUL DoÖNOÖNOD NDYUD\DELOPHPL] LoLQ |QFH RQODUÖQ RUWD\D oÖNWÖNODUÖ EDøODPODUÖ GDKD DoÖN DQODWÖPÖ\OD LOJLOL ´WHNQLNµ DODQÖ RQXQ \|QWHPELOJLVHO |]HOOLNOHULQL RQXQ \UWOPHVL VÖUDVÖQGDNL LOLûNL GXUXPODUÖQÖ \DNÖQGDQ WDQÖPDN JHUHNHFHNWLU %X oRN WHPHO ´IHOVHILµ QRNWDQÖQ GLNNDWH DOÖQPDPDVÖ \D GD ERûODQPDVÖQGDQ GROD\ÖGÖU NL NHQGLOHUL ´IDUNOÖODûPDPÖûµIHOVHIHFLOHU´X\JXODPDOÖµHWLNNRQXVXQGDLOJLOLXøUDûODUÖQNLûLOHULQGHQ ]DPDQ ]DPDQ LOHUL RODELOHQ WHSNLOHUOH NDUûÖODûPDNWDGÖUODU dQN RQODUÖQ HWLNOH LOJLOL RODUDN ROXS ELWHQOHUL VRPXW EDøODPODUÖQGDQ QHUHGH\VH NRSDUDQ oRN JHQLû NDSVDPOÖ ´DKODNL LONHOHULµ XøUDû HWLNOHULQGHNL VRUXQ NPHOHULQLQ NDYUDPVDO o|]POHQPHVLQGH HNVLNNDOPDNWDGÖU )HOVHIH<DSPDQÖQ)HOVHIHQLQ(WLøL %XVXQXûXQ|]JQ YH DøÖUOÖNOÖ QRNWDVÖ VXQXFXQX] DoÖVÖQGDQ IHOVHIHQLQ \D GDIHOVHIH \DSPDQÖQ HWLøL NRQXVX LVH GH EXUDGDNL EDøODPÖPÖ]GD EX E|OP YH EXQGDQ VRQUDNL VRQXo E|OPQ X]DWPDN \LQH GH SHN JHUHNOL J|UQP\RU <D]ÖQÖQ EDûÖQGDQ EHUL IHOVHIHQLQ YH HWLøLQ \|QWHPELOJLVL NRQXVXQGDNL VDSWDPDODUOD XøUDû HWLNOHUL DODQÖQGDNL J|]OHPOHU \HULQGH LVHOHU YH EXQODU IHOVHIHQLQ ´NHQGLVLQLQµ HWLøL NRQXVXQGD GD ´IHOVHILµELUoÖNÖûQRNWDVÖROXûWXUDELOL\RUODUVDR]DPDQVXQXûXQHQ|QHPOL\|QGHROVD EX EDøODPGD EX NRQX\X GDKD oRN X]DWPDQÖQ SHN JHUHøL ROPD\DELOLU 'ROD\ÖVÖ\OD EX E|OPQ NRQXVX EXUDGD GDKD |QFH GLOH JHWLULOHQ WHPHO QRNWDODUÖQ ÖûÖøÖQGD YH oRN |] ELU ELoLPGH HOH DOÖQDFDNWÖU $\UÖFD E|OPQ EDûOÖøÖQGD EHOLUWLOGLøL JLEL ´IHOVHIHQLQ HWLøLµ LOH ´IHOVHIH \DSPDQÖQ HWLøLµ WHULPOHULQLQDQODWÖPODUÖQÖQ HQ D]ÖQGDQ EXUDGDNL EDøODPÖPÖ]GDELUELUOHUL\OHHûDQODPOÖRODUDNNXOODQÖODELOHFHøLQLGûQ\RUXPgUQHøLQ ´7ÖS (WLøLµQH NRûXW RODUDN ROXûWXUXODELOHFHN ´)HOVHIH (WLøLµ WHULPL EX HWNLQOLøLQ ELU GDOÖQÖ ROXûWXUDQ ´*HQHO 2ODUDN (WLNµ DQODPÖQD GD JHOHELOHFHøLQGHQ EXUDGD JQGHPH JHWLULOPHPLûWLU )HOVHIH \DSPDQÖQ HWLøL NRQXVXQXQ ELOLQHQ XøUDû HWLNOHUL LOH ELU NDUûÖODûWÖUPDVÖQÖ \DSDELOPHN DPDFÖ\OD IHOVHIHQLQ NLûLQLQ \DûDPÖQGD JHOLU VDøOD\DQ ELU XøUDû ´PHVOHNµ ROXS ROPDGÖøÖ YH ROXS RODPD\DFDøÖ NRQXVXQX GD EXUDGD VÖQÖUOÖ ELU ELoLPGH GH ROVD JQGHPH JHWLUPHOL\L] 6XQXFXQX]XQ J|UHELOGLøL |OoGH EX NRQXGD EX EDøODPGD ûX V|\OHQHELOLU *HOHQHNVHO IHOVHIH oHYUHOHULQGH EX NRQXGDNL ´JHOHQHNVHO VDSWDPDµ IHOVHIHQLQ ELU XøUDû RODPD\DFDøÖ oQN ´ILOR]RIODUÖQµ ´E\N IHOVHIHFLOHUµ RODUDN \D]DU ROPDODUÖQÖQ GÖûÖQGD ]DWHQ RODøDQ DQODPGD XøUDû NLûLVL ROPD GûQFHVLQLQ GÖûÖQGD WXWXOPDODUÖ JHUHNWLøL NHQGLOHULQH DQFDN ´E\NOHULµ L]OHPHN LûL GûHQ ´IHOVHIH SURIHV|UOHULQLQµ ´|øUHWPHQOHULQLQµ LVH IHOVHIH DUDFÖOÖøÖ LOH ´SDUD ND]DQVDODUµ ELOH ´ILOR]RIµROPDGÖNODUÖLoLQEXQXQGDIHOVHIHQLQELUXøUDûROGXøXDQODPÖQDJHOHPH\HFHøL ELoLPLQGHGLU 6RQ RQ\ÖOODUGD EHONL HQ EDûWD $PHULND·GDQ EDûOD\DUDN |]HOOLNOH WÖS HWLøLEL\RPHGLNDO HWLN EDøODPÖQGD \DûDQDQODU IHOVHIHQLQ ELU XøUDû NRQXPXQGD RODELOHFHøLQLHQD]ÖQGDQEXNRQXPDJHOHELOHFHøLQLJ|VWHUPLûWLUoQNEX\ROODGHPHN ROX\RU NL X\JXODPDOÖ HWLN \ROX\OD IHOVHIHFLOHU ELUHU XøUDû VDKLEL JLEL \DûDPODUÖQÖ ND]DQPD\D EDûODPÖûODUGÖU %XUDGD JQP] IHOVHIHVLQGH EX DODQGD |UQHN RODUDN J|VWHULOHELOHFHN |WHNL JHOLûPHOHUL ELU \DQD EÖUDNÖS KHU GXUXPGD ELU HWNLQOLN DNDGHPLN ROPDVÖ JHUHNHQ ELU HWNLQOLN RODUDN IHOVHIHQLQ GH HWLN DoÖVÖQGDQ VRUJXODQPDVÖQÖQ XøUDû HWLNOHUL EDøODPÖQGD YH \|QWHPELOJLVHO DoÖGDQ NDUûÖODûWÖUPDOÖ ELU ELoLPGH JQGHPH JHWLULOHELOHFHøLQLGûQPHNKLoGH\DQOÖûROPD\DFDNWÖU 2 ]DPDQ IHOVHIHQLQ \D GD IHOVHIH \DSPDQÖQ HWLøLQGHQ QH\L DQOD\DELOHFHøLPL] NDQÖPFD DoÖN ROPDNWDGÖU .DUûÖVÖQGDNL RNXOX \D GD DNÖPÖ HOHûWLUPHQLQ GÖûÖQGD 8OXVDO8\JXODPDOÖ(WLN.RQJUHVL IHOVHIHFLOHULQEXHWNLQOLøLQHYULPLER\XQFDûLPGL\HGHNIHOVHIHQLQJHQHO\|QWHPELOJLVHO \D GD ´IHOVHILµ ELU GHøHUOHQGLULOPHVLQL \DSWÖNODUÖ SHN V|\OHQHPH] 2QODU JHQHOGH HQ EDûWDNHQGLIHOVHIHRNXOODUÖQÖ´GÖûGQ\D\DµNDUûÖHOHûWLULVL]ELUELoLPGHNRUXPXûODUGÖU %|\OH ELU WXWXPXQ VRQXFX RODUDN RQODUGDQ NHQGL HWNLQOLNOHULQL HWLN DoÖVÖQGDQ \D GD DKODNL DoÖGDQ HOHûWLUHO ELU GHøHUOHQGLUPHGHQ JHoLUPHOHUL NXûNXVX] SHN EHNOHQHPH] *HUoHN GXUXP GD EXGXU YH NDQÖPFD IHOVHIHFLOHU NDUûÖ RNXOODUÖQ WHPVLOFLOHULQLQ HWLN DODQÖQGD JHOLûWLUGLNOHUL J|UûOHUH NDUûÖ oÖNDUNHQ GH EXQX VDQÖUÖP DKODNL \D GD HWLN ELU ND\JÖ\OD ROPDNWDQ oRN XVVDO ´IHOVHILµ ELU DoÖGDQ \D GD E|\OH ELU EHNOHQWL\OH JHUoHNOHûWLUPHNWHGLUOHU %L]LP EXUDGDNL EDøODPÖPÖ]GD NDQÖPFD DVÖO |QHPOL RODQ QRNWD LVH LONHFH ELOLQoDOWÖ GD ROVD EXQXQ WHUVLQH ELU WXWXPXQ IHOVHIHFLOHU DoÖVÖQGDQ HWNLQOLøLQ WPQHWLN\|QQGHQHOHûWLUL\HDoDELOHFHøLND\JÖVÖGÖU%XLVH|]HOOLNOHLQVDQXVYHNLûL PHUNH]OL JHOHQHNVHO XVVDOFÖ IHOVHIH\L EHQLPVHPLû YH HWNLQOLNOHUL\OH NHQGLOHULQL JHUHøLQGHQ oRN |]GHûOHûWLUPLû RODQODUÖQ ´LûLQH JHOPH\HFHNWLUµ oQN EX GXUXPGD RQODU HWNLQOLNOHULQLQ HOHûWLUHO GHøHUOHQGLULOPHVLQL NHQGL NLûLOLNOHULQLQ HOHûWLULOPHVL ELoLPLQGHDOJÖOD\DELOHFHNOHUGLUEHQLPJ|]OHGLøLPQLWHNLP|\OHROPDNWDGÖU )HOVHIHHWNLQOLøLQLQJHQHO\|QWHPELOJLVHOGHøHUOHQGLULOPHVLQLQ\DQÖQGDHWLNDoÖVÖQGDQ VRUJXODQPDVÖQÖQ IHOVHIHFLOHU YH IHOVHIH GÖûÖ oHYUHOHU WDUDIÖQGDQ \HULQH JHWLULOHPHPLû ROPDVÖQÖQ UXKELOLPVHO WRSOXPVDO YE QHGHQOHULQLEHOLUOH\LFLOHULQL EXUDGD ELU \DQD EÖUDNPDOÖ\Ö]h]HULQGHD]GXUXOPXûEXNRQXQXQHOHDOÖQPDVÖIHOVHIHHWNLQOLøLLOHNHQGL DoÖODUÖQGDQ LOJLOHQHFHN RODQ WRSOXPELOLPFLOHULQ UXKELOLPFLOHULQ \HULQH J|UH UXK KHNLPOHULQLQ YE LûLGLU $QFDN EXUDGD EL] EX LQVDQ ELOLPOHULQLQ GÖûÖQGD YH ELOLPVHODNDGHPLN DoÖGDQ WHNQLN ROPD\DQ ELU VDSWDPD\OD JHQHOGH GûOGøQQ WHUVLQH IHOVHIHGH HOHûWLUHO WXWXPXQ \HWHULQFH \D\JÖQ ROPDGÖøÖQÖ EX HWNLQOLNWH \HUOHûPLû YH HOHûWLUHO ROPD\DQ \|QWHPELOJLVHO WXWXP DOÖûNDQOÖNODUÖQÖQ ELU HWNHQ RODUDN D\UÖFD EX \]GHQNROD\NROD\DûÖODPDPDNWDROGXøXQXV|\OH\HELOLUL] 6RQXoYHdÖNDUÖPODU %X VXQXûWD IHOVHIH HWNLQOLøL\OH YH RQXQ ELU DOWGDOÖ RODUDN HWLNOH LOJLOL RODQ YH DUDODUÖQGD VXQXFXQX]XQ NXUGXøX EDøODQWÖODUOD HOH DOÖQDQ WHPHO QRNWDODUÖ ELU EDNÖPD ´PHWDIHOVHIHµYH´PHWDHWLNµNRQXODUÖQÖELUNH]GDKDYXUJXODPDNJHUHNLUVHEXUDGDoRN |] RODUDN ûX V|\OHQHELOLU $NDGHPLN ELU HøLWLPL RODQKHUHWNLQOLN JHQHOGH GH KHU LQVDQ HWNLQOLøL LoLQ V|] NRQXVX ROGXøX JLEL IHOVHIHQLQ X\JXODPDOÖ HWLN \D GD XøUDû DKODNÖ DoÖVÖQGDQ GHøHUOHQGLULOPHVLQGH GH LON \DSÖOPDVÖ JHUHNHQ EX HWNLQOLøLQ \|QWHPELOJLVHO DoÖGDQ VRUJXODQPDVÖ oDEDVÖ ROPDOÖGÖU <|QWHPELOJLVHO VRUJXODPDGDQ LVH EHQ VXQXûXPXQEDûODUÖQGD´GLGDNWLNµROPDND\JÖVÖWDûÖ\DUDNDoÖNRODUDNRUWD\DNR\PDGÖøÖP ûX o VRUX\D \DQÖW DUDQPDVÖQÖ DQOÖ\RUXP 1H" 1HGHQ" 1DVÖO" 'DKD DoÖN ELU DQODWÖPOD EXWHPHO\|QWHPELOJLVLQGHEL]LPELUDNDGHPLNHWNLQOLNEDøODPÖQGDEL]HQWHPHORODUDN RQXQ NRQXODUÖQÖQ QHOHU ROGXøXQX \D GD LoHULøLQLQ QHOHUGHQ ROXûWXøXQX EX NRQXODUÖQ V|]NRQXVXHWNLQOLNWHHOHDOÖQPDVÖQÖQDPDFÖQÖ\DGDHWNLQOLøLQYDUOÖNQHGHQLQLYHLOJLOL NRQXODUÖQ EX DPDFD J|UH LûOHQPHVLQLQ QH \ROODQDVÖO JHUoHNOHûWLULOHFHøLQL \D GD HWNLQOLøLQ\|QWHPLQL\|QWHPOHULQLDUDûWÖUPDPÖ]JHUHNHFHNWLU%XVXQXûXQEDøODPÖQGD DoÖNoDVRUXOPXûROPDVDODUYHGROD\OÖELUELoLPGHGLOHJHWLULOPLûROVDODUGDEXVRUXODUÖQ \DQÖWÖQÖ EDûODUGD IHOVHIH LOH LOJLOL RODUDN GDKD VRQUD GD HWLN·H \|QHOLN RODUDN JQGHPH JHWLUGLPNXûNXVX]NHQGLIHOVHIHYHWHPHO\|QWHPELOJLVLJ|UûPHEDøOÖRODUDN +HU GXUXPGD IHOVHIHQLQ GH HWLN DoÖVÖQGDQ VRUJXODQPDVÖQÖQ oRN JHUHNOL GL\HELOLULP NL NDoÖQÖOPD] ROGXøXQX GûQPHOL J|UPHOL\L] %|\OH ELU oDED VÖUDVÖQGD IHOVHIH HWNLQOLøLQLQ\|QWHPELOJLVHOGHPHNROX\RUNLNDYUDPVDOG]H\GHYHHOHûWLUHO²PDQWÖNVDO² <DPDQgUV³8\JXODPDOÖ(WLN8\JXODPDVÖ](WLNYH)HOVHIH<DSPDQÖQ(WLøL DQODPELOJLVHO DoÖGDQ LQFHOHQPHVLQLQVRUJXODQPDVÖQÖQ JQGHPH JHOPHVL HWLN LQFHOHPH \|QQGHQ ELU DUDo ROGXøX |OoGH JHQHOGH IHOVHIH \D GD PHWDIHOVHIH DoÖVÖQGDQ NHQGL EDûÖQD ELU DPDo RODUDN GD J|UOPHOLGLU )HOVHIHQLQ HWLN \|QQGHQ ROGXøX |OoGH \|QWHPELOJLVL DoÖVÖQGDQ GD VRUJXODQPDVÖQÖ EHQLPVHPH\HFHN GDKD GRøUXVX JHQHOGH EXQODUD WHSNL GX\DFDN JHOHQHNVHO \DNODûÖPOÖ IHOVHIHFLOHULQ LVH DODQODUÖQÖQ EX WUGHQ YH HOHûWLUHO ELU ELoLPGH VRUJXODQPDODUÖQD KHU GXUXPGD NDUûÖ oÖNDFDNODUÖQD NHVLQ J|]\OH EDNDELOLUL]6XQXFXQX]DJ|UHHYULPLER\XQFDLQVDQODUÖQGûQVHOYHWRSOXPVDO\|QOHUL ]HULQGH |\OHVLQH HWNLOL ROPXû RODQ IHOVHIH HWNLQOLøLQLQ EX DoÖODUGDQ LQFHOHQPHVLQH NDWNÖGD EXOXQPDN \HULQH EXQD NDUûÖ oÖNPDN DQFDN EX DODQGD ROXS ELWHQOHUL \|QWHPELOJLVHOG]H\GHELUWUDQOD\DPD\ÖûNDYUD\DPD\ÖûODDoÖNODQDELOLU %X VXQXûXQ EDøODPÖQGD \XNDUGD LûOHQHQ WHPHO QRNWDODUGDQ \ROD oÖNDUDN JHOLûWLULOPHOHUL GûQOHELOHFHN RODVÖ NRQXODU DUDVÖQGD QHOHU RODELOLU" %|\OH ELU VRUX\D EXUDGD D\UÖQWÖOÖ RODUDN \DQÖW YHUPHN NXûNXVX] EDøODPÖPÖ]ÖQ VÖQÖUODUÖQÖ oRN DûDU 'RøUXVX EHQ EX RODVÖ QRNWDODUÖQ KHSVLQL DoÖN RODUDN VDSWDPÖû GD GHøLOLP %X EDøODPÖPÖ]GDLVHDQFDNELUE|OPQNRQXPX]ODGRøUXGDQ|WHNLOHULQLLVHGROD\OÖELU ELoLPGH LOLûNLOL J|UGøP ELUNDo WHPHO QRNWD\Ö EXUDGD \DOQÖ]FD EHOLUWHELOLULP \XNDUGD NÖVDFDGHøLQGLøLP)HOVHIHQLQ(WLøLLOH)HOVHIH<DSPDQÖQ(WLøLDUDVÖQGDELUD\UÖPROXS ROPDGÖøÖ IHOVHIHGHNL HWLNOH X\JXODPDOÖ HWLNOHUXøUDû HWLNOHUL DUDVÖQGDNL LOLûNLGH ¶IDUNOÖODûPÖû X]DQWÖ· NDYUDPÖQÖQ GDKD \DNÖQGDQ YH GDKD LOHUL G]H\GH HOH DOÖQPDVÖ EX NDYUDPÖQ IHOVHIHQLQ JHQHOL\OH LOJLOL RODUDN GD |UQHøLQ IHOVHIH LOH JHQHO RODUDN ELOLP IHOVHIHVL GDKD |]HOGH ELOLPOHULQ IHOVHIHOHUL DUDVÖQGDNL \|QWHPELOJLVHO LOLûNLGH JQGHPH JHWLULOPHVL WÖS IHOVHIHVLQLQ IHOVHIHQLQELOLP IHOVHIHVLQLQ WÖS LoLQGHNL IDUNOÖODûPÖû ELU X]DQWÖVÖ RODUDN J|UOPHVL YE JLEL ùûWH PHWDHWLNWH YH JHQHO RODUDN PHWDIHOVHIHGH WHPHO \|QWHPELOJLVHO VRUXQODU RODUDN GûQHELOHFHøLPL] EX WU QRNWDODUÖQ GDKD LOHUL NDYUDPVDO o|]POHPHOHULQLQ \DSÖOPDVÖ VXQXFXQX]XQ IHOVHIHGHNL YH ELOLPGHNL \|QWHPELOJLVHO\DNODûÖPÖDoÖVÖQGDQGL\HELOLULPNL\DûDPVDOJ|UQPHNWHGLU %X NRQJUHQLQ GX\XUXVXQXQ DoÖNODPD E|OPQGH RQXQ ´X\JXODPDOÖ HWLøLQ NXUDPVDO WHPHOOHULQH LOLûNLQ ELOGLULOHUH GH DoÖN RODFDøÖµ DQODWÖPÖ YDUGÖ %XUDGD DNDGHPLN DoÖGDQ NHQGL DGÖPD ´NXUDPVDO WHPHOOHUµ WHULPLQL DOÖûÖODJHOPLû YH ELU PLNWDU DEDUWÖOÖ ELU ´IHOVHILµ DQODWÖP RODUDN EXOGXøXPX V|\OH\HELOLULP EHQ EXUDGD VDQÖUÖP EHNOHQHELOHFHøL JLEL ´PHWDHWLN \D GD IHOVHIL \D GD \|QWHPELOJLVHO \|QOHULµ JLEL GDKD ´DOoDN J|QOOµ DQODWÖPODUGDQ ELULQL \HøOHUGLP $QFDN VXQXûXPXQ VRQXQGD JHUoHNWHQ YXUJXODPDN LVWHGLøLP QRNWD RQXQ NRQJUHQLQ NRQX DODQODUÖQGDQ ELULQH WP\OH X\GXøXQX EHOLUWPHNWLU EHQ RQXQ GD EX WRSODQWÖQÖQ NDSVDPÖ LoLQH DOÖQPDVÖQD \|QWHPELOJLVHODoÖGDQYHNROD\FDDQODûÖODFDøÖJLELoRNROXPOXEDNÖ\RUXP .D\QDNoD gUV<´7ÖSWD'HRQWRORMLGHQ(WLN·Hµ+HNLP)RUXPX<ÖO6D2FDN gUV < ´)HOVHIHGH 1H 1HGHQ 1DVÖO"µ )HOVHIH 7DUWÖûPDODUÖ .LWDS %LOLPVHO)HOVHIHQLQ,ûÖøÖQGD$QNDUDgWHNL<D\ÖQHYLV gUV < ´7HDFKLQJ 0HGLFDO (WKLFV LQ WKH 6XEMXQFWLYH 0RRGµ %XOOHWLQ RI0HGLFDO (WKLFV6D 8OXVDO8\JXODPDOÖ(WLN.RQJUHVL gUV < ´%LOLP (WNLQOLøLQGH 'HøHU 6RUXQODUÖµ 7h%$ %LOLPVHO 7RSODQWÖ 6HULOHUL ²'Q\D·GDYH7UNL\H·GH%LOLP(WLNYHhQLYHUVLWH$QNDUD7UNL\H%LOLPOHU$NDGHPLVL V gUV < ´7KH ,UUHVLVWLEOH 5LVH RI 6FLHQWLILF 3KLORVRSK\ 3KLORVRSKLVP DQG WKH (WKLFVRI3KLORVRSKL]LQJµ6\QWKHVLV3KLORVRSKLFD&6D gUV < ´%LRPHGLFDO (WKLFV DQG WKH /LPLWV RI 3KLORVRSK\µ (WKLFV RI WKH 3URIHVVLRQV 0HGLFLQH %XVLQHVV 0HGLD /DZ ù .XoXUDGL HG %HUOLQ YE 6SULQJHU 9HUODJ V 7UNoHVL ´%L\RWÖS (WLøL YH )HOVHIHQLQ 6ÖQÖUODUÖµ (WLN YH 0HVOHN (WLNOHUL 7ÖS dHYUH ùû %DVÖQ +XNXN YH 6L\DVHW <D\ÖQD KD]ÖUOD\DQ +DUXQ 7HSH$QNDUD7UNL\H)HOVHIH.XUXPXV gUV<´3VLNRORMLYH3VLNL\DWULQLQ,ûÖøÖQGD)HOVHIHFLOHUYH)HOVHIH2NXOODUÖµ3 ²3VLNL\DWUL3VLNRORML3VLNRIDUPDNRORML'HUJLVL&(N6D(\OO gUV < ´)HOVHIH .RQXVXQGD *HOHQHNVHO 7XWXP YH 7HPHO <DQÖOJÖODUµ %LOLP YH hWRS\D6D(NLP gUV<´%LOLP(WLN6HoNLQFLOLN´úDUODWDQOÖNµ´%LOLPYHhWRS\D6DúXEDW VYH6D0DUWV gUV<%NHQ1g´7ÖEEL(WLNWH6RUXQ.PHOHULµ7ÖEEL(WLN6HPSR]\XPX %LOGLULOHUL$QNDUD%L\RHWLN'HUQHøL<D\ÖQODUÖV 5HLFKHQEDFK + 7KH 5LVH RI 6FLHQWLILF 3KLORVRSK\ %HUNHOH\ /RV $QJHOHV 8QLYHUVLW\RI&DOLIRUQLD3UHVV 6RNDO$%ULFPRQW-,PSRVWXUHV,QWHOOHFWXHOOHV3DULV(GLWLRQV2GLOH-DFRE 6WRYH'7KH3ODWR&XOWDQG2WKHU3KLORVRSKLFDO)ROOLHV2[IRUG%DVLF%ODFNZHOO :LOOLDPV % (WKLFV DQG WKH /LPLWV RI 3KLORVRSK\ &DPEULGJH 0DVV +DUYDUG 8QLYHUVLW\3UHVV 'RøD\Ö´(YLPL]µ2ODUDN$OJÖODPDN1HR.RQIo\VoOøQdHYUH (WLøLh]HULQH <UG'Ro'UùEUDKLPg]GHPLU %X oDOÖûPDQÖQ DPDFÖ GQ\DQÖQ WDQÖGÖøÖ HQ HVNL IHOVHIH JHOHQHNOHULQGHQ ELUL RODQ .RQIo\VoOøQ oHYUH VRUXQODUÖ EDøODPÖQGD EL]OHUH VXQDFDøÖVXQDELOHFHøL NDWNÖODUD LûDUHW HWPHNWLU .RQIo\V 0g HWNLVLQLQ E\N YH NDOÖFÖ ROPDVÖ EDNÖPÖQGDQ VDGHFH dLQ GûQFH WDULKLQLQ GHøLO EHONL WP GûQFH WDULKLQLQ EDûWD JHOHQGûQUOHULQGHQELULRODUDNNDEXOHGLOPHNWHGLU =LUDPRGHUQLWHQLQWPPH\GDQ RNXPDODUÖQDYH:HEHU·LQ´E\\H\HUROPD\DQPRGHUQGQ\DGDµND\EROXSJLGHFHøLQL VDQGÖøÖ JHOHQHNOHUGHQ ELUL RODQ .RQIo\VoON |]HOOLNOH oHYUH EXQDOÖPÖ V|] NRQXVX ROGXøXQGD \HQLGHQ GLNNDWOHUL ]HULQH oHNPHNWH YH EX VRUXQODUÖQ VWHVLQGH JHOPHGH EL]OHUH EDVLW YH SUDWLN |QHULOHUGH EXOXQPDNWDGÖU 'DKDVÖ ´WP YDUOÖNODUÖQ ELUOLøLQLµ YXUJXOD\DUDN LQVDQGRøD DUDVÖQGD 'HVFDUWHV·WHQ EX \DQD YDU RODJHOHQ LNLFL GXDOLVW D\ÖUÖPÖ RUWDGDQ NDOGÖUPDNWDGÖU %X QHGHQOH 1HR.RQIo\VoOøQ oHYUH EDøODPÖQGD LOHUL VUGNOHUL PRGHUQLWHQLQ VHNOHUOHûPH DNÖOFÖOÖN ELOLP YH LOHUOHPH JLEL WHPHO WH]OHULQH ELU HOHûWLUL\L GH EHUDEHULQGH JHWLUPHNWHGLU %LOLQGLøL JLEL ELU oRN oHYUHFL GûQUoHYUHEXQDOÖPÖQÖQIHOVHILN|NHQOHULQLWDUWÖûÖUNHQ|]HOOLNOH.DUWH]\HQGXDOL]PL 1HZWRQFX PHNDQLN HYUHQ DQOD\ÖûÖQÖ PFDGHOH\L YXUJXOD\DQ YH ´HQ X\JXQ RODQÖQ \DûDPDµ VWQOøQVDYXQDQ 'DUZLQFL HYULP NXUDPÖQÖ YH D\GÖQODQPDQÖQ VÖQÖUVÖ]YH OLQHHUNDONÖQPDSURMHOHULQLFLGGLRODUDNHOHûWLUPHNWHGLUOHU %X EDøODPGD .RQIo\Vo oHYUH IHOVHIHVLQL VDYXQDQODUGDQ )HQJ <RXODQ·ÖQ HVNL ELU 0DUNVLVW ROGXøXQX YH ELU ]DPDQODU VDYXQGXøX 0DUNVLVW PFDGHOH DQOD\ÖûÖQÖ WHUN HGHUHN EXQXQ \HULQH KD\DWOD X\XP YH \DUGÖPODûPD\Ö HVDV DODQ .RQIo\Vo DQOD\ÖûÖ EHQLPVHPHVL GLNNDW oHNLFLGLU 'DKDVÖ <XODQ JLEL GûQHQ dLQOL GûQUOHULQ VD\ÖVÖ KLo GH D] GHøLOGLU %XQODUÖQ ELU VRQXFX RODUDN |]HOOLNOH GH %DWÖGD .RQIo\V GûQFHVLQH NDUûÖ E\N ELU LOJL J|]OHPOHQPHNWHGLU $VOÖQGD oHYUH EXQDOÖPÖQÖQ DûÖOPDVÖQGD GLQOHULQ R\QD\DELOHFHøL UROH LON NH] /\QQ :KLWH QO 6FLHQFH $QNDUDhQLYHUVLWHVLùODKL\DW)DNOWHVL +76W|ULJùONoDø)HOVHIHVL+LQWdLQ<XQDQoHYgPHU&HPDO*QJ|UHQùVWDQEXO<RO <D\ÖQODUÖV 'DUZLQL]PYH6RV\DO'DUZLQL]PLQoHYUHVRUXQODUÖEDøODPÖQGDHOHûWLULVLLoLQEN]'DYLG 3HSSHU5RRWVRI0RGHUQ(QYLURQPHQWDOLVP/RQGRQ6\GQH\&URRP+HOPV .RQIo\V YH 0DUNVL]POH LOJLOL RODUDN GDKD ID]OD ELOJL LoLQ EN] 0RRG\ -U 3HWHU 5 ´$VLDQ9DOXHVµ-RXUQDORI,QWHUQDWLRQDO$IIDLUV6XPPHU9RO 7X :HLPLQJ ´7KH (FRORJLFDO 7XUQ LQ 1HZ &RQIXFLDQ +XPDQLVP ,PSOLFDWLRQV IRU &KLQD DQGWKH:RUOGµ'DHGDOXV)DOO$\UÖFDEN]0RRG\-U3HWHU5´$VLDQYDOXHVµ-RXUQDO RI ,QWHUQDWLRQDO $IIDLUV 6XPPHU 9RO V 0DU\ (YHO\Q 7XFNHU DQG -RKQ %HUWKURQJ HGV&RQIXFLDQLVPDQG(FRORJ\7KH,QWHUUHODWLRQRI+HDYHQ(DUWKDQG+XPDQV &DPEULGJH+DUYDUG 8QLYHUVLW\ &HQWHU IRU WKH 6WXG\ RI :RUOG 5HOLJLRQV +DOO 'DYLG / 5RJHU 7 $PHV 7KLQNLQJ WKURXJK &RQIXFLXV 1<6WDWH8QLYHUVLW\ RI1HZ <RUN3UHVV,YDQKRH3KLOLS- (WKLFVLQWKH&RQIXFLDQ7UDGLWLRQ7KH7KRXJKWRI0HQFLXVDQG:DQJ<DQJPLQJ$PHULFDQ$FDGHP\RI 5HOLJLRQ$FDGHP\6HULHVQR$WODQWD*D6FKRODUV3UHVV 8OXVDO8\JXODPDOÖ(WLN.RQJUHVL GHUJLVLQGH ·GH \D\ÖQODQDQ ´7KH +LVWRULFDO 5RRWV RI (FRORJLFDO &ULVLVµ DGOÖ PDNDOHVL\OHGLNNDWoHNPLûWL /\QQ|]HOOLNOHLNLQRNWD\ÖYXUJXODPDNWD\GÖDoHYUHEXQDOÖPÖQÖQRUWD\DoÖNPDVÖQGD YH o|]P \ROODUÖQÖQ EXOXQPDVÖQGD GLQOHULQ R\QD\DFDøÖ URO E oDøGDû oHYUH VRUXQODUÖQÖ DûPDGD YH oHYUH IHOVHIHVLIHOVHIHOHUL ROXûWXUPDGD IDUNOÖ GLQ YH JHOHQHNOHULQ EL]H VDøOD\DFDøÖ\HQLEDNÖûDoÖODUÖYHNDYUD\ÖûODU %DWÖGD .RQIo\VoON EDûWD ROPDN ]HUH GRøX GLQ YH JHOHQHNOHULQH VRQ ]DPDQODUGD J|VWHULOHQ LOJLQLQ WHPHOLQGH EX WU SUDWLN HQGLûHOHULQ \DWWÖøÖ V|\OHQHELOLU 8]XQ VUHGLU PRGHUQOHûPH YH NDONÖQPD PRGHOL RODUDN ´D\GÖQODQPD SURMHVLQLµ HVDV DODQ dLQ GH EX EDøODPGD \XNDUÖGD DQÖODQ <XODQ |UQHøLQGH J|UOGø JLEL NHQGL JHOHQHøLQL \HQLGHQ NHûIHWPHNWH YH \RUXPODPDNWDGÖU dLQ·LQ .RQIo\VoOø \HQLGHQ NHûIHWPH YH \RUXPODPDVÖQGD ED]Ö SUDWLN QHGHQOHULQ HWNLOL ROGXøX J|UOPHNWHGLU dQNdLQEDûWDDûÖUÖQIXVYHVDQD\LOHûPHQLQQHGHQROGXøXVRUXQODUROPDN]HUHELU oRN VRUXQOD NDUûÖ NDUûÖ\DGÖU $VOÖQGD dLQ·GH PRGHUQOHûPH DQODPÖQGDNL %DWÖOÖODûPDQÖQ HQ KDUDUHWOL YH N|NWHQFL WDUDIWDUODUÖ RODQ ´'|UW 0D\ÖV +DUHNHWLµQLQ VDYXQXFXODUÖ ELOH JOREDOOHûPH YH oHYUH VRUXQODUÖ oHUoHYHVLQGH KHP NHQGL JHOHQHNOHULQH KHP GH %DWÖ\D NDUûÖGDKDHOHûWLUHOELUWXWXPJHOLûWLUPLûOHULGLU %X QHGHQOH .RQIo\Vo oHYUH DQOD\ÖûÖQD JOREDO ELU N|\ KDOLQH JHOHQJHWLULOPHN LVWHQHQ GQ\DGD \HQL ELU KLND\HDQODWÖ RODUDN EDNÖODELOLU 'DKD GRøUXVX HVNL ELU KLND\HWUNQQ \HQLGHQ \RUXPODQPDVÖ RODUDN GHøHUOHQGLULOHELOLU %XQXQOD EHUDEHU %DWÖ IHOVHIHVLQH KDNLP NDWHJRULOHUOH .RQIo\Vo JHOHQHøL DQODPDQÖQ ]RUOXøX GD DoÖNWÖU %X VÖQÖUODPDODUÖQ YH ]RUOXNODUÖQ IDUNÖQGD RODUDN ´oHYUH HWLøLµ EDøODPÖQGD EX JHOHQHøLHOHDOPD\DoDOÖûDFDøÖ] $\UÖFDEXoDOÖûPDGDGDKDoRN2UWDoDøGDQVRQUDJHOHQ YH GHYULPLQH GHN VUHQ YH <HQL dDø dLQ )HOVHIHVL RODUDN NDEXO HGLOHQ 1HR .RQIo\VoOøQ]HULQGHGXUXODFDNWÖU %LOLQGLøL JLEL .RQIo\Vo |øUHWLQLQ HQ |QHPOL \DQODUÖQGDQ ELULVL EDVLWOLøL DQODûÖODELOLUOLøL YH X\JXODQDELOLU ROPDVÖGÖU %X |øUHWLQLQ WHPHOLQL LVH ´NHQGLQL WDQÖPDµ LONHVL ROXûWXUPDNWDGÖU ´%LUH\LQ NRPSDUWÖPDQODUD D\UÖODPD\DFDøÖµ YH EHQOLøLQ VHOI ´D\QÖ ]DPDQGD WRSOXPVDO DKODNL VL\DVL YH HQWHOHNWHOµ ELU JHUoHNOLN ROGXøX ILNUL EX /\QQ:KLWH´7KH+LVWRULFDO5RRWVRI2XU(FRORJLF&ULVLVµ6FLHQFH %DWÖ'Q\DVÖQGDNLoHYUHYHGLQOHLOJLOLOLWHUDWUQ:KLWH·ÖQPDNDOHVLHWUDIÖQGDNLWDUWÖûPDODUOD ûHNLOOHQGLøLJ|UOPHNWHGLU%XNRQXGDKDWÖUÖVD\ÖOÖUELUOLWHUDWUROXûPXûWXUùOJLOLOLWHUDWUQ ùQWHUQHWDGUHVLKWWSGLYZHEKDUYDUGHGXFVYSOHHELEHQEDKWP 0D\ÖVWDULKLQGH9HUVDLOOHV.RQIHUDQVÖQGD-DSRQODUDNDUûÖNR\DPD\DFDNNDGDU]D\ÖI RODQVDYDûORUGXKNPHWHNDUûÖEDûOD\DQ|øUHQFLKDUHNHWOHULQGHQVRQUDEXG|QHPEXDGOD DQÖOÖUROPXûWXU0D\ÖVWDUDIWDUODUÖ.RQIo\VOø´N|UELUJHOHQHøHN|UN|UQHEDøODQPDµ RODUDNJ|UPûYHûLGGHWOHHOHûWLUPLûOHUGL%N]0RRG\-U3HWHU5´$VLDQ9DOXHVµ%X G|QHPOHLOJLOLGDKDD\UÖQWÖOÖWDUWÖûPDODULoLQEN]&KRX7VHWVXQJ7KH0D\)RXUWK0RYHPHQW ,QWHOOHFWXDO&KDQJHLQ0RGHUQ&KLQD&DPEULGJH+DUYDUG8QLYHUVLW\3UHVV .RQIo\VoGûQFH\LGDKDGRøUXDQOD\DELOPHNLoLQNDWHJRULOHUGHQKDUHNHWHGHUHN\HQL NDWHJRULOHUYHEDNÖûDoÖODUÖVXQDQELUoDOÖûPDLoLQEN]'DYLG+DOODQG5RJHU$PHV7KLQNLQJ 7KURXJK&RQIXFLXV$OEDQ\6WDWH8QLYHUVLW\RI1HZ<RUN3UHVVYH'DYLG+DOODQG5RJHU $PHV$QWLFLSDWLQJ&KLQD$OEDQ\6WDWH8QLYHUVLW\RI1HZ<RUN3UHVV 1HR.RQIV\oONGHNHQGLDUDVÖQGDG|QHPOHUHD\UÖOÖU6XQJKDQHGDQÖG|QHPL06 0LQJ'|QHPLdXQJ'|QHPL%N]+76W|ULJùONoDø )HOVHIHVL+LQWdLQ<XQDQoHYgPHU&HPDO*QJ|UHQùVWDQEXO<RO<D\ÖQODUÖV ùEUDKLPg]GHPLU³'RøD\Ö´(YLPL]µ2ODUDN$OJÖODPDN1HR.RQIo\VoOøQdHYUH(WLøLh]HULQH GûQFH VLVWHPLQLQ WHPHOLQL ROXûWXUPDNWDGÖU :LQJWVLW &KDQµÖQ ûX LIDGHOHUL EX IHOVHIHQLQHQWHPHOQLWHOLNOHULQLoRNJ]HO|]HWOHPHNWHGLU (øHU WP dLQ IHOVHIHVLQL WHN ELU NHOLPH LIDGH HGHELOVH\GL EX NHOLPH KPDQL]P RODELOLUGL $QFDN EX 0XWODN *F LQNDU HGHQ YH\D ELU NHQDUD LWHQELUKPDQL]PGHøLOEHONLLQVDQÖQ*|N·OHRODQELUOLøLQLLWLUDIHGHQELU KPDQL]PGLU %X DODPGDNL GûQFHVLQHKDNLPROPXûWXU KPDQL]P GRøXûXQGDQ EX \DQD dLQ $QFDN EXUDGDNL KPDQL]PNHOLPHVL ]HULQGH ELUD] GXUXOPDOÖGÖU 6|] NRQXVX RODQ KPDQL]PLQ %DWÖ GûQFH JHOHQHøLQGH J|UOHQ GRøD YH LQVDQ DUDVÖQGDNL D\UÖPÖ YXUJXOD\DQ GÖûOD\ÖFÖ ELU KPDQL]P ROPD\ÖS GRøDLQVDQ ELUOLøLQL YXUJXOD\DQ LoHULFL ELU DQOD\Öû ROGXøX J|UOPHNWHGLU =LUD EXUDGD NXOODQÖOGÖøÖ DQODPGD ´LQVDQÖQ YH *|øQ ELUOLøLQL LOHUL VUHQ KPDQL]P QH VHNOHU QH GH LQVDQ PHUNH]OLGLU DQWKURSRFHQWULF %X DQOD\Öû KHU QH NDGDU EL]LP \HU EHGHQ DLOH YH WRSOXP LoHULVLQH J|POGøP] LOHUL VUVH GH NR]PLN G]HQOH X\XP LoHULVLQGH ROGXøXPX]X KLoELU ]DPDQ LQNDU HWPH] 'Q\HYL EHGHQL DLOHYL YH WRSOXPVDO YDUOÖøÖPÖ]Ö DûNÖQ ELU |QHPOH ELUOHûWLUPHN VDGHFH \NVHN ELU .RQIo\Vo LGHDO GHøLO D\QÖ ]DPDQGD .RQIo\VoOøQ WHPHO ELU LONHVLGLUµ h]HULQGH GXUXOPDVÖ JHUHNHQ GLøHU ELU NDYUDP LVH |]JQON DXWKHQWLF NDYUDPÖGÖU .RQIo\VoDQOD\ÖûDJ|UH 6DGHFH YH VDGHFH WDPDPHQ |]JQ RODQODU GRøDODUÖQÖ WDP RODUDN JHOLûWLUHELOLUOHU (øHU GRøDODUÖQÖ WDP RODUDN JHOLûWLUHELOLUOHUVH EDûNDODUÖQÖQ GD GRøDODUÖQÖ JHOLûWLUHELOLUOHU (øHU EDûNDODUÖQÖQ GRøDVÖQÖ WDP RODUDN JHOLûWLUHELOLUOHUVH GLøHU YDUOÖNODUÖQ GD GRøDVÖQÖ JHOLûWLUHELOLUOHU (øHU EDûND YDUOÖNODUÖQGRøDVÖQÖWDPRODUDNJHOLûWLUHELOLUOHUVHLûWHR]DPDQ*|øYH<HUL GHøLûWLUPH YH JHOLûWLUPH VUHFLQGH \DUGÖPFÖ RODELOLUOHU (øHU *|øQ YH <HULQ GHøLûPHYHJHOLûPHVUHFLQH\DUGÖPFÖRODELOLUOHUVHR]DPDQ*|NYH\HUOH EHUDEHUELUoOROXûWXUDELOLUOHU %X IHOVHIHQLQ ELU GLøHU |]HOOLøL GH ´LOLûNLWHPHOOLµ ELU IHOVHIH ROPDVÖGÖU %XUDGD |QHPOL RODQ ELUH\LQ WRSOXPVDO LOLûNLOHU DøÖQGD YH NOWUHO oHYUHGH VD\JÖ YH VRUXPOXOXN GX\JXVX\OD KDUHNHW HWPHVLGLU 'DKD GRøUXVX LQVDQ KD\DWÖQÖQ DQODPOÖ RODELOPHVL YH\D DQODPODQGÖUÖODELOPHVL DQFDN WRSOXPVDO ELU EDøODPGD PPNQ RODELOPHNWHGLU %X ûX ûHNLOGHLIDGHHGLOPLûWLU (VNLOHU HUGHPLQ ÖûÖøÖ\OD RUWDOÖøÖQ D\GÖQODQPDVÖ LoLQ |QFH GHYOHW LûOHULQL \ROXQD NR\DUODUGÖ GHYOHW LûOHULQL \ROXQD NR\PDN LoLQ |QFH HY LûOHULQL \ROXQD NR\DUODUGÖ NHQGLOHULQH oHNL HY LûOHULQL G]HQ \ROXQD YHULUOHUGL NR\DELOPHN NHQGL LoLQ NHQGLOHULQH |QFH oHNL NHQGL G]HQ YHUHELOPHN LoLQ |QFH NHQGL LoOHULQGHNL G]HQL \ROXQD NR\DUODUGÖ NHQGL LoOHULQGHNL G]HQL \ROXQD NR\DELOPHN LoLQ |QFH GûQFHOHULQL \ROXQD .DU\Q/&RQIXFLDQ/DL´0RUDO7KLQNLQJµ3KLORVRSK\(DVW:HVW$SU9RO 7X:HLPLQJ´7KH(FRORJLFDO7XUQLQ1HZ&RQIXFLDQ+XPDQLVP,PSOLFDWLRQVIRU&KLQD DQGWKH:RUOGµ'DHGDOXV)DOO $JP -RVHSK$$GOHUDJPLWDOLNHNOHQPLûWLU ,ELG 8OXVDO8\JXODPDOÖ(WLN.RQJUHVL NR\DUODUGÖ GûQFHOHULQL HNVLNOLNOHULQLJLGHULUOHUGL \ROXQD NR\DELOPHN LoLQ LVH |QFH ELOJL *|UOGø JLEL HSLVWHPRORML VRUXQX EX IHOVHIHQLQ oÖNÖû QRNWDVÖQÖ ROXûWXUPDNWDGÖU %XUDGDNL ELOJL |]HOOLNOH NHQGLPL] KDNNÖQGD GRøUX YH JYHQLOLU ELOJL\H VDKLS ROPDNWÖU =LUD NHQGLVL KDNNÖQGD GRøUX ELOJL\H XODûDQ ELUH\ GDKD VRQUD DGÖP DGÖP LOHUOH\HUHN NHQGLVLQLQ YDUOÖN QHGHQL RODUDN DLOHVLQL DWDODUÖQÖ LoLQGH \HWLûWLøL WRSOXPVDO EDøODPÖ DQOD\DFDNWÖU %XUDGDQ GD NHQGLVLQL YH WP EDøOÖ ROGXøX GLøHU JUXSODUÖ NXûDWDQ YH YDUOÖNODUÖQÖQ QHGHQL RODUDN *|N <HU YH LNLVL DUDVÖQGDNL ELQOHUFH YDUOÖøÖ NHûIHGHFHNWLU %DûND ELU LIDGH\OH LQVDQÖQ DLOH WRSOXP GHYOHW YH *|NOH RODQ LOLûNLVL KHS EX NHQGLQL WDQÖPDGDQ KDUHNHWOH WHPHOOHQGLULOPHNWHGLU %XQD J|UH LQVDQ NHQGLQL WDQÖ\ÖQFD DLOHVLQLQ GRøDQÖQ YH *|øQ ELU SDUoDVÖ ROGXøXQX YH RQODUGDQ D\UÖ ROPDGÖøÖQÖ NDYUD\DFDNWÖU%XDQOD\ÖûÖQELUVRQXFXLVHLQVDQÖQL\LOLøLQLQELUSDUoDVÖYH\HVLROGXøX DLOH WRSOXP YH GRøD LOH X\XP LoLQGH ROPDVÖQD EDøOÖ ROGXøXGXU %XQGDQ KDUHNHWOH ´HYUHQLQ |QQGH KXûX YH VD\JÖµ GX\JXVX KD\DWÖPÖ]Ö DPDoOÖ YH DQODPOÖ \DSDQ PXWODN JHUoHNOLøHNDUûÖFHYDSYHUPHQLQELUVRQXFXRODUDNRUWD\DoÖNPDNWDGÖU %X JHOHQHøLQ E\N XVWDODUÖQGDQ ELUL RODQ 0HQFLXV 0g LQVDQÖQ *|øH NDUûÖ NHQGLQL WDQÖPDVÖQÖ YH EXQGDQ oÖNDUPDVÖ JHUHNHQ VRQXoODUÖ oRN |]O RODUDN û|\OH RUWD\DNR\DU %LU LQVDQD NDOELQL WDP RODUDN NDYUDPDDQODPD LPNDQÖ YHULOLUVH NHQGL GRøDVÖQÖWDPRODUDNDQOD\DFDNWÖU.HQGLGRøDVÖQÖELOHQELULQVDQ*|øGH ELOHFHNWLU .DOELQL WXWPDNOD YH GRøDVÖQÖ \HWLûWLUPHNOH *|øH KL]PHW HWPHNWHGLUùQVDQLVWHUJHQoELULYHLVWHUVHHUGHPOL\DûOÖELULRODUDN|OVQ DPDFÖQÖQ NDUDUOÖOÖøÖQGD KLoELU GHøLûLNOLN \DSPD] 0NHPPHO ELU NDUDNWHU YHPHWDQHWOHEDûÖQDJHOHFHNOHULVDøODPELUûHNLOGHEHNOHU úLPGL ´HYµ VLPJHVLQLQ NRQXPX] DoÖVÖQGDQ |QHPLQH GLNNDW oHNPHN LVWL\RUXP $QFDN |QFHOLNOH PRGHUQ ]DPDQODUGD HYHNRORML DUDVÖQGDNL HWLPRORMLN LOLûNL\L ·GD (UQVW +DHFNHO·LQ NXUGXøXQD LûDUHW HWPHN \HULQGH RODFDNWÖU +DHFNHO·LQ EX NDYUDPÖ ROXûWXUXUNHQ GH <XQDQFD ´HYµ DQODPÖQD JHOHQ ´RLNRVµ LOH ´ELOJLµ DQODPÖQD JHOHQ ´ORJLDµ NHOLPHOHULQGHQ \DUDUODQGÖøÖ ELOLQPHNWHGLU %|\OHFH (FRORJ\QLQ DQODPÖ ´HY ELOLPLµ RODUDN RUWD\D oÖNPDNWDGÖU %X NDYUDPODûWÖUPD LOH ]ÖPQHQ GH ROVD GQ\DQÖQ HYLPL]ROGXøXYHEXQXQEL]LPLoLQLIDGHHWWLøLDQODPDQODWÖOPDNLVWHQPLûWLU dLQ GûQFHVLQH EDNÖOGÖøÖQGD GQ\D\Ö HYLPL] RODUDN DOJÖODPDQÖQ WDULKLQLQ oRN HVNL ROGXøX J|UOPHNWHGLU $QFDN ûX QRNWD GD XQXWXOPDPDOÖGÖU .ODVLN dLQ GûQFHVLQGH |QHPOL RODQ ´HYµ YH ´DLOHµ LNHQ 1HR.RQIo\VoOøQ \HQL \RUXPFXODUÖ ´GQ\D\Öµ HYLPL]RODUDNWDQÖPOD\DUDNHYLPJHVLQH\HQLELUER\XWND]DQGÖUPÖûODUGÖU=LUDHYLPL]LQ GLUOLøL G]HQL YH L\LOLøL GQ\DPÖ]ÖQ L\LOLøLQH YH VDøOÖNOÖ ROPDVÖQD EDøOÖ ROGXøXQX ´HY ELOLPLµ RODQ (NRORML %LOLP RUWD\D NR\PDNWDGÖU $QFDN 1HR.RQIo\V GûQFHVLQLQ ´HY LPJHVLµ EDøODPÖQGD LQVDQGRøD DUDVÖQGD NXUGXøX ´RUJDQLNµ LOLûNLQLQ N|NOHUL oRN GDKD GHULQOHUH X]DQPDNWDGÖU .ÖVDFD WP YDUOÖNODU DUDVÖQGD RUWDN ELU DNUDEDOÖN ROXûPDNWDGÖU *|UOGø JLEL LQVDQGRøD DUDVÖQGDNL RWDQWLN LOLûNL ´DLOHHY KDONÖµ +76W|ULJDJHV $GOHUDJP 'RQDOG:RUVWHU1DWXUH V(FRQRP\7KH5RRWVRI(FRORJ\*DUGHQ&LW\1<$QFKRU%RRNV YH'DYLG.LQVOH\´(FRORJ\DQG5HOLJLRQ(FRORJLFDO6SLULWXDOLW\µ&URVV&XOWXUDO 3HUVSHFWLYH(QJOHZRRG&OLIIV1-3UHQWLFH+DOOLoLQGH[Y ùEUDKLPg]GHPLU³'RøD\Ö´(YLPL]µ2ODUDN$OJÖODPDN1HR.RQIo\VoOøQdHYUH(WLøLh]HULQH LPJHVL ]HULQH NXUXOPDNWDGÖU $NUDED LOLûNLOHUL LVH .RQIo\V GLVNXUXQGD WP LQVDQ LOLûNLOHULQLQ WHPHO PRGHOLQL ROXûWXUPDNWDGÖU %X DNUDED LOLûNLOHULQLQ LQVDQ GÖûÖQGDNL GLøHU GRøD YDUOÖNODUÖQÖ LoHUHFHN ûHNLOGH JHQLûOHWLOPHVL LVH HQ L\L LIDGHVLQL 1HR .RQIo\VoGûQU&KDQJ7VDL·QLQûXV|]OHULQGHEXOPDNWDGÖU *|N EDEDP <HU LVH DQQHPGLU dRN NoN ELU YDUOÖN ROPDPD UDøPHQ RQODUÖQ RUWDVÖQGD oRN FDQGDQ ELU \HU EXOPDNWD\ÖP %XQGDQ GROD\Ö HYUHQL GROGXUDQ KHU ûH\L EHGHQLP YH HYUHQL \|QOHQGLUHQ KHU ûH\L GH GRøDP RODUDN NDEXO HGHFHøLP 7P LQVDQODU ELUDGHUOHULP YH NÖ] NDUGHûOHULP WPYDUOÖNODUGDDUNDGDûODUÖPGÖU 7DELLEXUDGDGRøDORODUDNû|\OHVRUXODELOLUùQVDQLOHGRøDOQHVQHOHUDUDVÖQGDNLLOLûNL QDVÖO ELU LOLûNLGLU" $LOHQLQ IHUWOHUL DUDVÖQGD ELU NDQ EDøÖ V|] NRQXVX LNHQ ND\D YH DøDoODUODQDVÖOELUEDøV|]NRQXVXRODFDNWÖU"%XQODUPHûUXVRUXODUGÖU%XQXQODEHUDEHU 1HR.RQIo\VoOøQWHPHONDYUDPODUÖQGDELULRODQFK·LKD\DWLHQHUMLDQODûÖOGÖøÖQGD LQVDQGRøDDUDVÖQGDNLDNUDEDOÖNEDøÖGDKDGDQHWOHûHFHNWLU&KDQJ7VDL·QLQGHEHOLUWWLøL JLEL FK·L NDYUDPÖ ´GRøD LOH DNUDEDOÖøÖQµ IHOVHIL WHPHOLQL ROXûWXUPDNWDGÖU ´ùQVDQOÖN DLOHVLQLQ ELU \HVL RODUDN LQVDQ MHQ GLøHU KHU ûH\OH KHUKDQJL ELU IDUNOÖOÖN ROPDGDQ ELU EHGHQ ROXûWXUXUµ %XQD GD RUWDNOÖøÖQ RUJDQLN ER\XWX GHQLOHELOLU 7X :HLPLQJ·LQ LIDGHVL\OH (YUHQOH ELU EHGHQ ROXûWXUPDQÖQ KDUIL DQODPÖ ûXGXU YDUROXûXQ WP ELoLPOHUL PRGDOLWLHV FK·L·GHQ PH\GDQD JHOGLøLQGHQ LQVDQ KD\DWÖ NR]PLN VUHFL PH\GDQD JHWLUHQ NDQ YH VROXøXQ VUHNOL DNÖûÖQÖQ ELU SDUoDVÖGÖU ùQVDQ E|\OHFH ND\DODU DøDoODU YH KD\YDQODUOD RUJDQLN RODUDN RUWDN ELU EDøDVDKLSWLU %XQXQOD\HWLQPH]:HLPLQJYHED]ÖVRPXW|UQHNOHUVXQDU .X\X\D GûPHN ]HUH RODQ ELU oRFXN J|UGøP]GH KHPHQ WHODûD NDSÖOÖU oRFXøD NDUûÖ PHUKDPHW YH ûHINDW KLVVHGHUL] %X |UQHN EL]OHUH LQVDQOÖøÖPÖ]ÖQ UHQ oRFXNOD ELU EHGHQ ROXûWXUGXøXQX J|VWHULU %XQD oRFXNOD D\QÖ FLQVH PHQVXS ROGXøXPX] ûHNOLQGH LWLUD] HGLOHELOLU $QFDN \LQH NHVLOPHN ]HUH RODQ NXûODUÖQ YH KD\YDQODUÖQ DFÖNOÖ VHVOHULQL GX\GXøXPX]GDRQODUÖQDFÖVÖQÖJLGHUHPHPHQLQDFL]OLøLQLQYHUGLøLGX\JX\X KLVVHGHUL] %X GD LQVDQOÖøÖPÖ]ÖQ NXûODU YH KD\YDQODUOD ELU EHGHQ ROXûWXUGXøXQXJ|VWHULU%XQDGDNXûODUÖQYHKD\YDQODUÖQEL]OHUJLELGX\JX VDKLEL YDUOÖNODU ROGXøX ûHNOLQGH LWLUD] HGLOHELOLU $QFDN DøDoODUÖQ NÖUÖOGÖøÖ YH WDKULS HGLOGLøLQL J|UGøP] ]DPDQ \LQH ELU DFÖPD YH ]QW KLVVLQL HQJHOOH\HPH\L] %X GD LQVDQOÖøÖPÖ]ÖQ ELWNLOHUOH ELU EHGHQ ROXûWXUGXøXQX J|VWHULU%XQDGDELWNLOHULQEL]OHUJLELFDQOÖROGXøXV|\OHQHELOLU+DWWDoLQL LELG%DWÖGûQFHVLQGHGRøDGDNLYDUOÖNODUDNXûODUE|FHNOHUYHKDWWDNXUWODUD´NDUGHûOHULP EDFÖODUÖP·GL\HKLWDSHGHQYHoHYUHNRQXVXQGDLOJLQoYHIDUNOÖGûQFHOHULRODQNLûLOHULQEDûÖQGD $VLVLOL$]L])UDQVLV)UDQFLVRI$VVLVLJHOPHNWHGLU%N](QYLURQPHWDO3ROLF\DQG /DZ.HQQHWK&DXWKHQ´&KULVWLDQLW\DQG(FRORJ\7KH(PHUJHQFHRI &KULVWLDQ%LRSROLWLFVµKWWSZZZIURQWLHUQHWQHWaNHQFWKHRGLF\KWP -RVHSK$$GOHU´5HVSRQVHDQG5HVSRQVLELOLW\&KRX7XQLDQG&RQIXFLDQ5HVRXUFHVIRU (QYLURQPHQWDO(WKLFµ0DU\(YHO\Q7XFNHUDQG-RKQ%HUWKURQJHGV&RQIXFLDQLVPDQG(FRORJ\ 7KH,QWHUUHODWLRQRI+HDYHQ(DUWKDQG+XPDQV&DPEULGJH+DUYDUG8QLYHUVLW\&HQWHUIRUWKH 6WXG\RI:RUOG5HOLJLRQVLoLQGH ,ELG 8OXVDO8\JXODPDOÖ(WLN.RQJUHVL YH WDûODUÖQ NÖUÖOGÖøÖQÖ YH SDUoDODQGÖøÖQÖ J|UGøP]GH ELOH ELU ]QW GX\JXVXQXHQJHOOH\HPH\L]%XGDLQVDQOÖøÖPÖ]ÖQoLQLYHWDûODUODELUEHGHQ ROXûWXUGXøXQXJ|VWHULU *|UOGø JLEL .RQIo\V IHOVHIHVLQH LOJL VDGHFH ELU QRVWDOML YH URPDQWL]PGHQ ND\QDNODQPDPDNWD DNVLQH ED]Ö SUDWLN \|QOHUL GH LoHUPHNWHGLU =LUD |]JQ DXWKHQWLF EHQOLN NHQGLVLQL oHYUH LOH \DUDWÖFÖ ELU NDUûÖOÖNOÖ FHYDS YHUPH UHVSRQVLYHQHVV YH JHOLûWLUPH\OH J|VWHULU g]JQ LQVDQ NHQGLVLQLQ GRøDO RODUDN VDKLS ROGXøX PRUDO SRWDQVL\HOOHUL \DUDWÖFÖOÖøÖQ KD\DWÖQ YH JHOLûPHQLQ LONHOHULQL GH LoHUHQ GRøDOPRUDO G]HQH X\PDGD RUWD\D NR\DU .LûL NHQGLVLQL *|N <HU YH LQVDQOÖøÖQ WDPDPODQPDVÖQD NDWÖODUDN WDPDPODU %XQGDQ GROD\Ö GRøDO oHYUH\H NDUûÖ DKODNL ELU FHYDSVRUXPOXOXNOD NDUûÖOÖN YHUHFHN ûHNLOGH NHQGLQL \HWLûWLUPHN 1HR.RQIo\Vo WDELUOH ´|]JQ LQVDQ KD\DWÖQÖQ]RUXQOXELULIDGHVLGLUµ 6RQXo RODUDN 1HR.RQIo\Vo GûQFH VLVWHPLQGH LQVDQ YH GRøD DUDVÖQGD ELU D\ÖUÖP YH GROD\ÖVÖ\OD LQVDQÖQ NHQGLQH YH GRøD\D \DEDFÖODûPDVÖ VRUXQX \RNWXU 'DKDVÖ EH IHOVHIH JHOHQHøL LQVDQD |QFHOLNOH |]Q GDKD VRQUDGD ELU SDUoDVÖ ROGXøX GRøD\Ö ´GRøUXµ RODUDN WDQÖPD\Ö |QHUPHNWHGLU %XQXQ VRQXFX LVH LQVDQoHYUH LOLûNLVLQL NDUûÖOÖNOÖ KDN YH VRUXPOXOXNODUGDQ oRN NDUûÖOÖNOÖ ´VD\JÖµ ]HULQH WHPHOOHQGLULOPHVLGLU ùQVDQ \HVL ROGXøX DLOH\H NDUûÖ VHYJL YH VD\JÖ\OD \NPO ROGXøX JLEL \HVL ROGXøX ´*|N <HU YH ELQOHUFH YDUOÖøDµ NDUûÖ GD VHYJL YH VD\JÖ WHPHOOL ELU GDYUDQÖû JHOLûWLUPHOLGLU $OoDNJ|QOOON YH NDQDDWNDUOÖNOD $ULVWRWHOHV·LQ GH ´*ROGHQ 0HDQµ RODUDN WDQÖPODGÖøÖ ´2UWD <ROXµ WDNLS HGHUHN *|N <HU YH DUDVÖQGDNL KHU ûH\LQ NRUXQPDVÖYHJHOLûWLULOPHVLQHNDWNÖGDEXOXQPDOÖGÖU ,ELG ,ELG 0HG\DGD(WLNùONHOHULQ.XUXPVDOODûPDVÖ *D]HWHFLOHUHHWLNLONHOHUPLNDQXQODUPÖ\ROJ|VWHUPHOLGLU" <UG'Ro'U%HGUL\H,ûÖNg]ND\D *LULû +DEHU YH HQIRUPDV\RQX WRSOD\DUDN VHoHUHN YH \D\DUDN ELUH\OHULQ J|UûOHULQL YH \DûDPWDU]ODUÖQÖELoLPOHQGLUHELOHQNDPXR\XQXQROXûXPXYH\|QOHQGLULOPHVLVUHFLQGH WRSOXPXQIDUNOÖNHVLPOHULQLQRUWDNNDWÖOÖPÖQÖVDøOD\DELOHQWRSOXPGDûHIIDIOÖNVD\JÖQOÖN YH KRûJ|UQQ \D\JÖQODûPDVÖ LoLQ JHUHNOL NRûXOODUÖQ \DUDWÖOPDVÖQD \DUGÖPFÖ RODELOPH |]HOOLNOHULQH VDKLS RODQ PHG\DGD J|UHY \DSDQ JD]HWHFLOHU LoLQ |QHPOL RODQ ´\D\ÖQODQDFDN PÖ \D\ÖQODQPD\DFDN PÖ"µ VRUXVXQXQ \DQÖWÖ KDEHU YH HQIRUPDV\RQXQ WRSODQPDVÖ LoHULøLQ ROXûWXUXOPDVÖ YH \D\ÖQODQPDVÖQGD PHVOHN HWLN LONHOHULQH YH VWDQGDUWODUÖQD EDøOÖOÖNWD DUDQPDOÖGÖU +HU JQ HWLN oÖNPD]ODUOD NDUûÖODûDELOHQ JD]HWHFLOHU GRøUX YH \DQOÖûÖQ JHQHOGH EHOLUVL] ROGXøX NDUDU DQÖQGD YHUGLNOHUL NDUDUÖ YH GDYUDQÖûODUÖQÖVDYXQDELOHFHNOHULKDNOÖJHUHNoHOHUHGD\DQGÖUPDN]RUXQGDGÖU$\UÖFDHWLøH X\JXQ NDUDUODU YHUPHN YH GDYUDQPDQÖQ JD]HWHFLOLN PHVOHN \DûDPÖQÖQ PHUNH]L ROGXøXQX NDYUD\DUDN HWLN GHøHUOHUH GD\DQDUDN GRøUX\X V|\OHPHN DGDOHW EDøÖPVÖ]OÖN |]JUONYHLQVDQKDNODUÖQDVD\JÖSUHQVLSOHULQLQ\HUDOGÖøÖELUJD]HWHFLOLNHWLNVLVWHPLQL EHQLPVHPHOLGLUOHU *D]HWHFLOHU LoLQ HWLN LONHOHU JD]HWHFLOLN VWDQGDUWODUÖQÖQ \NVHOPHVL DoÖVÖQGDQ GD |QHPOL ELU UROH VDKLSWLU 0HVOHN HWLN LONHOHULQLQ JQON oDOÖûPDODUGD ELOLQoOL RODUDN X\JXODQPD\D EDûODQPDVÖ LOH |]JU YH GUVW JD]HWHFLOLN NDYUDPODUÖ ILLOL ELU GHøHU ND]DQÖU dQN HWLN GDYUDQÖû LONHOHULQLQ DPDFÖ |]JU YH GUVW JD]HWHFLOLøLQ \DUDWÖOPDVÖQÖ JYHQFH\H DOPDNWÖU 'LøHU WDUDIWDQ HWLN LONHOHULQ ELUH\VHO YH WRSOX X\JXODQPDVÖ PHVOHøH RODQ WRSOXPVDO JYHQLQ DUWPDVÖ \DQÖQGD JD]HWHFLOLøLQ NDOLWHVLQGH YHVWDQGDUWODUÖQGDGDDUWÖûÖVRQXoODU (WLN LONHOHU VRV\DO VRUXPOXOXN KDEHU GHøHUL YH PHG\D NDQXQODUÖQGD \HU DODQ NXUDOODU ELU JD]HWHFLQLQ PHVOHNL IDDOL\HWLQL YH NDUDUODUÖQÖ HWNLOHU ELoLPOHQGLULU $QFDN PHG\DGD\DVDO]RUODPDODULOHPHVOHNHWLNLONHOHULQLQ]RUODPDVÖDUDVÖQGDNDODQYHWRSOXP WDUDIÖQGDQ J|QOO RODUDN JD]HWHFLQLQ EHOOL HWLN GDYUDQÖûODUÖ \DSPDVÖQÖQ EHNOHQGLøL YH JHQHO RODUDN VRUXPOXOXN DODQÖ REMHNWLIOLN JHUoHNOLN YH VDYXQXODELOLU KDUHNHWOHU RODUDN WDQÖPODQDQJULDODQGDJD]HWHFL\HELUH\VHOWHUFLKLQLGDYUDQÖûODUÖQDDNWDUPDGDPHVOHNHWLN LONHOHULPL\RNVDPHG\DNDQXQODUÖPÖ\ROJ|VWHUPHOLGLU" (WLN*D]HWHFLOLN.DQXQODUYH'DYUDQÖûùONHOHUL (WLN J|QOO LQVDQ GDYUDQÖûÖQD GHøHU ELoHQ YH EX GDYUDQÖûODUÖ WHPHO SUHQVLSOHUH EDøOÖ RODUDN GHøHUOHQGLUHQ ELU GLVLSOLQGLU 0HUULOO /HH YH )ULHGODQGHU·H J|UH HWLN IHOVHIHQLQ ELU GDOÖ ROXS QH\LQ \DSÖOPDVÖ JHUHNWLøLQL KDQJL GDYUDQÖûODUÖQ ´L\Lµ \DGD ´GDKD L\Lµ ROGXøXQX EXOPDNOD NLûLVHO GHøHUOHU YH NDUDNWHUOHU LOH LOJLOHQLU 0HG\D HWLøL NXUDOOÖ ELU DODQGÖU YH JD]HWHFLOHUH GLøHU PHG\D oDOÖûDQODUÖQD HWLNVHO X\JXODPD SUHQVLSOHUL JHOLûWLUPH YH WDNLS HWPH NRQXVXQGD \DUGÖP HGHU 0HG\DGD GRøUXQXQ QH (JHhQLYHUVLWHVLùOHWLûLP)DNOWHVL &J&KULVWLDQV.%5RW]ROO0)DFNOHU0HGLD(WKLFVUGHG1HZ<RUN/RQJPDQ [YLL 8OXVDO8\JXODPDOÖ(WLN.RQJUHVL ROGXøXQX EHOLUOHPHN LoLQ NDUDUODUÖQÖ NHQGL NHQGLQH X\JXODPD NXUDO NR\PD YH DVÖOGD NHQGLNHQGLQHEHOLUOHQPLûYHJ|QOO\DSÖOGÖøÖQÖELOPHNJHUHNLU *D]HWHFLOLN NDQXQODUÖ JHQHO RODUDN PHVOHN LOH LOJLOL VWDWOHUL KDN YH VRUXPOXOXNODUÖ JHQHO NDQXQODUGD \HU DODQ NXUDOODUÖ NDSVDU GUVWON YH DGDOHW DQOD\ÖûÖQÖ |Q SODQGD WXWDU (WLN GHøHUOHUL NRUXPDNWDQ oRN RWRULWH\L VDøODPD\D YH GHQHWLPH \|QHOLN RODUDN G]HQOHQLU PDGGL \DSWÖUÖPODUD \HU YHULU EHOOL NXUDOODUÖQ YH EHOOL ELU G]HQLQ X\JXODQPDVÖQÖHPUHGHU*D]HWHFLOLNNDQXQODUÖQÖQDPDoODUÖJD]HWHFLOHULQVDKLSROGXNODUÖ KDN YH D\UÖFDOÖNODUÖQÖ GHYOHWH NDUûÖ N|W\H NXOODQPDODUÖQÖ |QOHPHN KDONÖ JD]HWHFLOLN KDNODUÖQÖQ YH D\UÖFDOÖNODUÖQÖQ N|W\H NXOODQÖOPDVÖ NDUûÖVÖQGD NRUXPDN JD]HWHFLOHUL KDONÖQ KDNVÖ] GDYUDQÖûODUÖ YH VXoODPDODUÖ NDUûÖVÖQGD NRUXPDN JD]HWHFLOHULQ KDN YH |]JUONOHULQL D\UÖFDOÖNODUÖQÖ JYHQFH\H DOPDNWÖU ùKWLODIODU PDKNHPHOHUGH o|]OU %X DûDPDGD KDONÖQ YH\D PHVOHøLQ WHPVLOFLOHUL EXOXQPD] YH JD]HWHFLOLN HWLN NXUDOODUÖ GHøLO NDQXQODULKWLODIODUÖQo|]PQGHEHOLUOH\LFLGLU .XUDO RODUDN ELU NDQXQXQ WRSOXPXQ JHOHQHN YH J|UHQHNOHULQH DKODNL GHøHUOHULQH X\JXQ ROPDVÖ JHUHNWLøL NDEXO HGLOLU $QFDN NDQXQD X\JXQ GDYUDQÖû LOH HWLøH X\JXQ GDYUDQÖû|UWûHELOHFHøLJLELNDQXQLGDYUDQÖûODUHWLøHX\JXQROPD\DQQRNWDODULoHUHELOLU *D]HWHFL NDQXQD X\JXQ KDUHNHW HGHU DQFDN KDUHNHW HWLN GHøLOGLU YH\D HWLøH X\JXQ GDYUDQÖûÖ \DVDO ROPD\DELOLU 3HN oRN ONHGH PHG\D NDQXQODUÖ JD]HWHFL\H JL]OL KDEHU ND\QDNODUÖQÖ NRUXPDN KDNNÖ WDQÖPD] 0DKNHPHGH ND\QDøÖQÖQ NLPOLøLQL DoÖNODPD]VD SDUD FH]DVÖ YH\D KDSLV FH]DVÖ LOH FH]DODQGÖUÖOÖU *D]HWHFLOLN HWLN LONHOHUL LVH KDEHU ND\QDNODUÖQD DoÖNODPDPD V|] YHULOGL\VH DoÖNODQPDPDVÖQÖ YXUJXODU $\UÖFD HWLN JD]HWHFLOLøLQ NDQXQODUOD JHUoHNOHûWLULOPHVL WRSOXP YH PHVOHN DoÖVÖQGDQ oHûLWOL ]DUDUODUÖ VRQXoODU *D]HWHFLOLN HWLøL \D\ÖQFÖODUÖQ YH oDOÖûDQODUÖQ WRSOXPGDNL UROOHULQL KDONÖQ EX NRQXGDNL GûQFHOHULQL NDSVDU (WLN LONHOHU JD]HWHFLOHUH PHVOHNL HWNLQOLNOHULQGH GDYUDQÖûODUÖQÖQ DKODND X\JXQ ROPDVÖ LoLQ \RO J|VWHUHQ SUHQVLSOHUOH LOJLOLGLU7P WRSOXPODU \]\ÖOODUFD NRUXPD\D |]HQ J|VWHUGLNOHUL DKODNL YH HWLN GHøHUOHUL WDûÖ\DQ SUHQVLSOHUH VDKLS ROPXûODUGÖU 0HVOHNOHU YH PHVOHN NXUXOXûODUÖ GD EX SUHQVLSOHUOH |UWûHQ PHVOHN GDYUDQÖû LONHOHUL LOH \|QHWLOPLû YH PHVOHN PHQVXSODUÖQD HWNLQOLNOHUL VÖUDVÖQGD SUHQVLSOHU \RO J|VWHUPLûWLU$QFDNJD]HWHFLOLN HWLøL PHVOHN LONHOHULQGHQ GDKD JHQLûWLU *D]HWHFLOLN PHVOHøLQGH HWLN GDYUDQPD VRUXPOXOXøXQXQ |]PVHQPHVL YH NXUXPVDOODûPDQÖQVDøODQPDVÖLoLQLONHOHULQWHVSLWHGLOPHVLQHLKWL\DoYDUGÖU'HPRNUDWLN WRSOXPODUGD JD]HWHFLOLN NDWÖODFDNODUÖ PHVOHN HWLN GDYUDQÖû |UJWOHULQFH NXUDOODUÖQÖQ EHOLUOHQPHVL YH JD]HWHFLOHULQ NHQGLOHULQL J|QOO J|QOO RODUDN RODUDN VÖQÖUODQGÖUPDODUÖ WHUFLK HGLOLU *HQHO NDEXOH J|UH PHVOHN LONHOHUL JD]HWHFLOHU LOH WRSOXP DUDVÖQGD J|QOO ELU VRV\DO DQODûPD ROPDOÖGÖU 7RSOXP JD]HWHFLOHULQ EX DQODûPD\D X\JXQ GDYUDQÖS GDYUDQPDGÖNODUÖQÖ |OoPHN LoLQ LONHOHUL ELU GHøHUOHQGLUPH DUDFÖ RODUDN NXOODQÖUNHQ JD]HWHFLOHUGH NHQGLOHULQLQ YH PHVOHNWDûODUÖQÖQ SHUIRUPDQVODUÖQD LOLûNLQ ELU NDUDU YHUPHN LoLQ LONHOHUL HVDV DOÖUODU *D]HWHFLOHU PHVOHNL GDYUDQÖûODUÖQGDQ KHP WRSOXPD KHP GH PHVOHNWDûODUÖQD NDUûÖ VRUXPOXGXU %X VRUXPOXOXN DQODûPDGDQ GRøDQ YH VDKLS ROGXNODUÖ JFQ NDUûÖOÖøÖ RODQ ELU VRUXPOXOXNWXU *D]HWHFLOLN PHVOHøLQLQ WRSOXP WDUDIÖQGDQ J|QOO ELU PHVOHN RODUDN NDEXO HGLOPHVL JYHQLOPHVL LoLQ JD]HWHFLOHU NLPOLNOHULQL YH KDQJL URO R\QDGÖNODUÖQÖ WDQÖPODPDOÖ YH NDPX\D DoÖNODPDOÖGÖUODU 0HVOHN LONHOHUL NHQGLOHULQL NDPX\D WDQÖWPDODUÖQD \DUGÖP HGHU $QFDN -&0HUULOO-/HH(-)ULHGODQGHU0RGHUQ0DVV0HGLD1HZ<RUN+DUSHU5RZ V %HGUL\H,ûÖNg]ND\D³0HG\DGD(WLNùONHOHULQ.XUXPVDOODûPDVÖ J|QOO PHVOHN ELUOLNOHULQFH EHOLUOHQHQ YH oRøXQOXNOD PDQHYL \DSWÖUÖPD EDøODQDQ PHVOHN LONHOHULQLQ \HOHU LoLQ EDøOD\ÖFÖOÖøÖ NDEXO HGLOLU $\UÖFD PHVOHN LONHOHULQH X\PDN YH\D X\PDPDN NDUDUÖQÖ VRQXoWD JD]HWHFL NHQGL VHUEHVW LUDGHVL LOH EHOLUOHU 6RQ G|QHPOHUGH J|]OHQHQ HøLOLP HWLøH X\JXQ JD]HWHFLOLøLQ PHG\D NXUXPODUÖ YH\D EDVÖQ NRQVH\OHUL JLEL PHVOHN ROXûXPODUÖQGDQ oRN ELUH\ RODUDN HWNLQOLøL JHUoHNOHûWLUHQH EDøOÖ ROGXøXGXU *D]HWHFLOHULQ HWLN GHøHUOHUH X\JXQ RODUDN GDYUDQPDODUÖ NDQXQODUOD VDøODQDELOLU PL QHOHULQ \DSÖOPDPDVÖ YH\D QHOHULQ \DSÖOPDVÖ JHUHNWLøLQL J|VWHUHQ L\L YH GRøUX\X WDQÖPOD\DQ YH FH]DODQGÖUDQ NDQXQODUOD PHG\DGD HWLN GDYUDQÖû LONHOHUL NXUXPVDOODûDELOLU PL \RNVD GDYUDQÖû LONHOHUL JD]HWHFL PHVOHN ELUOLNOHUL WDUDIÖQGDQ EHOLUOHQPHOL GHQHWOHQPHOL PLGLU VRUXODUÖQÖQ \DQÖWÖQÖ HWLN IHOVHIHGH YH EX PHVOHøLQ N|NO GRøDVÖQGD EXODELOLUL] *D]HWHFLOLN HWLøL UDV\RQHO ELU VHoLPGLU *D]HWHFLOHU EX VHoLPL L\L YH N|W QHGLU DKODNVDO RODUDN VDYXQDELOLU KDUHNHW QHGLU YH QH GHøLOGLU DUDVÖQGD \DSDU $\QÖ ]DPDQGD DKODNVDO RODUDN KDNOÖOÖøÖ VDYXQXODELOLQLU RODQODU DUDVÖQGDNL GHUHFHOHQGLUPH\L GH EHOLUOHU *D]HWHFLOLN HWLøLQGH VRV\DO VRUXPOXOXN JHUoHøL DUDûWÖUPDN LQVDQ KDNODUÖQD VD\JÖ J|VWHUPHN PHVOHN GD\DQÖûPDVÖ YH |UJWOHQPHN NOWUHOHWQLNGLQL oHûLWOLOLøH VD\JÖOÖ ROPDN SUHQVLSOHULQH EDøOÖ RODUDN EDVÖQ |]JUOøQ JHOLûWLUPHN YH VDYXQPDN PHVOHNL GD\DQÖûPDEDøÖPVÖ]OÖNREMHNWLIOLNGUVWYHDGLOGDYUDQPDNYDUGÖøÖNDUDUYHGDYUDQÖû LoLQ VDYXQDELOLU JHUHNoHOHUH VDKLS ROPDN J|UHYOHULQL YXUJXOD\DQ YH EHOLUWLOHQ GHøHUOHU ]HULQHNXUXODQPHVOHNLONHOHULVDYXQXOXU (WLNJD]HWHFLOLNX\JXODPDVÖQÖQ\D\JÖQODûWÖUÖOPDVÖYHEDVÖQ|]JUOøQQVRUXPOXOXN LOH NXOODQÖOPDVÖQÖ NDQXQODU LOH WHPLQDW DOWÖQD DOPDN PHG\DQÖQ LûOH\LûLQL NDQXQODU YH \DSWÖUÖPODUODG]HQOHPHNVRUXPOXYH\DGDKDVRUXPOXELUEDVÖQÖELoLPOHQGLUPHNDPDFÖ LOH JD]HWHFLOHULQ WDNLEH ]RUXQOX RODFDNODUÖ NDQXQODUÖ \UUOøH NR\PDN KDNNÖQÖQ \|QHWLPOHUH WDQÖQPDVÖ |QFHOLNOH EDVÖQ |]JUOø EDøÖPVÖ]OÖN REMHNWLIOLN VRV\DO VRUXPOXOXNJLEL\XNDUÖGDEHOLUWLOHQHWLNGHøHUOHUHD\NÖUÖRODFDNWÖU g]HOOLNOH JHOLûPHNWH RODQ ONHOHUGH JD]HWHFLOLN HWLøLQLQ NDQXQODU YDVÖWDVÖ\OD X\JXODQPDVÖ YH VRQXoWD PHG\DGD HWLN LONHOHULQ NXUXPVDOODûPDVÖQÖQ JHUoHNOHûPHVL LoLQ PHVOHN GDYUDQÖû LONHOHUL NDQXQODUGD EHOLUOHQLU YH\D NDQXQODUOD NXUXOXûX LûOH\LûL \DSWÖUÖPODUÖ G]HQOHQPLû PHVOHN |UJWOHUL DUDFÖOÖøÖ\OD X\JXODPD EHQLPVHQLU %X X\JXODPDQÖQJHUHNoHVLLVHEDVÖQ|]JUOøQWHPLQDWDOWÖQDDOPDNYHVRUXPOXELUEDVÖQ \DUDWPDNWÖU %D]Ö ONHOHUGH \HWNLOLOHU PHVOHNWH HWLN ROPD\DQ GDYUDQÖûODUD GHYDP HGLOPHVLGXUXPXQGDJD]HWHFLOHULNRQWURODOWÖQGDWXWDFDNNDQXQODUoÖNDUDFDNODUÖQÖEH\DQ HGHUOHU *HQHOGH EX WU DoÖNODPDODUÖQ \DSÖOGÖøÖ ONHOHUGH JD]HWHFLOHU YH PHVOHN |UJWOHUL PHG\D NXUXPODUÖ HWLN JD]HWHFLOLN X\JXODPDVÖQGD EDûDUÖVÖ]GÖU %D]Ö ONHOHUGH LVH JD]HWHFLOHU YH JD]HWHFLOLN PHVOHøLQLQ \|QHWLPOHUH NDUûÖ DKODNL VRUXPOXOXN YH J|UHYOHULQLQ ROGXøX LOHUL VUOU $QFDN JD]HWHFLOHULQ GRøUXGDQ WRSOXPD YH WRSOXPXQ LoLQGH \HU DODQ JUXSODUGDQ ELUL RODUDN \|QHWLPOHUH NDUûÖ VRUXPOXOXøX ROGXøX XQXWXOXU %X JHUHNoH PHG\D\Ö NRQWURO HWPHN YH VDKLS ROPDN LVWHøLQLQ J|VWHUJHVLGLU 'LøHU WDUDIWDQ \|QHWLPOHULQ WRSOXPVDO GHøHUOHULQ NRUX\XFXVX RODUDN HWLN JD]HWHFLOLN J|UHYLQLQ \HULQH JHWLULOPHVLQL VDøODPD KDNNÖ YH J|UHYLQH WHN EDûÖQD VDKLS ROPDVÖ GûQFHVLQH GD\DOÖ X\JXODPDODU JD]HWHFLOHUL VRUXPOX GDYUDQÖûD \|QHOWHFHN YH WHûYLN HGHELOHFHNGLøHUJUXSODUÖKDONÖYHPHG\DQÖQNHQGLVLQLGÖûODU :6FKUDPP´4XDOLW\LQ0DVV&RPPXQLFDWLRQµ,Q0HGLD(WKLFV&DVHVDQG0RUDO 5HDVRQLQJHG&KULVWLDQV5RW]ROO)DFNOHU1HZ<RUN/RQJPDQV 8OXVDO8\JXODPDOÖ(WLN.RQJUHVL *D]HWHFLOLN(WLøLQLQ.DQXQODûWÖUÖOPDPDVÖQÖQ1HGHQOHUL .DQXQODUYDVÖWDVÖ\ODJD]HWHFLOLNHWLøLQLQX\JXODQPDVÖVRQXFXED]ÖN|NOSUREOHPOHU GRøDU (WLN JD]HWHFLOLN VRUXPOXOXøX NDQXQOD WDQÖPODQÖUVD WDQÖPOD\DQ JD]HWHFL YH\D J|QOO PHVOHN NXUXOXûODUÖ GHøLO NDQXQ NR\XFX RODFDNWÖU +DN YH |]JUONOHUL G]HQOHPHN YH N|W\H NXOODQÖOPDODUÖQÖ |QOHPHN YH EX DPDoODUOD \DSWÖUÖP X\JXODPDN \HWNLVL oHUoHYHVLQGH JD]HWHFLOLN DODQÖQGD NDQXQD D\NÖUÖ GDYUDQÖûODUÖ NÖVDFD VXo YH FH]D\Ö EHOLUOHPHN KDNNÖQÖQ NDQXQ NR\XFX\D DLW ROPDVÖ JHUHNWLøL VDYXQXODELOLU $QFDN HYUHQVHO GHøHUOHU oHUoHYHVLQGH REMHNWLI RODUDN EX \HWNLQLQ NXOODQÖOPDPDVÖ GXUXPXQGD WDQÖP \DSDQODUÖQ HWLN YH VRUXPOXOXN DQOD\ÖûODUÖQD J|UHELoLPOHQHFHNYH\HWHUOLOLNûDUWODUÖJHWLULOHELOHFHNWLU .DQXQODULOHJD]HWHFLOLNHWLøLQLQX\JXODQPDVÖQÖ]RUODPDNEXDODQGDVWDQGDUWODUÖQ JHOLûPHVLQL ROXPVX] HWNLOHU 7P NDQXQODUGD DPDo VXoOX\X FH]DODQGÖUPDN YH E|\OHFH RQXQ D\QÖ GDYUDQÖûÖ WHNUDUODPDPDVÖQÖ VDøODPDN YH VXoOX\X FH]DODQGÖUDUDN GLøHUOHULQL D\QÖ VXoX LûOHPHNWHQ X]DN WXWPDNWÖU 0HG\D HWLN NDQXQODUÖQÖ LKODO HGHQ VXoOXQXQ EX GDYUDQÖûÖ ELU GDKD \DSPD\DFDøÖ JDUDQWL HGLOHPH] %XQXQ\DQÖQGDFH]DODQGÖUÖODQJD]HWHFL\LJ|UHQDUNDGDûODUÖQÖQD\QÖVXoXLûOHPH\H NDONÖûPD\DFDNODUÖQÖQ GD JDUDQWLVL \RNWXU *D]HWHFLOLN HWLøLQH GDYUDQÖûODUÖ LOH ROXPOX NDWNÖ \DSPDN LoLQ oDOÖûDQODU HWLN NXUDOODUD EDNPDN YH X\JXODPDN \HULQH EDûODUÖQÖQ GHUGH JLUPHPHVL LoLQ NDQXQODUÖ LKODO HWPHPH\H oDOÖûDFDNODUGÖU $\UÖFD FH]DODQGÖUÖOPD VRQXFX LûOHQHQ VXo PHVOHøH NDUûÖ GHøLO GHYOHWH NDUûÖ LûOHQHQ ELU VXoGXUXPXQDG|QûHFHNWLU .DQXQOD JD]HWHFLOLN HøLWLøLQLQ X\JXODQPDVÖ JD]HWHFLOHULQ PHVOHøH EDøOÖOÖN GX\JXVXQD ]DUDU YHUHUHN EDøOÖOÖøÖQ \|QHWLPH oHYULOPHVLQH \RO DoDU 2QODU HWLøH X\JXQ ROPD\DQ ELU GDYUDQÖû \DSWÖNODUÖQGD HWLN NDQXQODUÖ LKODO HWWLNOHUL GûQFHVL LOH GHYOHWH YH\D KNPHWH NDUûÖ NHQGLOHULQLQ VXo LûOHGLøLQL GûQHFHNOHUGLU $VOÖQGD HWLNVHO ROPD\DQ GDYUDQÖûOD JHUoHN ]DUDUÖ PHVOHNOHULQH YHULUOHU 0HVOHNWH oDOÖûDQODUÖ ELUOHûWLUHFHN NRQXODU KDNODU VRUXPOXOXNODU YH J|UHYL JHOLûWLUPHN DKODNL J|UHYL ROPDOÖGÖU %X PHVOHN GD\DQÖûPDVÖ YH ELUOLNWHOLN GX\JXVXQXQ ND\EHGLOPHVL VRQXFXQGD ROXûDFDN ELUH\VHO GDYUDQÖûODU KHP WRSOXPD KHP GH ELUOLNWHOLNYHGD\DQÖûPDHWLNGHøHULQH]DUDUYHUHFHNWLU (WLN JD]HWHFLOLN X\JXODPDVÖQD \DNODûÖP |]HOOLNOH JD]HWHFLOHULQ IHOVHIL J|UûOHULQH NDQDDWOHULQHJ|UHGHøLûLU*D]HWHFLOHUDUDVÖQGDDQWLQRPLDQLVW·OHUJ|UHYVÖUDVÖQGD KLVVHWWLNOHUL JLEL GDYUDQPDODUÖ JHUHNWLøLQH LQDQDQODU 0DFKLDYHOOLVW·OHU DPDFD XODûPDN LoLQ KHU WUO DUDFÖQ NXOODQÖODELOHFHøLQH LQDQDQODU WHOHRORJLVW·OHU GDYUDQÖûÖQ GûQHQOHU HWLN ROGXøXQX GHRQWRORJLVW·OHU EHOLUOH\HQ IDNW|UQ GDYUDQÖûÖQ VDGHFH VRQXFXQX VRQXo ROGXøXQX GûQPH\HUHN VDGHFH J|UHYLQ \DSÖOPDVÖ JHUHNWLøLQH LQDQDQODU KHGRQLVWOHU L\L GDYUDQÖûÖQ HQ ID]OD VD\Ö\D KL]PHW ROGXøXQX LGGLD HGHQOHU HJRLVW·OHU L\L JD]HWHFLOLN GDYUDQÖûÖQÖQ ELUH\VHORODUDNNHQGLOHULQLPXWOXHGHQGDYUDQÖûROGXøXQXGûQHQOHUYDUGÖU .DQXQOD JD]HWHFLOLN HWLøLQLQ X\JXODQPDVÖ VRQXFXQGD JD]HWHFLOHU WHN ELU HWLN \DNODûÖPD ]RUODQÖU 2 GD \DVDO RODUDN PPNQ RODQ WHN \RO GHRQWRORJLFDO \DNODûÖPGÖU .DQXQOD EHOLUOHQHQ VRUXPOXOXøX \HULQH JHWLUPHN ELU J|UHYGLU NDQXQD LWDDW HWPHN ]RUXQOXGXU YH EX ER\XQ HøPHN VRQXFXQGD LQVDQODUD QH ROGXøX J|] DUGÖ HGLOHUHN LWDDW HGLOPHOLGLU *D]HWHFLOLN PHVOHøLQLQ ELUH\VHO YH %HGUL\H,ûÖNg]ND\D³0HG\DGD(WLNùONHOHULQ.XUXPVDOODûPDVÖ WRSOX RODUDN WRSOXPD JLGHULOPHVL PPNQ ROPD\DQ ]DUDU YHUPH \HWHQHøL GûQOGøQGHPHVOHøHE|\OH\DVDOVWDQGDUWOD\ROJ|VWHUPHVLQLQWHKOLNHVLGDKD L\LDQODûÖODFDNWÖU*D]HWHFLOLNHWLøLNDQXQJLELQHWYHNHVLQGHøLOGLU'RøUXNDUDU YH H\OHPH XODûPDN LoLQ \DSÖOPDVÖ RODVÖ KDUHNHWLQ EHOOL SHUPXWDV\RQODUÖQÖQWDNLEL JHUHNLUgUQHøLQ0HUULOOYH%DUQH\·HJ|UH *D]HWHFLVDYXQDELOHFHøLKDNOÖNDUDUD VRQXoODUÖ GLNNDWH DODUDN WHOHRORJ YH J|UHYH LOLûNLQ EHOOL SUHQVLSOHUL X\JXOD\DUDN GHRQWRORJ\ XODûDELOLU 2QODUD J|UH JD]HWHFL |QFHOLNOH ELU GHRQWRORJLVW DPD D\QÖ ]DPDQGD ELU GûQU NDUDNWHULQH VDKLS ]DPDQ ]DPDQ GDKD \NVHN ELU DKODNL GHøHUH XODûPDN LoLQ VDGDNDWWHQ D\UÖODELOHQ ELU WHOHRORJLVW·GLU %|\OH IHOVHIL YH SUDWLN\RUXPYHo|]POHUHJD]HWHFLOLNNDQXQODUÖQGDUDVWODQDPD]2QODUÖQWHNELU DQODPÖYDUGÖUYH\RUXP\DSÖODPD] *D]HWHFLOLNWH HWLN JHUHNOLOLNOHU NRQXVXQGD NDQXQ \DSDUDN DVOÖQGD PHVOHN |UJWOHULQLQ HVDV IRQNVL\RQODUÖQGDQ RODQ PHVOHN NXUDOODUÖ YH VWDQGDUWODUÖQÖ EHOLUOHPHN YH GHQHWOHPHN UROQ GHYOHW VWOHQLU (øHU PHVOHN |UJWOHUL EX DODQGD \HWHUVL] LVH GHYOHWH GûHQ J|UHY PHVOHN |UJWOHQPHOHULQLQ JoOHQGLULOPHVL YH VRUXPOXOXNODUÖQD VDKLS oÖNDUDN GHQHWLPL JHUoHNOHûWLUPHOHUL NRQXVXQGDWHûYLNHWPHNROPDOÖGÖU *D]HWHFLOLN HWLøLQLQ NDQXQ LOH X\JXODQPDVÖ KHP EDVÖQ |]JUOøQH KHP GH JD]HWHFLOHULQ |] VD\JÖVÖQD ]DUDU YHULU %LU JD]HWHFLQLQ HWLøH X\JXQ GDYUDQÖûÖ VDGHFH NDQXQD LWDDW HVDVÖ ]HULQH WHPHOOHQGLULOLUVH RQXQ GDYUDQÖûÖ JHQLû RUDQGD FH]DODQGÖUÖOPD NRUNXVXQD GD\DOÖ RODFDøÖQGDQ JHUoHNWH NHQGLQL VRUXPOX KLVVHWPH\HFHNWLU$VOÖQGDNHQGLQHGX\GXøXVD\JÖKHUKDQJLELUGDYUDQÖûÖ|]JUFH \DSDELOHFHøLQH LQDQPDVÖQÖ VDøODU YH EX |]JUOøQ \RO DoDFDøÖ VÖNÖQWÖODU NDUûÖVÖQGD \D GD NHQGLVLQLQ ]OHFHøL DQODUGD GDKL |] VD\JÖVÖ QHGHQL LOH R GDYUDQÖûÖQVRUXPOXOXøXQXWDûÖPD\DGHYDPHGHU (WLNJD]HWHFLOLNNDQXQLOH]RUODQGÖøÖQGDNHQGLQLLIDGHHWPHYHEXQDEDøOÖRODUDN |]VD\JÖ YH |]JUOøQ YDU ROPDVÖ LoLQ JHUHNOL ûDUWODU VÖQÖUODQGÖUÖOPÖû ROXU 0HUULOO·HJ|UH .HQGLQHVD\JÖGX\DQELUJD]HWHFLRQDNHQGLQLLIDGHHWPHûDQVÖQÖ YHUHQ |]JUONWHQ JXUXU GX\DU YH EXQXQ WHKOLNHOHULQL |QHPVHPH] GDYUDQÖûÖQÖQ DUNDVÖQGD GXUXU KHGHIH RGDNODQÖU YH |]JUOø \DûDPDVÖQÖQ VRQXoODUÖQD KD]ÖUGÖU 7P HWLNOHUGH ROGXøX JLEL JD]HWHFLOLN HWLøL GH GHøHUOHU YH SUHQVLSOHUH EDøOÖGÖU 3UHQVLSOHU QH\LQ \DQOÖû QH\LQ GRøUX ROGXøXQX WDQÖPOD\DQ \RO J|VWHUHQ oL]JLOHUGLU 'HøHUOHU LVH KHP DKODNL KHP GH DKODNL ROPD\DQÖ L\L YH N|WQQ QH ROGXøXQXWDQÖPODU .DQXQODUGD SUHQVLSOHULQ PDQWÖNVDO DoÖNODPDVÖQD \HU YHULOPH] 'RøUX RODUDN YHULOHQ YH\D \DQOÖû RODUDN EHOLUWLOHQ VRUJXODQDPD] ùWDDW ]RUXQOXOXøX YDUGÖU *D]HWHFLOLN HWLøLQGH LVH JD]HWHFL LoLQ VHoPH ûDQVÖ YDUGÖU %X VHoLP ED]HQ GRøUX YH \DQOÖû DUDVÖQGD YH\D \DQOÖû RODQ LOH GDKD D] \DQOÖû GDYUDQÖû DUDVÖQGD YH\D GRøUX LOH GDKD GRøUX DUDVÖQGD RODELOLU $QFDN E|\OH IÖUVDWODUÖ YH RODVÖOÖNODUÖ NDQXQODUNDUûÖOD\DPD] -&0HUULOO5'%DUQH\(WKLFVDQGWKH3UHVV5HDGLQJVLQ0DVV0HGLD0RUDOLW\1HZ<RUN +DVWLQJ+RXVHV -&0HUULOO7KH'LDOHFWLFRI7RXUQDOLVP7RZDUGVD5HVSRQVLEOH8VHRI3UHVV)UHHGRP%DWRQ 5RXJH/RXLVLQD6WDWH8QLYHUVLW\3UHVVV 8OXVDO8\JXODPDOÖ(WLN.RQJUHVL .DQXQODUEHOOLGHøHUOHULNRUXPDNLoLQ\DSÖOPÖûROVDGDVRQXoWDLWDDW]RUXQOXGXU *D]HWHFL EDøODQPDVÖ JHUHNHQ GHøHUOHUL DUDûWÖUPDGDQ VRUJXODPDGDQ YH GûQPHGHQ NDQXQODUÖQ JHUHøLQL \HULQH JHWLUPHN ]RUXQGDGÖU %X VUHoWH RQD SDVLIELUUROYHULOPLûWLU'HøHUOHUDQFDNLVWH\HUHNELOLQoOLRODUDNDU]XHGHUVHNYH RQODUD XODûPDN LoLQ oDOÖûÖUVDN ID\GDOÖGÖU 'LøHU ELU GH\LûOH NDQXQODU YDVÖWDVÖ\OD GHøHUOHU]RUODX\JXODQGÖøÖQGDGHøHULQL\LWLUHELOLU 6RQRODUDNNDQXQJD]HWHFLOLNHWLøLQLQX\JXODQPDVÖQÖJDUDQWLHGHQELUDUDoRODUDN JD]HWHFLOHULQ IDDOL\HW DODQODUÖQÖ oRN ID]ODVÖQÖUODQGÖUÖU .DQXQ KHU RODVÖOÖøÖ YH HWLN GXUXPODUÖQ SHUPWDV\RQODUÖQÖ NDSVDPD] *D]HWHFLQLQ HWLN NDUDUÖ LOH EDVÖQ |]JUOø ELUELUOHUL\OH EDøODQWÖOÖGÖU (WLN JD]HWHFLOLN X\JXODPDVÖ EDVÖQ |]JUOøQ JHOLûWLULU *D]HWHFLOHU WRSOXPVDO LKWL\DoODUD KL]PHW LoLQ NDPXVDO J|UHYOHULQL \HULQH JHWLULUNHQ |]JU ROPDOÖGÖUODU %DVÖQ |]JUOø JD]HWHFLOHULQ LVWHGLøLQL\DSPDNLoLQELUL]LQGHQoRNWRSOXPDKL]PHWLoLQ|]JUONWU 6RQXo 0HG\DGD HWLN LONHOHULQ NXUXPVDOODûPDVÖ LoLQ JD]HWHFLOHU HWLN GDYUDQPD\D NDQXQODUOD ]RUODQPDPDOÖGÖU'HPRNUDWLN\|QHWLPOHUGHJD]HWHFLOLNNDQXQODUÖJD]HWHFLOHULQYHGLøHU oDOÖûDQODUÖQ KDN YH |]JUONOHULQL JYHQFH\H DOPDN YH EX KDN YH |]JUONOHULQ N|W\H NXOODQÖOPDODUÖQÖ|QOHPHNDPDFÖ\ODJHUHNOLGLU *D]HWHFLOHULQ NDQXQODUOD HWLN GDYUDQÖûD ]RUODQPDVÖ RQODUD QDVÖO KDUHNHW HWPHOHUL NRQXVXQGD GLUHNWLIOHU YHULOPHVLQLQ NDEXO JD]HWHFLOLN HWLøL LOH EDøGDûPD] YH EDVÖQ |]JUOøQQNRUXQPDVÖDoÖVÖQGDQELUULVNWLU (WLN GDYUDQÖû LONHOHULQLQ JD]HWHFLOHU J|QOO PHVOHN NXUXOXûODUÖ WDUDIÖQGDQ EHOLUOHQPHVL YH X\JXODQPDVÖ Lo LûOH\LûOH HWLøLQ NXYYHWOHQGLULOPHVL GÖûDUÖGDQ \DSÖODQ PGDKDOHGHQ GDKD ID]OD PHVOHøLQ \DUDUÖQDGÖU $QFDN \HOLøLQ LVWHøH EDøOÖ ROGXøX EX NXUXOXûODU VDGHFH NHQGL \HOHUL ]HULQGH HWNLOL RODELOHFHNWLU %LU PHVOHN ELUOLøLQH \H ROVXQ YH\D ROPDVÖQ JD]HWHFL GDYUDQÖû LONHVLQH X\JXQ GDYUDQPDN YH\D GDYUDQPDPDN NDUDUÖQÖ NHQGL LUDGHVL LOH EHOLUOH\HFHNWLU (WLN EX DûDPDGD |QHPOLGLU NDUDU ELUH\VHO RODFDNWÖU (WLNNDUDUYHUPHN]RUGXU*QP]NRûXOODUÖQGDGRøUXYH\DQOÖûÖQL\LYHN|WQQ NXUDOODUÖ JHQHOGH JHoHUVL] NDOPDNWDGÖU $QFDN \DNÖQ oHYUH WRSOXP HøLWLP JLEL HWNHQOHULQ ELoLPOHQGLUGLøL HWLN EDNÖû DoÖVÖQD VDKLS RODQ ELU JD]HWHFL ELOLQFLQH JYHQPHOLGLU*|QOOPHVOHNELUOLNOHULWDUDIÖQGDQHWLNGHøHUOHU]HULQHNXUXOPXûRODQ PHVOHN GDYUDQÖû NXUDOODUÖQÖQ GD NDWNÖVÖ LOH DQFDN |]JU LUDGHVL LOH VHoLPLQL \DSPDOÖGÖU 'DYUDQÖûÖQÖQ NDUDNWHULQLQ YH\D DPDFÖQÖQ DKODNL HøLOLPOHULQLQ IDUNÖQGD RODUDN GRøUX\X YHL\L\L\DSPDJ|UHYLQLNDUDUÖQDYHGDYUDQÖûODUÖQD\DQVÖWPDOÖGÖU .D\QDNoD &KULVWLDQV&*5RW]ROO.%)DFNOHU00HGLD(WKLFVUG(G1HZ<RUN /RQJPDQ 0HUULOO - & %DUQH\ 5 ' HGV (WKLFV DQG WKH 3UHVV 5HDGLQJV LQ 0DVV 0HGLD 0RUDOLW\1HZ<RUN+DVWLQJ+RXVH 0HUULOO - & 7KH 'LDOHFWLF RI -RXUQDOLVP 7RZDUGV D 5HVSRQVLEOH 8VH RI 3UHVV )UHHGRP %DWRQ5RXJH/RXLVLQD6WDWH8QLYHUVLW\3UHVV 0HUULOO-&/HH-)ULHGODQGHU(-0RGHUQ0DVV0HGLD1HZ<RUN+DUSHU 5RZ 6FKUDPP : ´4XDOLW\ LQ 0DVV &RPPXQLFDWLRQµ ,Q 0HGLD (WKLFV &DVHV DQG 0RUDO5HDVRQLQJ&KULVWLDQV5RW]ROO)DFNOHU1HZ<RUN/RQJPDQ 7ÖSWD$\GÖQODWÖOPÖû2QDPgøUHWLVL%DøODPÖQGD+HNLPLQ5RO 'U+DIL]Hg]WUN 6RQ\ÖOGDD\GÖQODWÖOPÖûRQDP|øUHWLVLQLQJQGHOLNWÖSX\JXODPDVÖQGD\DVDOYHHWLN ELU JHUHNOLOLN ROPDVÖ\OD ELUOLNWH KHNLPKDVWD LOLûNLVLQLQ QLWHOLøL KDVWDQÖQ |]HUNOLøL KHNLPLQ VRUXPOXOXNODUÖ KDVWDQÖQ YH KHNLPLQ GHøHUOHUL KDVWDQÖQ D\GÖQODWÖOPDVÖQÖQ \|QWHPOHUL JLEL NRQXODU |]HOOLNOH NOLQLN WÖS HWNLQOLøLQLQ WHPHO WDUWÖûPD QRNWDODUÖ GXUXPXQD JHOPLûWLU +DVWDQÖQ NDUDU YHUPHN NRQXVXQGD J|QOO YH \HWHUOL ROPDVÖ NDGDU ELOJLQLQ DoÖNODQPDVÖ YH DQODûÖOÖU ROPDVÖQÖ GD JHUHNWLUHQ D\GÖQODWÖOPÖû RQDP |øUHWLVL KHNLPLQ JHOHQHNVHO SDWHUQDOLVWLN UROQ ELU |OoGH RUWDGDQ NDOGÖUPDNWD YH KDVWDQÖQNHQGLVL\OHLOJLOLWÖEELNDUDUODUGDNLVRUXPOXOXøXQXDUWÖUPDNWDGÖU6|]HGLOHQEX GHøLûLP WHPHOGH \DUDUFÖ ELU GLVLSOLQ RODUDN WDQÖPODQDQ WÖEEÖQ LûOHYLQLQ YH DPDFÖQÖQ \HQLGHQ WDQÖPODQPDVÖQÖ NDYUDPODUÖQÖQ \HQLGHQ WÖS HWNLQOLøLQGH WDUWÖûÖOPDVÖQÖ |]HUNOLN ]RUXQOX NÖOGÖøÖ URO VRUXPOXOXN LoLQ KHNLPKDVWD YH GHøHU LOLûNLVLQLQ HYULPLQGHGH|QHPOLELUKDOND\ÖROXûWXUPDNWDGÖU %X ELOGLULGH JQP]GHNL KHNLPKDVWD LOLûNLVLQLQ QLWHOLøL KHNLPOH KDVWD DUDVÖQGDNL LOLûNL\L HWNLOH\HQ HWNHQOHU JHoPLûWHQ JQP]H EX LOLûNLGH J|]H oDUSDQ EHOOL EDûOÖ PRGHOOHU D\GÖQODWÖOPÖû RQDP KDVWDQÖQ |]HUNOLøL YH KHNLPLQ URO EDøODPÖQGD HOH DOÖQDFDNWÖU +HNLPKDVWD LOLûNLVL WHPHOGH ELU LQVDQLQVDQ LOLûNLVL ROGXøX LoLQ WRSOXPVDO NOWUHO KXNXNVDO DKODNVDO YH UXKELOLPVHO \|QOHUL RODQ ELU LOLûNLGLU %X oRN \|QOON RQXQ ELUWDNÖP HWNHQOHUOH NROD\FD HWNLOHûHELOGLøLQL J|VWHUPHNWHGLU +HNLPOH KDVWD DUDVÖQGDNL LOLûNLQLQ KHU WUQGH V|] NRQXVX HGLOHELOHFHN RODQ YH EHOLUOL ELU WRSOXPGD EHOLUOL ELU ]DPDQ GLOLPLQGH JHoHUOL NÖOÖQDQ KHNLPKDVWD LOLûNLVLQL EHOLUOH\HQ EX HWNHQOHUL û|\OHFH VÖUDODPDNRODQDNOÖGÖU ùOLûNLQLQJHUoHNOHûWLøLX]PDQOÖNGDOÖ %HOLUOLELU]DPDQGDRWRSOXPGDEHQLPVHQHQKDVWDOÖNNDYUDPÖ ùOLûNLQLQJHUoHNOHûWLøLNRûXOODUGDWÖEEÖQRODQDNODUÖ +HNLPLQYHKDVWDQÖQHøLWLPG]H\L\OHEDøODQWÖOÖRODQELOJLLQDQoYHWXWXPODUÖ +HNLPYHKDVWDQÖQEXLOLûNLGHQEHNOHQWLOHULYHUXKVDO\DSÖODUÖ +HNLPYHKDVWDQÖQLOHWLûLPEHFHULOHUL KHNLPOHKDVWDDUDVÖQGDNLSDUDVDOLOLûNL ùOLûNLQLQJHUoHNOHûWLøLIL]LNVHORUWDP 6|]NRQXVXWRSOXPGDKHNLPEDûÖQDGûHQKDVWDVD\ÖVÖ 7RSOXPXQKHNLPKDVWDLOLûNLVLQHEDNÖûÖ (WLN DoÖVÖQGDQ KHNLPOH KDVWD DUDVÖQGDNL LOLûNL \XNDUÖGD VD\ÖODQ HWNHQOHUOH ELUOLNWH YH RQODUD NRûXW RODUDN RUWD\D oÖNDQ KHNLP YH KDVWDQÖQ URO YH NLPOLNOHUL\OH EHOLUOHQPHNWHGLU %X NLPOLN YH UROOHU WÖEEÖQ WDULKVHO HYULPL LoLQGH IDUNOÖ LOLûNL PRGHOOHULQLQ RUWD\D oÖNPDVÖQD \RO DoPÖûWÖU dHûLWOL oDø YH WRSOXPODUGDNL KHNLP KDVWD LOLûNLOHULQL GLQDPLN SVLNL\DWULQLQ NLûLOHU DUDVÖ LOLûNLOHU \DNODûÖPÖ EDøODPÖQGD LQFHOH\HQ 6]DV] .QRII YH +ROOHQGHU o WHPHO LOLûNL PRGHOL WDQÖPODPÖûODUGÖU %\N $NGHQL]hQLYHUVLWHVL7ÖS)DNOWHVL7ÖEEL(WLN'HRQWRORML$QDELOLP'DOÖ 8OXVDO8\JXODPDOÖ(WLN.RQJUHVL |OoGH WRSOXPVDOVL\DVDO G|QûPOHULQ GLQOHULQ YH ELOLPLQ HWNLVLQGH ELoLPOHQHQ EX PRGHOOHUûXQODUGÖU (WNLQOLNHGLOJLQOLN WHPHOLQH GD\DQDQ LOLûNL .RPDGD \D GD JHQHO DQHVWH]L DOWÖQGD ROGXøX JLELELOLQoOL ROPD\DQ YH EX QHGHQOH WP\OH HGLOJLQ GXUXPGDNL KDVWD\OD KHNLPDUDVÖQGDNLLOLûNL <ROJ|VWHUPHLûELUOLøLWHPHOLQHGD\DQDQLOLûNL$NXWEXODûÖFÖKDVWDOÖNODUGDROGXøX JLEL VDøOÖøÖQD NDYXûPDN LoLQ LûELUOLøLQH KD]ÖU RODQ NRQX\OD LOJLOL RODUDN KHNLPLQ |QHULOHUL GRøUXOWXVXQGD GDYUDQDQ ELU |OoGH HWNLQ DQFDN V|]QQ JHoHUOLOLøL DoÖVÖQGDQ KHNLPGHQ IDUNOÖ NRQXPGDNL KDVWD LOH RQXQ NDUûÖVÖQGD ELOJL YH EHFHULVLQLNXOODQDQKHNLPDUDVÖQGDNLLOLûNL .DUûÖOÖNOÖ NDWÖOÖP WHPHOLQH GD\DQDQ LOLûNL .URQLN KDVWDOÖNODUÖQ WHGDYLVLQGH YH UXKVDO o|]POHPHGH ROGXøX JLEL KDVWDQÖQ NHQGLVLQH \DUDUOÖ ROPDVÖQGD KHNLPLQ \DUGÖPFÖNRQXPGDROGXøXLOLûNL 7DULKVHODoÖGDQHOHDOÖQGÖøÖQGDEHOOLELUoDøGDEHOOLELU\DGDELUGHQoRNWRSOXPGD \DûD\DQ LQVDQÖQ GûQFH \DSÖVÖ YH WÖS ELOLPLQLQ HULûWLøL G]H\OH R oDøGD JHoHUOL RODQ KHNLPKDVWDLOLûNLVLDUDVÖQGDEDøODQWÖNXUPDNRODQDNOÖGÖU<XNDUÖGDV|]HGLOHQo\D]DU WÖEEÖQ HYULPLQL NHQGL PRGHOOHUL DoÖVÖQGDQ GHøHUOHQGLUPHNWH YH EX EDøODPGD (VNL 0ÖVÖU·Ö(VNL<XQDQ8\JDUOÖøÖQÖQD\GÖQODQPDoDøÖQÖ2UWDoDø$YUXSD·VÖQÖYH(QJL]LV\RQ G|QHPLQL HWNLQOLNHGLOJLQOLN WHPHOLQH GD\DQDQ KHNLPKDVWD LOLûNLVLQLQ JHoHUOL ROGXøX G|QHPOHU RODUDN QLWHOHQGLUPHNWHGLU %X G|QHPGH PLVWLN |øHOHU WDûÖ\DQ ´KDVWDOÖNµ NDYUDPÖ\OD LOLûNLOL RODUDN KHNLPOHU GH L\LOHûWLULFL JoOHUL KDUHNHWH JHoLUHQ ´\DUÖWDQUÖµ \D GD ´VWQ LQVDQµ NRQXPXQGDGÖUODU %X LOLûNL WUQGHQ \RO J|VWHUPHLûELUOLøL WHPHOLQH GD\DQDQ LOLûNL\H JHoLûLQ ELOLQHQ |QFV LVH )UDQVÖ] 'HYULPL·QGH oDøFÖO DoÖN UXK KHNLPOLøLQLQ NXUXFXVX RODQ 3KLOLSSH 3LQHO·GLU 2UWD $YUXSD·GD YH \]\ÖOODUGD JHUoHNOHûWLULOHQELOLPVHOWHNQLNDWÖOÖPODU|]HOOLNOHWÖSDODQÖQGDNLJHOLûPHOHUYH´KDVWDOÖNµ NDYUDPÖQÖQ GRøDO QHGHQOHUH GD\DQGÖUÖOPDVÖ \|QQGHNL GûQVHO GHøLûLPOHU KDVWDQÖQ KHNLP NDUûÖVÖQGDNL HGLOJHQ NRQXPXQX YH EDøÖPOÖOÖøÖQÖ DUWÖUPÖûWÖU %X IDUNOÖODûPD\D NRûXW RODUDN KHNLPOHU GH LQVDQ VW QLWHOLNOHUGHQ DUÖQGÖUÖOPÖû YH JQP]GHNL NRQXPODUÖQD \HUOHûWLULOPLûWLU \]\ÖO VRQODUÖQGD SVLNL\DWULQLQ ELU X]PDQOÖN DODQÖ RODUDN JHOLûLPL\OH ELUOLNWH NDUûÖOÖNOÖ NDWÖOÖPD GD\DQDQ KHNLPKDVWD LOLûNLVLQLQ WHPHOOHUL DWÖOPÖûWÖU %X NRQXGDNL HQ E\N DGÖP %UHXHU YH )UHXG·XQ KDVWD\Ö GLQOHPH\L ELU WDQÖ YH L\LOHûWLUPH \|QWHPL RODUDN JHOLûWLUPHOHULGLU '|QHPLQµ KDVWDOÖNµ NDYUDPÖ DoÖVÖQGDQ HQ |QHPOL LNL \DNODûÖPÖQGDQ ELUL VDøOÖNOD KDVWDOÖøÖ DN YH NDUD JLEL ELUELULQGHQ D\ÖUDQ .UDHSHOLQ·FL J|Uû |WHNLVL LVH KDVWDOÖøÖ EHGHQVHOUXKVDOWRSOXPVDO ELU ROJX RODUDN WDQÖPOD\DQ %UHXHU YH )UHXG·XQ \DNODûÖPODUÖGÖU %X VUHoWH LQVDQFD YH HûLWOLøH GDKD \DNÖQELUKHNLPKDVWDLOLûNLVLQLQJHOLûLPLQH\|QHOLPV|]NRQXVXROPXûWXU dDøODUER\XQFDWÖSHWNLQOLøLQGHHJHPHQOLøLQLVUGUHQPHUNH]LQGH´VRUXPOXOXNODUÖ WDQÖPODQPÖû RWRULWHU KHNLPµ ILJUQQ \HU DOGÖøÖ JHOHQHNVHO KHNLPKDVWD LOLûNLVLQGH KHNLPLONHRODUDNKDVWDVÖQD]DUDUYHUPHPHNRQXKDVWDOÖNODUGDQNRUXPDNJHUHNVLQGLøL VDøOÖN KL]PHWLQL YHUPHN YH DFÖODUÖQÖ GLQGLUPHNOH \NPOGU gGHY HWLøL oHUoHYHVLQGH GHøHUOHQGLULOHELOHFHN EX GXUXP KHNLPL RWRULWHU ELU NRQXPD \HUOHûWLUPHNWHGLU dQN KHNLP X]XQ VD\ÖODELOHFHN ELU HøLWLPLQ VRQXQGD HGLQGLøL |]HO ELOJLEHFHUL\H YH WRSOXPXQ RQD YHUGLøL \HWNL\H GD\DQDUDN QH\LQ KDVWDOÖN ROGXøXQD NDUDU YHUPH YH KDVWDOÖøÖ WHGDYL HWPH HUNLQH VDKLS RODQ NLûLGLU +DVWDQÖQ L\LOHûWLULOPHVL JLEL VRPXW VRQXoODUÖ YH LûH \DUDUOÖOÖøÖ RODQ EX VÖQÖUVÖ] Jo YH \HWNH VRUJXODQDPD]WDUWÖûÖODPD] QLWHOLNWHGLUùOLûNLQLQ|WHNLXFXQGDNLKDVWDLVHWHPHOGHKDVWDOÖNQHGHQL\OHNHQGLVLQL]D\ÖI +DIL]Hg]WUN³7ÖSWD$\GÖQODWÖOPÖû2QDPgøUHWLVL%DøODPÖQGD+HNLPLQ5RO YH JoV] RODUDN DOJÖOD\DQ KHNLP \DUGÖPÖQD JHUHNVLQLP GX\DQ KDVWDOÖøÖQÖQ DNXW NURQLN \D GD |OPFO ROPDVÖQD EDøOÖ RODUDN NLPOLøL GHøLûHQ KHNLPLQ NHQGLVL LoLQ HQ L\LVLQL \DSDFDøÖQD LQDQDQ YH EX JYHQOH KHNLPH EDøODQDQ NLûLGLU %X LOLûNLGH KDVWDGDQ EHNOHQHQ NHQGLVL\OH LOJLOL ELOJLOHUL GRøUX RODUDN YHUPHVL YH KHNLPLQ X\JXQ J|UGø ELoLPGHGDYUDQPDVÖGÖU =DPDQ LoLQGH ELOLPVHO ELOJLQLQ YH WÖS ELOJLVLQLQ KÖ]OD JHOLûPHVL HøLWLP G]H\LQLQ \NVHOPHVL ELOJLQLQ WRSOXPGD GDKD ID]OD SD\ODûÖOPDVÖ WÖSWD WHNQRORML NXOODQÖPÖQÖQ \RøXQODûPDVÖ WDQÖWHGDYL NRQXVXQGD KDVWD NDWÖOÖPÖQÖQ |QHPLQLQ DUWPDVÖ KDVWD KDNODUÖ NDYUDPÖQÖQ JHOLûPHVL JLEL HWNHQOHU KHNLPKDVWD LOLûNLVLQGH KHNLPLQ VDKLS ROGXøX \HWNHQLQ VRUJXODQPD\D EDûODPDVÖQD \RO DoPÖûWÖU g]HOOLNOH ,, 'Q\D 6DYDûÖ·QGD 1D]L KHNLPOHULQ WXWVDNODU ]HULQGH X\JXODGÖNODUÖ LQVDQOÖN GÖûÖ WÖEEL GHQHPHOHU KHNLPOHULQ VDKLS ROGXNODUÖ EX JF N|W\H NXOODQDELOGLNOHULQLQ ELU J|VWHUJHVL ROPXû YH HWNLQOLNOHULQLQ GHQHWOHQPHVL JHUHNWLøL NRQXVXQGD J|Uû ELUOLøLQH YDUÖOPÖûWÖU +HNLPLQ WDUWÖûÖOPD] VWQOøQQ E\N |OoGH VDKLS ROGXøX ELOJLGHQ ND\QDNODQGÖøÖ J|Uû \D\JÖQ RODUDN NDEXO J|UPû YH ELOJL\L SD\ODûPDQÖQ HUNLQ SD\ODûÖOPDVÖQD \RO DoDFDøÖ VRQXFXQD XODûÖOPÖûWÖU %X VUHo KHNLPH KDVWD\Ö KDVWDOÖøÖ YH WHGDYLVL NRQXVXQGD ELOJLOHQGLUPHVL\NPOOøJHWLULOPHVLLOHVRQXoODQPÖûWÖU 6|] NRQXVX GHøLûLPLQ VRQXFXQGD RUWD\D oÖNDQ JQP]GHNL KHNLPKDVWD LOLûNLVLQGH KHNLP NLPOLøL ´VRUXPOXOXNODUÖ WDQÖPODQPÖû RWRULWHU KHNLPµGHQ oRN WHGDYL NRQXVXQGD VRUXPOXOXøX KDVWD\OD HûLW RODUDN SD\ODûDQ ´|øUHWLFLµ NRQXPXQGDNL KHNLP RODUDN QLWHOHQGLULOPHNWHGLU %LU EDûND GH\LûOH JHOHQHNVHO KHNLPKDVWD LOLûNLVLQGH VDOW KHNLPLQ VRUXPOXOXNODUÖQÖQ EHOLUOHQPLû ROPDVÖQD NDUûÖOÖN JQP]GHNL KHNLPKDVWD LOLûNLVLQGH KHP KHNLPLQ VRUXPOXOXNODUÖQÖQ KHP GH KDVWDQÖQ KDNODUÖQÖQ EHOLUOHQPLû ROGXøXQX V|\OHPHN RODQDNOÖGÖU 6RUXPOXOXNODUÖQ YH KDNODUÖQ X\JXODPD\D JHoLULOPHVLQH \|QHOLNRODQEXLûOHPH´D\GÖQODWÖOPÖûRQDPµGHQLOPHNWHGLU $\GÖQODWÖOPÖûRQDP\HWHUOLOLøLRODQELUNLûLQLQNHQGLVLQHX\JXODQDFDNWÖEEL\|QWHPOH LOJLOL NDUDUÖQÖ EX \|QWHPOH YH RQD VHoHQHN ROXûWXUDQ |WHNL \|QWHPOHUOH LOJLOL D\GÖQODWÖFÖ ELOJL DOGÖNWDQ VRQUD KLoELU EDVNÖ DOWÖQGD NDOPDGDQ XVD YXUDUDN YHUPHVL RODUDN WDQÖPODQPDNWDGÖU $\GÖQODWÖOPÖû RQDP DOPDQÖQ ·OL \ÖOODUGDQ VRQUD JQGHOLN WÖS X\JXODPDVÖQGD \DVDO YH HWLN ELU JHUHNOLOLN NRQXPXQD JHOPHVL LOH ELUOLNWH WÖSWD D\GÖQODWÖOPÖû RQDP |øUHWLVLQGHQ V|] HGLOPH\H EDûODQPÖûWÖU 7HPHOGH KHNLPLQ KDVWDVÖ LoLQ HQ L\LVLQL \DSDFDøÖ LQDQFÖQD GD\DQDQ JYHQLOLUOLN LONHVL\OH KDVWDQÖQ NHQGLVL\OH LOJLOL NDUDU YHUPH KDNNÖQD GD\DQDQ NHQGL \D]JÖVÖQÖ VDSWDPD LONHVLQLQ HYULPLQGHQ ND\QDNODQDQ EX |øUHWL KHNLPKDVWD LOLûNLVLQLQ HYULPLQGH GH |QHPOL ELU KDOND\Ö ROXûWXUPDNWDGÖU dQN KDVWDQÖQ NDUDU YHUPH NRQXVXQGD \HWHUOL YH J|QOO ROPDVÖ NDGDU ELOJLQLQ DoÖNODQPDVÖQÖ YH DQODûÖOÖU ROPDVÖQÖ GD ]RUXQOX NÖOPDNWD KHNLPL KDVWDVÖ\ODDUDVÖQGDHûLWVL]OLN\DUDWDQELOJL\LRQDYHUPH\H ]RUODPDNWDYHE|\OHFHKHNLP KDVWDLOLûNLVLQLELUNRQXPGDQELUV|]OHûPH\HG|QûWUPHNWHGLU%XGXUXPKDVWDQÖQ KHNLPH JYHQLQLQ GD\DQDøÖQÖ GD GHøLûWLUPHNWH RQXQ NHQGLVL LoLQ HQ L\LVLQL \DSDFDøÖQD RODQ LQDQFÖQ \HULQL HQ L\LVLQL VHoPHVL LoLQ JHUHNVLQGLøL ELOJL\L VDøOD\DFDøÖQD RODQ LQDQo DOPDNWDGÖU $\GÖQODWÖOPÖûRQDPD\GÖQODWPDYHRQDPROPDN]HUHLNLWHPHO|øH\LLoHUPHNWHGLU %XQODUGDQ LONL KHNLPLQ KDVWD\Ö KDVWDOÖøÖ WDQÖ YH WHGDYL \|QWHPOHUL |QHULOHQ JLULûLPLQ \DUDUODUÖ ULVNOHUL \DQ HWNLOHUL YDUVD VHoHQHN WHGDYLOHUL RQODUÖQ \DUDU YH ULVNOHUL NRQXVXQGD DQOD\DELOHFHøL ELU GLOGH ELOJLOHQGLUPHVL ]RUXQOXOXøXGXU ùNLQFLVL LVH \HWHUOLOLøL RODQ ELU KDVWDQÖQ NRQX\OD LOJLOL NDUDUÖ KLoELU EDVNÖ DOWÖQGD NDOPDNVÖ]ÖQ YHUPLû ROPDVÖQÖ\DQLKDVWDQÖQ|]HUNOLøLQLGLOHJHWLUPHNWHGLU 8OXVDO8\JXODPDOÖ(WLN.RQJUHVL g]HUNOLN NLûLQLQ NHQGL KDNNÖQGD NDUDU YHUPH |]JU LVWHQFLQL YH GûQPH \HWHQHøLQL NXOODQDUDN YHUGLøL EX NDUDUÖ H\OHPH G|QûWUPH |]HOOLøLGLU %X WDQÖPGDQ |]HUNOLøLQ GûQFH LVWHQo YH H\OHP ROPDN ]HUH o ER\XWXQXQ YDU ROGXøX VRQXFX oÖNDUÖODELOLU 'ûQFHQLQ |]HUN ROPDVÖ NDUDU YHUPH LQDQo ROXûWXUPD HVWHWLN VHoLPOHU \DSPD YH HWLN GHøHUOHQGLUPHOHUGH EXOXQPD JLEL XVVDO HWNLQOLNOHUL NDSVDPDNWDGÖU ùVWHQFLQ |]HUN ROPDVÖ NLûLQLQ NHQGL \DUJÖODUÖQD GD\DQDUDN H\OHPGH EXOXQXS EXOXQPDPD\D NDUDU YHUPHNWH |]JU ROPDVÖGÖU (\OHP |]HUNOLøL LVH ELUH\LQ GûQFH YH LVWHQo |]HUNOLøLQH GD\DQDUDN H\OHPGH EXOXQPDVÖGÖU g]HUNOLøLQ EX WDQÖPÖQD X\JXQ VHoLPOHUGH EXOXQPDN QHUHGH\VH LGHDO J|UQPHNWHGLU dQN JHUoHNWH SHN oRN HWNHQ ELUH\OHULQ |]HUN VHoLPOHU \DSPDVÖQÖ GHøLûLN G]H\OHUGH HQJHOOHPHNWHGLU g]HUN VHoLPL DoÖNoD D]DOWDQ \D GD RUWDGDQ NDOGÖUDQ ED]Ö GXUXPODU WÖS HWLøL DoÖVÖQGDQ |QHP WDûÖPDNWDGÖU %XQODU DUDVÖQGD HQ EDûWD JHOHQOHU ELUH\LQ LVWHNOHULQL YH H\OHPOHULQL GHQHWOHPH \HWHQHøLQGH XVODPODPD NDSDVLWHVLQGH YH LVWHNOHULQGH NDUDUOÖ ROPD NRQXVXQGD YDU RODQ NXVXUODU LOH VHoLPLQL GD\DQGÖUDFDøÖ ELOJLOHUGHNL HNVLNOLNOHUGLU *HQHOOLNOH D\GÖQODWÖOPÖû RQDP YHUPH\H \D GD YHUPHPH\H RODQDN WDQÖ\DQ RUWDODPD HULûNLQLQ|]HUNOLøLLOHKDVWDODUÖQD]DOPÖû|]HUNOLøLDUDVÖQGDELUNDUûÖWOÖNJ|VWHULOPHNWHGLU g]HUNOLøLQ NHQGL EDûÖQD ELU HUGHP \D GD \HWHQHN ROPDNWDQ oRN \HWHQHNOHULQ RUWD\D oÖNPDVÖ LoLQ JHUHNOL ELU NRûXO ROGXøX YH IDUNOÖ NLûLOHUGH GHøLûHQ G]H\OHUGH YDU ROGXøX J|Uû JQP]GH \D\JÖQ RODUDN NDEXO J|UPHNWHGLU %LU EDûND GH\LûOH |]HUNOLN DoÖVÖQGDQ WP LQVDQODUÖQ \HWLOHUL VÖQÖUOÖGÖU YH EX QHGHQOH KDVWDQÖQ GXUXPX GD ELU GHUHFHOHQGLUPH J|VWHULOPHVLQLQ LOH DoÖNODQPDOÖGÖU |QFHOLNOH DKODNL %X ELU EDøODPGD ]RUXQOXOXN NLûLQLQ ROGXøX |]HUNOLøLQH LONHVL VD\JÖ GRøUXOWXVXQGD D\GÖQODWÖOPÖûRQDPÖQWÖSX\JXODPDVÖQGDNLUROQVÖQÖUVÖ]ELU|]HUNOLNDQOD\ÖûÖQGDQoRN JHUoHN LQVDQ |]HUNOLøLQLQ GHøLûNHQ YH VÖQÖUOÖ ROPD |]HOOLNOHULQL RODQDNOÖ NÖODQ ELU HWLN \DNODûÖPODEHOLUOHPHNJHUHNPHNWHGLU $\GÖQODWÖOPÖû RQDP |øUHWLVL |]HOOLNOH NOLQLN X\JXODPDGD KHNLPKDVWD LOLûNLVLQLQ DPDFÖ KHNLPLQ URO YH KDVWDQÖQ |]HUNOLøL NRQXODUÖQGD IDUNOÖ DQOD\ÖûODUÖQ RUWD\D oÖNPDVÖQD \RO DoPÖûWÖU <]\ÖOODUGÖU HJHPHQOLøLQL VUGUHQ SDWHUQDOLVWLN KHNLP NLPOLøL \HULQH |QHULOHQ ´|øUHWLFLSD\ODûÖPFÖµ KHNLP NLPOLøL LOH KHNLPLQ KDVWD\OD QH\L QH G]H\GH QDVÖO SD\ODûDFDøÖ \D GD KDVWD\D QH\L |øUHWHFHøL |QHPOL WDUWÖûPD NRQXODUÖQGDQ ELULGLU<DSÖODQWDUWÖûPDODUKHPKHNLPVRUXPOXOXøXQXQ\HULQHJHWLULOPHVLKHPGHKDVWD KDNODUÖQÖQ X\JXODPD\D JHoLULOPHVL DoÖVÖQGDQ HQ VDøOÖNOÖ KHNLPKDVWD LOLûNLVL PRGHOLQLQ oHUoHYHVLQLQoL]LOPHVLQH\|QHOLNWLU +HNLPLQ WHNQLV\HQ \D GD KL]PHW VXQXFXVX NLPOLøL\OH URO DOGÖøÖ ´ELOJLOHQGLULFLµ PRGHOGH KHNLPKDVWD LOLûNLVLQLQ DPDFÖ KHNLPLQ KDVWD\D NRQX\OD LOJLOL EWQ ELOJLOHUL YHUPHVL KDVWDQÖQ LVWHGLøL WÖEEL JLULûLPL VHoPHVL YH KHNLPLQ EX JLULûLPL X\JXODPDVÖGÖU %X VRQXFD XODûPDN LoLQ KHNLP KDVWD\D KDVWDOÖøÖQÖQ GXUXPX RODVÖ WDQÖ YH WHGDYL JLULûLPOHULEXJLULûLPOHUHLOLûNLQULVNYH\DUDUODUÖQQLWHOLøLYHRODVÖOÖøÖJLELNRQXODUGDYDU RODQ EWQ EHOLUVL]OLNOHUL DQODWPDN ]RUXQGDGÖU +DVWDOÖNODUÖQD LOLûNLQ ELOJL\L HGLQHQ KDVWDODU LVH NHQGL GHøHUOHULQH HQ X\JXQ \|QWHPL VHoHELOPHNWHGLUOHU +DVWDQÖQ GHøHUOHULQLQ L\L WDQÖPODQGÖøÖQÖ YDUVD\DQ ELOJLOHQGLULFL PRGHOGH KHNLP KDVWDQÖQ NHQGL GXUXPXQX GHQHWOHPHVL LoLQ JHUHNOL RODQ WHNQLN ELOJL\L VXQDQ NLûLGLU +DVWD |]HUNOLøL NDYUDPÖWÖEELNDUDUODUÖQKDVWDQÖQGHQHWLPLQGHYHULOPHVLGLU$QFDNEXPRGHOGHKHNLP KDVWDQÖQ GHøHUOHULQLQ QH ROGXøXQD YH KDVWDOÖøÖQ EX GHøHUOHU ]HULQGH QDVÖO ELU HWNLGH EXOXQGXøXQD LOLûNLQ DQOD\Öû JHUHNWLUHQ LOJL GROX ELU \DNODûÖPGDQ \RNVXQGXU 2\VD KDVWDODUÖQ KHNLPOHULQLQ NHQGLOHUL\OH LOJLOHQPHOHULQL LVWHGLNOHUL ELOLQHQ ELU JHUoHNOLNWLU gWH \DQGDQ EX PRGHOLQ LQVDQODUÖQ ELOLQHQ YH GHøLûPH\HQ GHøHUOHUH VDKLS ROGXNODUÖ +DIL]Hg]WUN³7ÖSWD$\GÖQODWÖOPÖû2QDPgøUHWLVL%DøODPÖQGD+HNLPLQ5RO YDUVD\ÖPÖ GD JHUoHøH X\PDPDNWDGÖU oQN LQVDQODU LVWHNOHUL KDNNÖQGD GûQPH YH VHoLPOHULQL GHøLûWLUPH |]HOOLøLQH VDKLSWLU 7HNQLV\HQOLN G]H\LQGHNL ELU KHNLP NLPOLøLQLQHWNLQOLøLQLQVDQVÖ]ODûPDVÖQD\RODoPDULVNLWDûÖGÖøÖV|\OHQHELOLU +HNLPKDVWD LOLûNLVLQLQ DPDFÖQÖQ KDVWDQÖQ GHøHUOHULQLQ YH JHUoHNWH QH LVWHGLøLQLQ DoÖNOÖøDNDYXûWXUXOPDVÖKDVWD\DEXGHøHUOHUHX\JXQWÖEELJLULûLPOHULVHoPHNWH\DUGÖPFÖ ROXQPDVÖ ELoLPLQGH EHOLUOHQGLøL PRGHO ´\RUXPOD\ÖFÖµ PRGHO RODUDN WDQÖPODQPDNWDGÖU %XUDGD KHNLP KDVWD\Ö NRQX\OD LOJLOL ELOJLOHQGLUPHQLQ \DQÖ VÖUD KDVWDQÖQ GHøHUOHULQLQ DoÖøD oÖNDUÖOPDVÖQGD YH \RUXPODQPDVÖQGD RQD \DUGÖPFÖ ROPDNOD \NPOGU %X PRGHOH J|UH KDVWDQÖQ GHøHUOHUL KHU ]DPDQ D\QÖ YH KDVWD WDUDIÖQGDQ ELOLQL\RU ROPD\DELOLU <RUXPOD\ÖFÖ PRGHOGH KHNLP KDVWD\OD ELUOLNWH RQXQ DPDoODUÖQÖ LVWHNOHULQL NDUDNWHULQL \HQLGHQ \DSÖODQGÖUPDN GHøHUOHULQL QHWOHûWLUPHVLQH \DUGÖP HWPHN YH KDQJL JLULûLPOHULQ EX GHøHUOHUH X\JXQ ROGXøXQX EHOLUOHPHVLQH RUWDP KD]ÖUODPDN GXUXPXQGDGÖU %X EDøODPGD KDVWD |]HUNOLøL NDYUDPÖ KDVWDQÖQ NHQGLVLQL DQODPDVÖGÖU $QFDN EX PRGHOLQ GH ED]Ö WDUWÖûÖOÖU \|QOHUL EXOXQPDNWDGÖU +HU ûH\GHQ |QFH WHNQLN X]PDQOÖN JHUHNVLQLPL \RUXPOD\ÖFÖ PRGHO LoLQ JHUHNOL EHFHULOHUL JHOLûWLUPH\H oDOÖûDQ KHNLPOHUL ROXPVX] \|QGH HWNLOHPHNWHGLU<RUXP \HWHQHNOHUL YH ]DPDQODUÖ VÖQÖUOÖ RODQ KHNLPOHUKDVWDQÖQGHøHUOHULQLGLOHJHWLUPHDGÖDOWÖQGDNHQGLGHøHUOHULQLNDEXOHWWLUPH\H oDOÖûDELOLUOHU %|\OHFH X\JXODPDGD EX PRGHOLQ GH NROD\OÖNOD SDWHUQDOLVWLN KHNLPKDVWD LOLûNLVLQHG|QûPHULVNLWDûÖGÖøÖV|\OHQHELOLU ´7DUWÖûPDFÖµPRGHOGHLVHKHNLPKDVWDLOLûNLVLQLQDPDFÖKDVWDQÖQV|]NRQXVXNOLQLN GXUXPD X\JXQ RODQ VDøOÖøD LOLûNLQ GHøHUOHULQ HQ L\LVLQL EHOLUOHPHVLQH YH VHoPHVLQH \DUGÖPFÖ ROPDNWÖU %XUDGD KHNLPLQ URO KHP KDVWD\D KDVWDOÖøÖ NRQXVXQGDNL ELOJLOHUL VDøODPDN KHP GH VDøOÖøD LOLûNLQ ED]Ö GHøHUOHULQ QHGHQ GDKD ID]OD |QHP WDûÖGÖøÖ YH LVWHQPHVL JHUHNWLøL NRQXVXQGD |QHULOHUGH EXOXQPDN oHUoHYHVLQGH GHøHUOHQGLULOPHNWHGLU %XQXQ JHUoHNOHûWLULOPHVL LoLQ KHNLP YH KDVWD KDVWDQÖQ VDøOÖøD LOLûNLQ QH WU GHøHUOHUL L]OHPHVL JHUHNWLøL NRQXVXQGD NDUûÖOÖNOÖ WDUWÖûPD\D NDWÖOÖUODU 7DUWÖûPDFÖ PRGHOGH KHNLP ELU |øUHWLFL RODUDN KDQJL GDYUDQÖû ELoLPLQLQ GDKD L\L RODFDøÖQD LOLûNLQ GHVWHNOHPHNWHGLU |QHULOHUL\OH %X PRGHOH KDVWDQÖQ NDUûÖ |]HUNOLøLQL J|UûOHU DKODNL KHNLPLQ |]JHOLûLP KDVWDQÖQ \|QQGH GHøHUOHULQL \DUJÖODPDVÖQÖQYHVDøOÖøÖQDLOLûNLQEHOLUOLGHøHUOHULGHVWHNOHPHVLQLQGRøUXROXSROPDGÖøÖ QRNWDVÖQGDRGDNODQPDNWDGÖU+HUûH\GHQ|QFHKHNLPOHUVDøOÖøDLOLûNLQGHøHUOHULQ|WHNL GHøHUOHUH J|UH |QFHOLNOL ROXS ROPDGÖøÖQÖ ELOPH D\UÖFDOÖøÖQD VDKLS GHøLOGLUOHU ùNLQFL RODUDN KHNLPOH KDVWD DUDVÖQGDNL DKODNL WDUWÖûPDQÖQ QLWHOLøL KHNLPLQ |QHUGLøL JLULûLPOHU YHX\JXODQDQWHGDYLOHUKHNLPLQGHøHUOHULQHGD\DQDFDNWÖU6RQRODUDNKDVWDODUÖQKHNLPH EDûYXUPDVÖQÖQ QHGHQLQLQ DKODNL GHøHUOHULQL WDUWÖûPDN \D GD J|]GHQ JHoLUPHN GHøLO WÖEELEDNÖPDOPDNROGXøX|QHVUOHELOLU 6RQ \ÖOGD \D\JÖQ RODUDN KHNLPOHULQ KDVWDODUÖQ YH WRSOXPODUÖQ JQGHPLQGH \HU DODQ EX NRQX ONHPL]GH GH GRNVDQOÖ \ÖOODUGDQ VRQUD GDKD D\UÖQWÖOÖ RODUDN HOH DOÖQPD\D EDûODQPÖûWÖU$\GÖQODWÖOPÖûRQDPX\JXODPDVÖLOHLOJLOL\DSÖODQD]VD\ÖGDNLDUDûWÖUPDKHP KHNLPOHULQ YH KDVWDODUÖQ NRQX\D EDNÖû DoÖODUÖ KHP GH X\JXODPDQÖQ \DûDPD JHoLULOPHVL YH YDU RODQ VRUXQODU KDNNÖQGD ED]Ö LSXoODUÖ YHUPHNWHGLU %XUDGD o DUDûWÖUPD |UQHøL V|]NRQXVXHGLOHFHNWLU hQLYHUVLWH GHYOHW KDVWDQHVL 66. KDVWDQHVL YH |]HO KDVWDQHGH FHUUDKODU YH FHUUDKL RSHUDV\RQD DOÖQDFDN KDVWDODU ]HULQGH \DSÖODQ YH \ÖOÖQGD \D\ÖQODQDQ ELU DUDûWÖUPDGD FHUUDKODUÖQ oRøXQXQ KDVWDODUÖQÖ D\GÖQODWWÖøÖQÖ KDVWDODUÖQ oRøXQXQ LVHNHQGLOHULQHKHUKDQJLELUDoÖNODPDGDEXOXQXOPDGÖøÖQÖFHUUDKODUÖQDQFDNELU NÖVPÖQÖQ DoÖNODQPDVÖ JHUHNHQ ELOJL\L YHUGLøLQL KDVWDODUÖQ E\N NÖVPÖQÖQ 8OXVDO8\JXODPDOÖ(WLN.RQJUHVL LVH NHQGLVLQH X\JXODQDFDN FHUUDKL JLULûLPOH LOJLOL KHUKDQJL ELU ELOJL\H VDKLS ROPDGÖøÖQÖ EHOLUWPHOHUL FHUUDKODUÖQ D\GÖQODWPD J|UHYLQL \HULQH JHWLUPHGH YH D\GÖQODWPD LoLQ JHUHNOL RODQ ELOJL G]H\LQL YH DQODûÖODELOLUOLøLQL VDøODPDGD EDûDUÖOÖ ROPDGÖNODUÖQÖ J|VWHUPHNWHGLU $\QÖ DUDûWÖUPDGD KDVWDODUÖQ WDPDPÖQD \DNÖQÖ KDVWDOÖNODUÖ YH WHGDYLOHUL NRQXVXQGD ELOJL HGLQPHN LVWHUNHQ FHUUDKODUÖQ E\N oRøXQOXøXQXQ KDVWDODUÖQ NHQGLOHUL LOH LOJLOL ELOJL LVWHPHGLNOHULQH LQDQPDVÖ \LQH FHUUDKODUÖQ oRøXQXQ KDVWDODUÖQ DNOD X\JXQ EHNOHQWLOHULQH \DQÖW YHULOGLøLQH LQDQPDVÖ R\VD KDVWDODUÖQ D\QÖ RUDQGD EHNOHQWLOHULQH \DQÖW YHULOPHGLøLQH LQDQPDVÖ FHUUDKODUÖQ KDVWDODU KDNNÖQGDNL NDQÖODUÖQÖQ oRN \HULQGH ROPDGÖøÖ ELoLPLQGH \RUXPODQPDNWDGÖU &HUUDKODUÖQ \DUÖ\D \DNÖQÖQÖQ DoÖNODQPDVÖ JHUHNHQ ELOJLQLQ KDVWDQÖQ WHGDYL\L UHGGHWPHVLQH \RO DoWÖøÖ LQDQFÖQÖ WDûÖPDVÖ YH WDPDPÖQD \DNÖQÖQÖQ KDVWD LoLQ HQ L\L NDUDUÖQ KHNLP WDUDIÖQGDQ YHULOHELOHFHøLQL EHOLUWPHVL SDWHUQDOLVW WXWXPXQ J|VWHUJHVLGLU +DVWDODUÖQ ·LQLQ D\GÖQODWÖOPÖû RQDPOD LOJLOL \DVDO KDNODUGDQ KDEHUGDU ROPDPDVÖ FHUUDKODUÖQ GD DQFDN ·QQ RQDP DOPD \NPOOøQH VDKLS ROGXøXQD LQDQPDVÖ WRSOXPXQ YH VDøOÖN oDOÖûDQODUÖQÖQ NRQX\OD LOJLOL HøLWLPH RODQ JHUHNVLQLPOHULQL RUWD\D NR\PDNWDGÖU *OKDQH $VNHUL 7ÖS $NDGHPLVL·QGH ·GH \DSÖODQ ELU EDûND oDOÖûPDGD GD KHNLPOHULQ·LKDVWDODUÖQWDQÖLOHLOJLOL·LVHWHGDYLLOHLOJLOLELOJLOHQGLULOPHOHUL JHUHNWLøLQH LQDQGÖøÖQÖ EHOLUWLUNHQ · WDQÖ NRQXVXQGD ·L WHGDYL NRQXVXQGD EXELOJLOHQGLUPH\L\DSWÖNODUÖQÖGLOHJHWLUPLûOHUGLU+HNLPOHULQ·KDVWD\D\DSÖODFDN JLULûLP |QFHVL D\GÖQODWÖOPÖûRQDP DOÖQPDVÖ JHUHNWLøLQH LQDQPDNWD LNHQ DQFDN ·VL KDVWDGDQ EX RQDPÖ DOGÖøÖQÖ EHOLUWPLûWLU +DVWDODUÖQ ·L WHGDYLOHUL NRQXVXQGD ELOJLOHQGLULOPHNLVWHUNHQDQFDN·XELOJLOHQGLULOGLøLQLGLOHJHWLUPLûWLU .DVÖP 2FDN WDULKLQGH 'RNX] (\OO hQLYHUVLWHVL +DVWDQHVLQGH \DSÖODQ ELU DUDûWÖUPDGD LVH KDVWDODUÖQ E\N oRøXQOXNOD KDVWDOÖNODUÖ YH WHGDYLVL KDNNÖQGD WP JHUoHNOHUL ELOPHN LVWHPHOHULQH YH EXQXQ WHGDYL\L UHGGHWPHOHULQH QHGHQ ROPD\DFDøÖQÖ GûQPHOHULQH NDUûÖQ X\JXODQDFDN WHGDYL\H RQODUÖQ \HULQH KHNLPLQ NDUDU YHUPHVLQL GRøUX EXOGXNODUÖ ·ÖQÖQ X\JXODQDQ WDQÖ YH WHGDYL \|QWHPOHULQLQ \DQ HWNLOHUL YH ]DUDUODUÖ NRQXVXQGD D\GÖQODWÖOPDGÖNODUÖ ·LQLQ RQDPODLOJLOL\DVDOKDNODUÖQÖELOPHGLNOHULJ|VWHULOPLûWLU <XNDUÖGD YHULOHQ DUDûWÖUPD |UQHNOHUL ONHPL]GH WÖSWD D\GÖQODWÖOPÖû RQDP |]HUNOLN KHNLPKDVWDLOLûNLOHULQLQJQP]GHJHOGLøLQRNWDDoÖVÖQGDQWRSOXPXQWPNHVLPOHULQL NDSVD\DQ ELU HøLWLP YH DQOD\Öû GHøLûLNOLøLQH JHUHNVLQLP ROGXøXQX J|VWHUPHNWHGLU +HNLPOHU YH KDVWD KDNODUÖ NXUXOXûODUÖ EDûWD ROPDN ]HUH WRSOXPVDO NDWÖOÖPÖQ G|QûWUF JFQH JYHQHQ KHUNHVLQ EX WU ELU GHøLûLPLQ |QFV RODELOHFHøLQLQ WDULKVHO|UQHNOHUL|QP]GHGXUPDNWDGÖU .D\QDNoD $WDo $ )LOL]ND\D 1 ´+HNLP KDVWD LOLûNLVL YH KDVWD KDNODUÖ LOH LOJLOL ELU DUDûWÖUPDµ ,,, 7ÖEEL (WLN 6HPSR]\XPX %LOGLULOHUL (G 6ú3HOLQ %$UGD *g]oHOLND\ $ g]JU ) dúHQOHU $\GÖQ(´+HNLP+DVWDùOLûNLVLQLQ(WLN<|Qµ7.OLQ7ÖEEL(WLN &LYDQHU 0 7HU]L & ´+DVWDQÖQ .HQGL .DGHULQL 7D\LQ +DNNÖµ ,, 8OXVDO 7ÖEEL (WLN .RQJUHVL%LOGLUL.LWDEÖ%$UGD5$NGXU($\GÖQ +DIL]Hg]WUN³7ÖSWD$\GÖQODWÖOPÖû2QDPgøUHWLVL%DøODPÖQGD+HNLPLQ5RO (PDQXHO(-(PDQXHO//´+HNLP²+DVWDùOLûNLVLQLQ'|UW0RGHOLµ-$0$ (UVR\1´.OLQLN(WLøLQgQHPOL%LU6RUXQX$\GÖQODWÖOPÖû2QDPµ7.OLQ7ÖEEL(WLN (UVR\ 1 ´$\GÖQODWÖOPÖû 2QDP gøUHWLVLQLQ*HOLûLPLµ7 .OLQ 7ÖEEL (WLN +DUULV - +D\DWÖQ 'HøHUL 7ÖS (WLøLQH *LULû dHY 6 6HUWDELERøOX $\UÖQWÖ <D\ÖQODUÖ %DVÖP 2øX] 1< 3VLNL\DWULGH 2QDP YH $\GÖQODWÖOPÖû 2QDP (WLN +XNXN YH %LOLP $oÖVÖQGDQ $h 6DøOÖN %LOLPOHUL (QVWLWV <D\ÖQODQPDPÖû 'RNWRUD 7H]L $QNDUD 2øX]1<´.OLQLN8\JXODPDGD+HNLP+DVWDùOLûNLVLµ7.OLQ7ÖEEL(WLN gUV<´*HoPLûWHYH*QP]GH+HNLP+DVWDùOLûNLVLµ7ÖS'Q\DVÖ 0DVDOGDQ'HYOHWHùOHWLûLP(WLøLYH'HYOHW)HOVHIHVL$oÖVÖQGDQ%LU 0DVDO2NXPD'HQHPHVL 3URI'U+DNDQ3R\UD] 9DUOÖøD \|QHOLN LGUDNLQGH KHQ] VR\XWODPDODU \DSDPD\DQ YH ELOLûVHO G]H\OHUL DoÖVÖQGDQ VRPXW LûOHPOHU G|QHPLQGHNL HULûNLQ ROPD\DQ ELUH\OHUH DKODNVDO GHøHUOHUL ND]DQGÖUPDQÖQ HQ HWNLOL \|QWHPOHULQGHQ ELULGLU PDVDOODU dQN PDVDOODUGD VRPXW YDUOÖN ELoLPLQH VRNXODQODU VHPEROL]H HGLOPLû GHøHUOHUGLU .HORøODQ 'HYDQDVÖ YH .DIGDøÖJLEL 0DVDO \ROX\OD ELU GDYUDQÖû ELoLPLQL ND]DQGÖUPDN R GDYUDQÖûÖ JHUHNoHOHUL\OH |øUHWPHNWHQ GDKD NROD\ YH SUDWLNWLU %X QHGHQOH PDVDOODUGD GDYUDQÖûD HPVDO WHûNLO HGHELOHFHN DKODNVDO PRGHOOHU YH EDøÖQWÖODU PDVDOÖQ SHGDJRMLVL LoHULVLQGH YHULOHELOLU YH E|\OHFH PDVDOODU DKODN PHWQL RODUDN RNXQDELOLU %X PHWLQOHU ROXûWXUXOPD VUHFLQGHNL ELOLQFLNOWUHOELUELOLQoRODUDNIRUPDWODPDNWDGÖUYHKHUNOWUQPDVDODDNVHGHQIRUPX YHEXIRUPGDWDûÖQDQLoHULøLIDUNOÖGÖU %L]LP EXUDGDNL PDNVDGÖPÖ] ELU PDVDO ILJU RODUDN .HORøODQ·Ö \LQH ELU PDVDO ILJURODQ.ONHGLVLLOHPXND\HVHHGHUHNLOHWLûLPHWLøLYHGHYOHWIHOVHIHVLDoÖVÖQGDQELU RNXPDGHQHPHVL\DSPDNWÖU ´0DVDOµ NDYUDPÖQGDNL DKODNL YXUJX\X EX NDYUDPÖQ HWLPRORMLVLQGHQ oÖNDUWPDN PPNQGU 0DVDO NHOLPHVLQLQ RULMLQDOL RODQ PHVHO PLVDO NHOLPHVL LOH D\QÖ N|NWHQGLU YHKHULNLVLGHPVOVODVvVLQGHQWUHWLOPLûWLU0LVDONHOLPHVL´|UQHNµ´PDVDOµ´U\Dµ ´Gûµ YH ´EHQ]HUOLNµ JLEL DQODPODU WDûÖPDNWDGÖU )LLOGHQ LVLP \DSPDN LoLQ NXOODQÖODQ YH]LQ DQODPÖQD JHOHQ HPVLOH PLVDOLQ oRøXOXGXU YH ´KHU ELUL LONH RODUDN NHQGL \HULQH NXOODQÖODELOHFHN VD\ÖVÖ] |UQHøLQ WUHWLOPHVLQL VDøODPDNµ GHPHN RODQ GLOELOLPGHNL ´SDUDGLJPDµ DQODPÖQD JHOLU 0HVHO LVH EHOOL ELU KDNLNDWL DQODWPDN LoLQ |UQHN NXOODQPDNWÖU 0LVDO PHVHOH J|UH GDKD JHQHO ELU |UQHNWLU YH ´|UQHNµ ´QXPXQHµ ´PRGHOµ DQODPÖQGDNL HPVDO EX NHOLPHQLQ oRøXOXGXU 0DVDOÖQ NRQXPX] EDøODPÖQGDNL DQODPODUÖ D WHUEL\HYHDKODNDID\GDOÖKLND\H E GRNXQDNOÖ YH PDQDOÖ \DQL ELU EDûND ûH\H LûDUHW HWPHN ]HUH ]DKLUL PDQDVÖ\OD V|\OHQPH\HQV|]GU *HUoHNOLøL WDVYLUGH QDVÖO |UQHNOHQGLUPHOHU NXOODQÖ\RUVDN PDVDOGD GD |\OHFHGLU dRFXN PDVDOIRUPXQGD NHQGLQH QDNOHGLOHQ EX JHUoHNOLøLNHQGLVLQLPDVDO NDKUDPDQÖ LOH |]GHûOHûWLUPHN VXUHWL\OH \DûD\DFDN YH EX GHøHUOHU RQXQ DQODP GQ\DVÖQÖ LQûD HGHFHNWLU úX IDUNOD NL PDVDOGD |UQHNOHQGLULOHQ PLVDO JHUoHNOLøLQ GHWHUPLQH HGLOPLû \DSÖVÖQD X\PDN ]RUXQGD GHøLOGLU 0DVDOGDNL DQODWÖP ELoLPL YH DQOD\Öû IL]LN DOHPGHNL LOLûNLOHUL GLOH WDûÖ\DQ DQODWÖP ELoLPL YH EXQGDQ GRøDQ DQOD\ÖûWDQ IDUNOÖGÖU %XQXQ LoLQ PDVDO IDUNOÖ ELU ´DQODPDµ VDKDVÖQD DLWWLU YH EX DQODPDQÖQ NHQGLQH |]J ELU DQODWÖPÖ \DQLGLOLYDUGÖU 6DNDU\DhQLYHUVLWHVL)HQ(GHEL\DW)DNOWHVL)HOVHIH%|OP .XKQ76%LOLPVHO'HYULPOHULQ<DSÖVÖoHY1LOIHU.X\Dû$ODQ\D\ùVWDQEXOV <D]ÖU(++DN'LQL.XU·DQ'LOL, 8OXVDO8\JXODPDOÖ(WLN.RQJUHVL *HUoHNGQ\DGDQPDVDOGQ\DVÖQDJHoLûWHNHUOHPHLOHROXU 7HNHUOHPH ]HULQGH JLGHQ G]HQ JHUoHNOLøH SDUDOHO DPD EX JHUoHNOLNWHQ EDûND ELU JHUoHNOLNROXûWXUDQGLOG]HQLGLU7HNHUOHPHEL]LROJXODUÖQWDULKLELOJLOHULQ\HNQHVDNYH GHWHUPLQH HGLOPLû GQ\DVÖQGDQ PDVDOÖQ EHNOHQPHGLN YH ûDûÖUWÖFÖ DOHPLQH J|WUHQ GLO DUDFÖQÖQWHNHUOHøLROJXVDOYHWDULKVHOJHUoHNOLøLQYDUOÖNWH]LQLDVNÖ\DDODQGH\LûELoLPLGLU 0DVDOPDVDOPDOLNL .X\UXøXYDURQLNL 2QLNLQLQ\DUÖVÖ d|POHNoLQLQNDUÖVÖ JLEL ELU PDVDO WHNHUOHPHVLQGH DQODWÖODQ KLND\HQLQ o|POHNoLQLQ NDUÖVÖ LOH LOJLOL ROGXøX DoÖNWÖU 0DVDO NÖVPÖ o|POHNoLQLQ NDUÖVÖ IHQRPHQLQH WDNÖOPÖû RQLNL NXOSWXU YH EXQD LODYH HGLOPLû JHUoHNVW |øHOHU GH R IHQRPHQLQ PDVDO IRUPXQGDNL WDVYLULGLU $] JLWPHNX]JLWPHN.DIGDøÖGHY.HORøODQEHOOLELUVLPJHVHOOLøHVDKLSYDUOÖNODUGÖU´%LU YDUPÖû ELU \RNPXûµ LIDGHVL\OH YDUOÖNOD \RNOXN SDUDQWH]H DOÖQGÖNWDQ VRQUD ]DPDQ NDWHJRULVLQLQGÖûÖQDoÖNDUÖ]0DVDOÖQPÖûOÖLIDGHVL´JHoPLûµHDLWELU]DPDQNLSLQHGHøLO ]DPDQ YH PHNkQ NRRUGLQDWODUÖ GÖûÖQGDNL VDKD\D J|QGHULPGH EXOXQXU ´(YYHO ]DPDQ LoLQGHµ LVH HYYHOLQ \DQL JHoPLûLQ ´ûLPGLµ LoLQGH ROGXøXQD LûDUHW HGHU $NVL KDOGH EX LIDGHQLQ PHNkQ ER\XWXQGDNL \DQVÖPDVÖ RODQ ´.DOEXU VDPDQ LoLQGHµ LIDGHVL DQODPVÖ] ROXUGX%|\OHFHDUWÖNPDVDODQODWÖFÖVÖDQQHVLQLQEHûLøLQLWÖQJÖUPÖQJÖUVDOOD\DELOLUYHELU DUSDER\X\ROGDD]JLGLSX]JLGHUDOWÖD\ELUJ]JLGHU 3LUHOHULQ EHUEHU ROGXøX IDUNOÖ ELU KDNLNDW GQ\DVÖGÖU EX 2OJXVDO YH WDULKVHO YDUOÖN WH]L DVNÖ\D DOÖQPÖû YH ]DPDQ YH PHNkQ NRRUGLQDWODUÖQÖQ JHoHUOLOLøL NDOGÖUÖOPÖûWÖU *HUoHNOLNWHQJHULGHNDODQ\DOQÖ]FDRPDVDOLOHYHULOHQ´|]µGU0DVDOLOHELUOLNWHRQXQ IRUPXQGD DQODWÖODQ |]H XODûÖUÖ] %X |] PHWDIL]LN ELU PDKL\HW DU] HWPH] VDGHFH NXûDNWDQNXûDøDQDNOHGLOHQNOWUHO|]LoHULU 0DVDO \ROX\OD JHUoHNOLN SDUDQWH]H DOÖQÖU YH SDUDQWH]H DOÖQDQ GQ\DQÖQ |] oÖNDUÖOÖU PLVDOH G|QûWUOHUHN PDVDO LoLQGH WDVYLU HGLOLU 3DUDQWH]H DOÖQGÖNWDQ VRQUD \HQLGHQ WDVYLU HGLOHQ ´|]µ D\QÖ ]DPDQGD PDVDOGDQ DUWD NDODQ ´KLVVHµGLU %X KLVVH PRUDO QDVLKDW ROPDNWDQ oRN NLûLQLQ PDVDO NDKUDPDQÖ \ROX\OD NHQGL LoLQGH FDQODQGÖUGÖøÖ HUGHPOHUGLU FHVDUHW DGDOHW YH |OoOON JLEL %X HUGHPOHULQ WHFUEHVL NOWUGHQ NOWUHIDUNOÖOÖNJ|VWHUGLøLLoLQGHøHUOHULQGHøLûPH]OLøLQHUDøPHQ\DUJÖODUGDNLGHøLûLP NLPOLNYHNLûLOLNELoLPOHQGLUPHVL\DSDQPDVDOODUGDGDNHQGLQLJ|VWHULU 'HøLûLN NOWUOHULQ NHQGLOHULQH KDV GHøHUOHUL GROD\ÖVÖ\OD IDUNOÖ PDVDOODUÖ YDUGÖU %X VHEHSOHWRSOXPODUÖQûXXUDOWÖQÖPDVDOODUÖQLIûDHWWLøLQLV|\OH\HELOLUL] gUQHøLQ %DWÖ PDVDOODUÖQGD DûNODU SUHQVOHUOH SUHQVHVOHU DUDVÖQGDGÖU 6ÖQÖIVDO HûLWVL]OLN JHQHOOLNOH ER]XOPD] 3UHQVLQ KL]PHWoL NÖ]D DûÖN ROGXøX .ONHGLVL PDVDOÖQGD ELOH 0DVDOÖQ NDKUDPDQÖ .ONHGLVL DVLO ELU DLOHGHQGLU $QQHVLQL \LWLUGLNWHQ VRQUD EDEDVÖ EDûND ELU NDGÖQOD HYOHQPLû YH EDEDVÖQÖQ |OPQGHQ VRQUD LVH HYLQ \|QHWLPL YH\ DQQHQLQ HOLQH JHoPLûWLU hYH\ DQQH KDQHQLQ JHUoHN HIHQGLVLQL N|OH\H oHYLUHQ DOW VÖQÖIWDQ]DOLPELUPRWLIWLU.ONHGLVLRQXQPHUKDPHWLQHNDOPÖûPD]OXPELUDVLO$VDOHW YXUJXVX VDWÖU DUDODUÖQGD VDNOÖGÖU hYH\ DQQH YH VRQUDGDQ J|UPH NÖ] NDUGHûOHU EXUMXYD WDYUÖ\OD EHOLUJLQOHûLU .DQ EDøÖ HVDVÖQD J|UH HYLQ OH\GLVL RODQ .ONHGLVL KL]PHWoL PXDPHOHVL J|UU %XUDGD ´ROPDVÖ JHUHNHQ WDEORµ LKODO HGLOPLûWLU $KODNVDO \DSÖQÖQ \HQLGHQ WHVLVL LoLQ EX WDEORGDNL ILJUOHULQ \HUOL \HULQH RWXUWXOPDVÖ JHUHNPHNWHGLU %XQXQ LoLQ SUHQVLQ ONHVLQGH HYOHQPH \DûÖ JHOHQ JHQo NÖ]ODUD ELU EDOR YHUPHVL VRQ GHUHFH X\JXQ ELU RUWDP ROXûWXUXU .ONHGLVL·QLQ SUHQVLQ YHUGLøL EDOR\D JLGHELOPHVL \DQL SUHQVLQ RQD DûÖN RODELOPHVL LoLQ EX HûLWVL] WDEOR\X DQFDN E\ LOH WHUVLQH +DNDQ3R\UD]³0DVDOGDQ'HYOHWHùOHWLûLP(WLøLYH'HYOHW)HOVHIHVL$oÖVÖQGDQ%LU0DVDO2NXPD'HQHPHVL oHYLUHELOHFHN L\L NDOSOL ELU E\F JHUHNOLGLU %X E\F WDUDIÖQGDQ EDONDEDøÖ .ONHGLVL·QLQ VDUD\ DUDEDVÖQD IDUHOHU EX DUDED\D NRûXODQ DWODUD WDYûDQ VUF\H KL]PHWoL NÖ] \DQL .ONHGLVL SUHQVHVH G|QûPHOLGLU NL EX oHYULOLûOH VÖQÖIVDO G]H\ HûLWOHQHELOVLQ YH\ DQQH HOLQGH ]XOP J|UHQ DVLO DPD ]DYDOOÖ JHQo NÖ] JHFH \DUÖVÖQD NDGDUELOHROVDSUHQVHVRODELOVLQ %XPDVDOGDGLOHJHWLULOHQDVOÖQGDûXLNLKNPGU (øHUELUDVLONDGHULQVHYNL\OHKL]PHWoLSR]LV\RQXQDGûPûVHRQXDVOL\HULQH LDGHHWPHNLoLQKHUWUOPXKDOJHUoHNOHûHELOLU 2OXPVX] WDUDIÖQGDQ EDNWÖøÖPÖ]GD LVH ELU KL]PHWNkUÖQ DVLOOHU DUDVÖQD NDWÖODELOPHVL DQFDN EDONDEDøÖQÖQ DUDED IDUHOHULQ DW ROPDVÖ JLEL KD\DO VW PRWLIOHULQ GHYUH\H JLUPHVL JHUHNLU %XQD J|UH 1H ]DPDQ EDONDEDøÖ VDUD\ DUDEDVÖROXUVDDQFDNR]DPDQKL]PHWoLNÖ]SUHQVHVROXU 0XND\HVH LoLQ ELU QHE]H GH ROVD GHøLQGLøLP EX PDVDOD NDUûÖOÖN EL]LP PDVDOODUÖPÖ]ÖQ |QHPOL NDKUDPDQODUÖQGDQ RODQ .HORøODQ PDVDOÖQD EDNDFDN ROXUVDN DûNÖQ EXFRøUDI\DGDNLKLVVHGLOLûLQLQEDWÖFRøUDI\DVÖQÖQWDULKVHOJHUoHNOLøLLOH|UWûPHGLøLGDKD QHW DQODûÖOÖU .HORøODQ NHQGL VRV\DO PHYNLLQH HNRQRPLN GXUXPXQD DNDGHPLN XQYDQÖQD EURNUDWLN WLWULQH EDNPDGDQ $OODK·ÖQ HPUL 3H\JDPEHU·LQ NDYOL\OH VXOWDQÖQ NÖ]ÖQD WDOLS RODELOLU $VOÖQGD WDOLS ROGXøX ûH\ \|QHWLPGLU 0DNVDW GHYOHWOH DNUDED RODELOPHNWLU %X PDQDGD .HORøODQ PDVDOODUÖ LQVDQÖPÖ]ÖQ \|QHWLPH WDOLS ROPDVÖ ûHNOLQGH GHøHUOHQGLULOHELOLU )DNDW EX WDOHELQ JHUoHNOHûPHVL NROD\ GHøLOGLU <D .DI 'DøÖ DûÖODFDN\DGD$OL&HQJL]R\XQX|øUHQLOHFHNWLU %X PDVDOODUGD VÖQÖI IDUNÖQÖ GÖûOD\DQ ELU DQODWÖP ELoLPL EXOPDNWD\Ö] 'DYXO GHQJL GHQJLQH YXUXU YH KLoELU DQDEDED NÖ]ÖQÖQ GDYXOFX\D YDUPDVÖQÖ LVWHPHGLøLQGHQ RQX NHQGL KDOLQH EÖUDNPD] $PD KLo ROPD]VD PDVDO GQ\DPÖ]GD SDGLûDKÖQ NÖ]ÖQD HOLQ oXOVX] NHO RøOXQX GDPDW RODUDN PQDVLS J|UHELOLUL] 1H ROXUVD ROVXQ ´.LELUOHQPH SDGLûDKÖP VHQGHQ E\N $OODK YDUµ GL\HELOLU YH SDGLûDKÖQ NLEULQL .HORøODQ·D NÖ] YHUGLUPHN VXUHWL\OH V|QGUWPH\L GH ELOLUL] 0DVDO EX LVH JHUoHN GH EXGXU %X JHUoHøL PDVDOÖQ GLOLQGH ROXûWXUDQ NLûL ELU ]LKQL\HW ROXûWXUPDNWDGÖU oQN 7DULKWH E|\OH .HORøODQODU oRNWXU 6RNROOX 0HKPHW 3DûD 'DPDW ùEUDKLP 3DûD YH GDKD QLFHOHUL %XQODU DUDVÖQGD .DQXQL·QLQ GDPDGÖ YH 0LKULPDK 6XOWDQ·ÖQ HûL 5VWHP 3DûD WLSLN ELU |UQHNWLU %X VHEHSOH .HORøODQ DQDVÖQÖ SDGLûDKD J|QGHUPHNWH ELU EHLV J|UP\RU YH DQDVÖ GD KX]XUD YDUDUDN $OODK·ÖQ HPUL 3H\JDPEHU·LQ NDYOL LOH SDGLûDKÖQ NÖ]ÖQÖ NHO RøOXQD LVWH\HELOL\RUGX .HOOLN ELOLQHQ DQODPÖQGDQ oRN ´\DOÖQµOÖøÖ ´oÖSODNµOÖøÖ PDQHYL VDIOÖøÖ GQ\D LVWLøQDVÖQÖ LIDGH HGHU YH EX VHEHSOH EDûÖ NDEDNOÖN \DOÖQ D\DNOÖNOD ELUOLNWH GLOH JHWLULOLU .DQQv6XOWDQ6OH\PDQ·ÖQYH]LULk]DPODUÖQGDQRODQ5VWHP3DûD.DQQv·QLQNÖ]Ö0LKULPDK 6XOWDQ·ODHYOHQGLULOPHNLVWHQLU'RøX$QDGROX·GDVHIHUKDOLQGHRODQ3DûD·\DGDPDGÖûHKUL\kUv XQYDQÖQÖOD\ÖNJ|UPH\HQOHURQXQF]]DPOÖROGXøXV|\OHQWLVLQL\D\DUODU+HNLPEDûÖQGDQ F]]DPOÖODUDELWXøUDPDGÖøÖQÖGX\DQ6XOWDQ6OH\PDQ|]HOELUDGDPÖQÖ3DûD·QÖQRUGXJDKÖQD J|QGHULSNLUOLoDPDûÖUODUÖQÖDUDûWÖUWÖUdDPDûÖUÖQGDELWEXOXQDQ3DûD·QÖQF]]DPOÖROPDGÖøÖ E|\OHFHDQODûÖOÖUYHGøQKD]ÖUOÖNODUÖEDûODU'HYULQûDLULGH ´2ODFDNELUNLPVHQLQWDOL\kU $QÖQNHKOHVLELWLGDKLLûH\DUDUµ GL\HROD\ÖQDQODPYH|QHPLQLEHOLUWLU 8OXVDO8\JXODPDOÖ(WLN.RQJUHVL .HORøODQ·ÖQ VDIOÖøÖ JQP]GHNL NDVWÖQGDQ IDUNOÖ RODUDN NDWÖûPDPÖûOÖøÖ LIDGH HGHU <DQLDVOLHUGHPOHUGHELUER]XOPD\RNWXU 'HøHU\DUJÖVÖPDVDOÖQVRQXQGDYHULOLU.HORøODQ]HNLJ|]SHNYHSDGLûDKDGDPDW ROPD\Ö J|]H DODFDN NDGDU GD NHQGLQGHQ HPLQGLU ùûWH WDP GD EX VHEHSOH .DIGDøÖ·QD XODûDFDNHUROPD\DQDP]HWWLU.DIGDøÖDûÖOPDOÖYHRUD\DXODûWÖøÖQÖQELUJ|VWHUJHVLRODUDN NÖUPÖ]ÖJOJRQFDVÖVÖQDYÖDûPÖûROPDQÖQEHUDWÖRODUDN6XOWDQ·DVXQXOPDOÖGÖU=LUD=DWÖ úkKkQH·\HOD\ÖNGDPDWROPDQÖQ\ROX.DIGDøÖ·QÖQ\ROX\ODoDNÖûÖU .DIGDøÖDûÖOPDVÖJoHQJHOOHULVHPEROL]HHGHUYHEXJoONOHULDûPDQÖQDQDKWDUÖGD PDVDOÖQ LoHULVLQGHGLU0DVDONDKUDPDQÖ HQJHOOHUGHQ LONLQL LON LPWLKDQÖQÖ DWÖQ |QQGHNL HWL LWH LWLQ |QQGHNL RWX DWD YHUHUHN JHoHU %|\OHFH ]XOP VRQD HUGLULS DGDOHWL \DQL GHQJH\L VDøODU $GDOHWLQ WHUD]LVL GHQJHGH GXUXU $GDOHWLQ ]ÖGGÖ ]XOP =XOP \DQL GHQJHVL]OLN 2 GD KHU ûH\L \HUOL \HULQH NR\DUDN DûÖOÖU .HORøODQ ]XOPQ HJHPHQOLøLQH DGDOHWL VDøOD\DUDN VRQ YHULU YH .DIGDøÖ \ROFXOXøX ELUGHQELUH J]HO 6XOWDQD YXUXOXS RQXQOD EDûJ|] ROPD VHYGDVÖQGDQ oÖNÖS \|QHWLOHQLQ PHûUX ELU ]HPLQ LoHULVLQGH \|QHWLPHRUWDNROPDVÖQÖQKLND\HVLQHG|QûU 7DULK ER\XQFD YH]LUOHULQ NDGÖODUÖQ N|W \|QHWLFLOHULQ ]XOP DOWÖQGD LQLP LQLP LQOH\HQKDONNLWOHOHULQLQLVWHGLøLYHGLOHGLøLELULFLNQLPHWWLUDGDOHW8OHPDYHKNHPDQÖQ GHYOHW DGDPODUÖQD KNPGDUD YH YH]LUOHUH KHU IÖUVDWWD DGDOHWL WDYVL\H HWPHOHULQGHNL KLNPHW EXGXU 2QODU NDOHPH DOGÖNODUÖ 6L\DVHWQDPHOHUGH DGDOHW HNVHQOL ELU \|QHWLP DKODNÖQÖ PGDIDD HWPLûOHU YH DGDOHW ROPD]VD GHYOHWLQ GH VDOWDQDWÖQ GD GD\DQDNWDQ \RNVXQNDODFDøÖQÖDQODWPD\DoDOÖûPÖûODUGÖU 'HYOHW $UDSoD GHYHOH ILLOLQGHQ WUHWLOPLû ELU NHOLPH %X NHOLPH D\ÖQ GHYUL KDUHNHWLQL LIDGH HGHU .DPHUv WDNYLPGH RQ G|UGQF JQ GROXQD\GÖU 'HYOHWLQ GH DûNÖQ GD RUWDN VHPEROGU D\ .DGLP 6PHU PLWRORMLVLQGH ´$\µ PKUOHULQ YHULOGLøL \HUGLU <DQLPKUNLPGH\VH6OH\PDQRGXU2QXQLoLQPKUJ|]ORODQODUVDNÖQÖOÖU NÖVNDQÖOÖU 2VPDQ*D]LúH\KLQLQHYLQGHU\DJ|UPHNWHGLUúH\K(GHEkOL·QLQNR\QXQGDQoÖNDQ D\ 2VPDQ *D]L·QLQ NR\QXQD JLUHU YH J|øVQGHQ XOX ELU oÖQDU IÖûNÖUDUDN o NÖWD\D \D\ÖOÖU 5\D ûH\K WDUDIÖQGDQ \RUXPODQÖU $\ \D GD KLODO GHYOHWH LûDUHWWLU ùûWH EX \]GHQGHYOHWLQLKWLûDPÖ'HYOHWO·QXQD\ÖQRQG|UGJLELSDUODNYHJ]HOGROXQD\JLEL PHQHYLûOL NÖ]ÖQGD WHFHOOL HWPLûWLU .HORøODQÖQ GHQL] J|QOQGH VXOWDQÖQ \DNDPR]ODU \DSPDVÖLûWHEX\]GHQGLUYHLûWHEX´DûNµE|\OHVLQHGHULQYH\|QHWLPVHOGLU +HUNHVLQ .DIGDøÖ IDUNOÖGÖU .HORøODQ LoLQ SDGLûDKÖQ NÖ]Ö $\ 6XOWDQ DQDVÖ LoLQ VDUD\ 3DGLûDK LoLQ LVH DGDOHW %XQXQ LoLQ ROVD JHUHNWLU NL SDGLûDK NÖ]Ö\OD L]GLYDFÖQ EHGHOL \DQL EDûOÖNSDUDVÖRODUDN.HORøODQGDQ.DIGDøÖ\ROFXOXøXQXLVWHU .HORøODQ D] JLGHUX] JLGHU'LQOHQPHN LoLQELUVXEDûÖQGD PROD YHULU %LU SLUvIDQv oÖNDU NDUûÖVÖQD 6HODP YHULUVHODP DOÖU LOHWLûLUOHU LOHWLûLPH JHoHUOHU %LUELULQH NDSÖODUÖQÖ NDSDPD] ELODNLV DoDUODU 6HODPODûPD \DEDQFÖ LNL LQVDQÖQ ELUELULQH NDSÖ DoWÖøÖ ELU LOHWLûLP ûLIUHVLGLU oQN .HORøODQ HNPHøLQLD]ÖøÖQÖ EX SvUL IDQv LOH E|OûU ùOHWLûLPOH DoÖODQ SD\ODûÖP JoONOHUL DûPDQÖQ LON DGÖPÖGÖU 3D\ODûÖP HNVLOWPH] DUWWÖUÖU $UWDQ EHOGLU EHUHNHWWLU 0DGGHQLQ SD\ODûÖPÖ GD PDQDQÖQ SD\ODûÖPÖ GD ELOJLQLQ SD\ODûÖPÖ GD E|\OHGLU SD\ODûDQÖ ]HQJLQOHûWLULU $NVDNDOOÖ LKWL\DU GDKL NHQGLVL\OH HNPHøLQL E|OûHQ D]ÖøÖQÖ SD\ODûDQ EX GHOLNDQOÖ\Ö VÖUODUÖQD RUWDN HGHU 3D\ODûÖODQ ELOJL SD\ODûÖODQ HPHøH DUPDøDQGÖUùûWH.DIGDøÖ·QDJLGHQ\ROLûWHJoONOHULDûPDQÖQGRøUXWDULIL 0.\HO´ùEQ6LQD·GD$/$./)$$/·LQ.|NOHULµùEQ6LQD·\D$UPDøDQ77.$QNDUD 5.UDPHU7DULK6PHUGH%DûODUoHY0ùOPL\HdÖø77.$QNDUD +DNDQ3R\UD]³0DVDOGDQ'HYOHWHùOHWLûLP(WLøLYH'HYOHW)HOVHIHVL$oÖVÖQGDQ%LU0DVDO2NXPD'HQHPHVL ´.DUûÖGDNL GDøÖQ DUGÖQD JLW |QQH ELU JO EDKoHVL oÖNDU *O DøDoODUÖQÖQ NRFDPDQ GLNHQOHUL YDUGÖU %X JOOHUL HOOHULQLQ NDQ UHYDQ LoHULVLQGH NDOPDVÖQD DOGÖUPDGDQ 1H J]HOJOOHUGL\HUHNNRNODµ %XUDGD û|\OH ELU QDVLKDW YDUGÖU *|]P]Q |QQGHNL J]HOL J|UPHPL]H RQXQ GLNHQLPDQLROPDVÖQ*]HORODQÖ\DNDODPDOÖûLND\HWEDEÖQGDGXUPDPDOÖ\Ö] ´2UDGDQ oÖNÖS \U 6X\X NDQ JLEL NÖUPÖ]Ö DNDQ ELU GHUH LOH NDUûÖODûDFDNVÖQ \DQÖQD JLGLS$PDQQHWHPL]VXGHELUD]Loµ %LUEDûNDQDVLKDW+HUYDUOÖNGHøHUOLGLUYHKHUûH\LQL\L\|QYDUGÖU%XQXNHûIHW ´<ROXQDGHYDPHW%LUN|ûHEDûÖQGDDWÖQ|QQGHHWLWLQ|QQGHRWJ|UHFHNVLQ(WL LWH RWX DWD YHU 2UDGDQ X]DNODû NDUûÖQD LNL NDSÖ oÖNDFDN ELUL DoÖN GLøHUL NDSDOÖ NDSDOÖ NDSÖ\ÖDoDoÖNNDSÖ\ÖNDSDµ %LUEDûNDQDVLKDW=XOPVRQDHUGLUDGDOHWLWHVLVHW .HORøODQ 3DGLûDKÖQ LVWHGLøL HPDQHWL DOÖS JHUL G|QHUNHQ .DIGDøÖ·QÖQ EHNoLVL RODQ GHYX\DQÖUYHNDSÖODUDHPUHGHU ´7XWXQûXRøODQÖNDoPDVÖQµ $oÖNNDSÖGLOHJHOLSVHVYHULU ´<ÖOODUGÖUDø]ÖQDDVPDNLOLWDVÖOPÖûNDSDOÖGXUDQELUNDSÖ\ÖPEHQ.LPVHEDQDKDOLQ QHGLUGL\HVRUPDGÖ%XRøODQLVHEHQLDoÖSIHUDKODWWÖ%HQRQXWXWDPDPµ %XUDGDQû|\OHELUGHUVoÖNDUDELOLU.DSDOÖNDSÖODUÖGÖûÖPÖ]DGRøUXDoDOÖP.HQGLPL]L NHQGLNXOHPL]HPDKNPHWPH\HOLP(WUDIÖPÖ]DGXYDUODU|UPH\HOLPùOHWLûHOLP 'HYDWLOHLWHVHVOHQLU ´7XWXQûXRøODQÖµ $WLOHLWFHYDSYHULUOHU ´%L] RQX WXWDPD\Ö] <ÖOODUGÖU ELULPL]H ]RUOD HW GLøHULPL]H ]RUOD RW \HGLUWHUHN ]XOPHGL\RUGXQ2RøODQ\L\HFHNOHULQ\HULQLGHøLûWLUHUHNEX]XOPNÖUGÖµ <LQHELUEDûNDGHUV(û\DQÖQWDELDWÖQDD\NÖUÖKDUHNHW]XOPGU .DQOÖ GHUH ´2 EHQLP J|QOP KRû WXWWXµ GL\H GLNHQOL JOOHU ´2 NDGLU NÖ\PHW ELOGLµGL\H.HORøODQD\ROYHULUOHU .HORøODQ .DIGDøÖ·QÖ DûDU YH JHOLU LûLQ HQ ]RU NÖVPÖQD 6DUD\GD YH]LUOHULQ G|QGUGø $OL &HQJL] R\XQODUÖQÖ ER]PD\D .HORøODQ GHYOHWOH .HORøODQ VL\DVHWOH E|\OHFH WDQÖûÖU .HORøODQ·ÖQ ûLPGL\H NDGDU RODQ PDFHUDVÖ ELU $QDGROX WRVXQXQXQ VL\DVHW \ROXQGD HUGHPOL \ROFXOXøXQX KLND\H HWPHNWH\GL 2 ELU JDULS .HORøODQ LNHQ NXUWOD NXûOD \DUHQOLN \DSÖS J|O NHQDUÖQGD J|OJHOLN DøDFÖQ GLELQH VÖUWÖQÖ YHULS NH\LI oDWDUNHQ \DQL PHVXWNHQ KUUL\HWL GHYOHWLQ WDVDOOXWXQGDQ X]DN KU ELU .HORøODQ LNHQ SDGLûDKÖQ$\NÖ]·ÖQÖDOÖSGHYOHWOROPXûWXU2DUWÖN.HORøODQGHøLO9H]LU.HORøODQ·GÖU 7RSOXPXQûXXUDOWÖVDGHELUoREDQÖELOHSD\ODûÖPVDEÖUPHWDQHWFHVDUHWDGDOHWJLEL KDVOHWOHUOH GRQDWDUDN \|QHWLPH ELU PHVDM YHUPHVLQH YHUPHNWHGLU DPPD .HORøODQÖ .DIGDøÖ·QGDQ GDKD Jo GDKD DFÖPDVÖ] GDKD oHWUHILO ELU \ROFXOXN EHNOHPHNWHGLU ùNWLGDUÖE|OûPHNLVWHPH\HQJoRGDNODUÖ.HORøODQ·ÖQ$\6XOWDQLOHHYOHQHELOPHVL\DQL GHYOHWORODELOPHVLLoLQRQD$OL&HQJL]2\XQXQX|øUHQPHVLQLûDUWNRûDUODU $VOÖQGD .HORøODQ NOWUGH LNL FHSKHVL RODQ ELU LUDGHQLQ JHUoHNOHûWLULFLVLGLU 6RV\DO LUDGHLOH\RODoÖNDQ.HORøODQVL\DVLLUDGHLOHEWQOHûPHNWHGLU.DIGDøÖ·QDXODûPD\ÖGD $OL&HQJL]R\XQXQXGD.HORøODQ·GDQRVL\DVLLUDGHLVWHPHNWHGLU 8VWDODU XVWDVÖ $OL &HQJL] UDNLSOHULQ RUWDGDQ NDOGÖUPDN LoLQ \] WDQH KLOH ELOPHNWH IDNDW |øUHQFLOHULQH EX KLOHOHUGHQ DQFDN GRNVDQ GRNX]XQX |øUHWPHNWHGLU (øLWLPLQL LNPDO HWWLøL KHU WDOHEHVL LOH |OPQH ELU PVDEDND\D JLULûLU $OL &HQJL] úLPGL\H NDGDU KLo ELU WDOHEHVL RQX \HQHPHPLûWLU =LUD R |øUHWPHGLøL YH VRQD VDNODGÖøÖ KQHUL LOH 8OXVDO8\JXODPDOÖ(WLN.RQJUHVL EWQ WDOHEHOHULQL YH GROD\ÖVÖ\OD PXKWHPHO UDNLSOHULQL RUWDGDQ NDOGÖUPDNWDGÖU .HORøODQ KHU QDVÖOVD KRFDVÖQÖQ VRQ QXPDUDVÖQÖ |øUHQLU YH KRFDVÖQÖ NHQGL R\XQXQGD PDWHGHU %X KLND\H\L UHWHQ ûXXU .HORøODQ·D .DIGDøÖ JLEL DûÖOPDVÖ Jo ]RUOXNODU \HULQH EHONL WHKOLNHOL DPD NÖVD \ROGDQ NXUWODUVRIUDVÖQGD YDU ROPDN LoLQ $OL &HQJL] R\XQODUÖQÖ |øUHWHUHNGHYOHWOHL]GLYDo\DSWÖUPÖûWÖUùûWHWDPEXQRNWDGD.HORøODQNHQGLQLH]HQJo NDUûÖVÖQGDH]LOPHPHNLoLQH]PH\L|øUHQPLûWLUgøUHQPLûWLU|øUHQPHVLQHGHEDûNDELU .HORøODQ·ÖQ NHQGLQL PDøOXS HWPHVLQH DOW HWPHVLQH IÖUVDW YHUPHPHN LoLQ XVWDVÖQÖQ ELoLPLQL DOPÖûWÖU $UWÖN R $OL &HQJL]OHûPLû ELU .HORøODQGÖU 2 \NVHN PDNDPODUÖQ .HORøODQÖGÖU.HORøODQLoLQLVHGHYOHWEDEDEXQGDQE|\OHGHYOHWND\ÖQEDEDROPXûWXU 'HYOHW EX JHOHQHNWH EDEDGÖU PûILN YH NRUX\XFX %DED DLOHQLQ GLUHøL GHPHN $LOHQLQ JUE] LOLûNLOHULQ VDøOÖNOÖ ROPDVÖ DLOH HIUDGÖQÖQ ]HUOHULQH GûHQ YD]LIHOHULQL PXQWD]DP YH GRøUX RODUDN \DSPDVÖ LOH PPNQGU 2\VD GHYOHWLQ HQVHVWH \|QHOGLøL WRSOXPODUGDEWQLOLûNLOHUoDUSÖNODûÖU $OLFHQJL]OHûPLû .HORøODQ LoLQ GHYOHW ND\ÖQ EDEDGÖU %X ND\ÖQ EDED ]DPDQOD PDXQ EDED\D G|QûU 0DXQ EDED PDXQ oHNPHFH PDXQ PDVD YH PDVDGDQ DGDPODU YH EURNUDVLYHGHYOHWLQLûOH\LûLGHPHNWLU 'HYOHW ¶PDVD· LVH YH PDVDQÖQ oHNPHFHOHULQGHQ HYUDNODU IÖûNÖUÖ\RUVD %X GHYOHW EURNUDVL GHPHNWLU ùûWH EX ´GHYOHWµ \DQL EX WÖUQDN LoHULVLQGH GLû GLûH WÖUQDN WÖUQDøD NÖUDQ NÖUDQD PFDGHOH DUHQDVÖ R ´PDVDµ YH RQXQ PWHPPLP F] RODQ ´NROWXNµ NHORøODQODUÖQ\ROODUÖQÖNHVHQELUPDVDOGÖU ùûWHPDVDOODUGDNLGHYOHW ùûWHGHYOHWLQPDVDOODUÖ $FDEDELOLQVH\GL´7UN0DVDO.XUXPXµGDNXUJXODQÖUPÖ\GÖ" ùûWHEL]LPPDVDOÖPÖ]GHYOHWLQEXROPDGÖøÖQÖLGGLDHGHU 7ÖEEL6RV\DO+L]PHW(WLøL úNUDQ6HYLPOL 6RV\DO+L]PHW.DYUDPÖ ´6RV\DO KL]PHWµ WHULPL JHQHO RODUDN ELUH\LQ VRV\DO \DûDPÖQÖ VDøOÖNOÖ YH GRøUX ELU ELoLPGH ROXûWXUPDVÖ YH JHOLûWLUPHVL LoLQ DOGÖøÖ GHVWHNOHU SDNHWLQL LIDGH HGHU %X SDNHW WRSOXPGDQ WRSOXPD GHøLûHQ VRV\DO \DûDP YH VRV\DO VDøOÖN NRûXOODUÖ\OD \DNÖQGDQ LOJLOL RODUDN E\U \D GD NoOU 6RV\DO KL]PHWLQ EX |]HOOLøLQL NODVLN WDQÖPÖQGD GD J|UHELOLUL] ´6RV\DO KL]PHW \RNVXOOXNODUÖQGDQ ND\QDNODQVÖQ YH\D ND\QDNODQPDVÖQ WRSOXPGDNL PHYFXW RUWDODPD \DûD\Öû YH DOJÖOD\Öû VHYL\HVLQH HOOHULQGH ROPD\DQ VHEHSOHUOH VUHOL YH\D VUHVL] RODUDN XODûDPD\ÖS VRV\DO YH\D HNRQRPLN \|QGHQ GHVWHNOHQPHJHUHNVLQLPLGX\DQNLûLOHUHNDUûÖOÖNOÖYH\DNDUûÖOÖNVÖ]ûHNLOGHVXQXODQPDGGL YH\D PDQHYL \DUGÖPODUGÖU PDO PDO]HPH \DUGÖPÖ UHKEHUOLN \|QOHQGLUPH SVLNRORMLN GHVWHNJLELµ 7DQÖPGD J|UOGø JLEL VRV\DO KL]PHW EQ\HVLQGH ELUoRN DOW DODQÖ EDUÖQGÖUDQ GLVLSOLQGLU%XWDQÖPÖQHQEHOLUJLQ|]HOOLøLVRV\DOKL]PHWWHQ\DUDUODQDQODUÖ´\RNVXORODQ YH ROPD\DQµ ELoLPLQGH EHOLUOHPHVLGLU )DUNOÖ ELU V|\OH\LûOH VRV\DO KL]PHWOHULQ KHGHI NLWOHVL VDGHFH \RNVXOODU GHøLO \RNVXO ROPDGÖøÖ KDOGH oHûLWOL \RNVXQOXNODU LoLQGH EXOXQDQODUGÖU 6RV\DO KL]PHW DODQÖQGD JHoLQPH RODQDøÖ EXODPD\DQ \RNVXO NLûLOHUH \|QHOLN RODQODUÖQ \DQÖ VÖUD HNRQRPLN \|QGHQ \HWHUOL G]H\GH RODQ IDNDW NLûLVHO QHGHQOHUOH GHøLûLN WUGH X]PDQOÖN KL]PHWOHULQH JHUHNVLQLP GX\DQ NLûLOHUH \|QHOLN KL]PHWOHUGH\HUDOPDNWDGÖU7UNL\H·GHVXQXODQKL]PHWOHUGDKDoRNPDGGL\RNVXOOXNOD LOJLOLLNHQ\HWHUVL]VD\ÖGDGDROVD6RV\DO+L]PHWOHUùO0GUOø·QHEDûYXUXGDEXOXQDQ ELUH\OHUH \DSÖODQ D\QLQDNGL \DUGÖPODU JLEL $QJOR$PHULNDQ ONHOHULQGH KHP \RNVXOOXøD KHP GH \RNVXQOXøD |QHP YHULOPHNWHGLU <RNVXOOXøX YH \RNVXQOXøX JLGHUPH\H \|QHOLN KL]PHW DODQODUÖQÖQ JHOLûWLøLQL J|UPHNWH\L] hONHPL]GH DNDGHPLN G]H\GH \DSÖODQ WDUWÖûPDODUGD \RNVXOOXøXQ \DQÖ VÖUD \RNVXQOXøXQ |QHPL GH EHOLUWLOPHNOH ELUOLNWH SUDWLNWH EXQODUOD LOJLOL VRUXQODUÖ o|]POH\HFHN \HWHUOLOLNWH VLVWHPOL oDOÖûPDODUDUDVWODPDPDNWD\Ö] 6RV\DO KL]PHW DODQODUÖQÖQ LVLPOHULQL NR\GXøXPX]GD ûX DQD EDûOÖNODUÖ KHPHQ WHVSLW HGHELOL\RUX] HYVL]OLN LûVL]OLN EHFHUL HNVLNOLøL ILQDQVPDQ VRUXQODUÖ IL]LNVHOSVLNRORMLN HNRQRPLNVHNVHOLVWLVPDUODULVWHQPH\HQJHEHOLNOHUYHoRFXNODUDQWLVRV\DOGDYUDQÖûODU YH EXQODUÖQ |QOHQPHVL VXoOXOXN PDUMLQDO JUXSODU 6RV\DO oDOÖûPDFÖODU WP EX DODQODUGD ELUH\LQ JUXEXQ YH WRSOXPXQ HøLWLP VHYL\HVLQL \NVHOWHFHN LOHWLûLPL YH JYHQLQL DUWÖUDFDN KRûJ|UOOø YH DQOD\ÖûOÖOÖøÖ JHOLûWLUHFHN VHYJL YH VD\JÖ JLEL WHPHO GHøHUOHULNRUXPD\DYHJHOLûWLUPH\H\|QHOLNSURMHOHUGHURODOÖUODU ´6RV\DO KL]PHW X]PDQÖµ \D GD ´VRV\DO oDOÖûPDFÖµ RODUDN DGODQGÖUÖODQ SURIHV\RQHO VRV\DO VDøOÖøÖQ VRUXPOXOXøXQX WDûÖ\DQ \XNDUÖGD V|] HGLOHQ DODQODUGD JUXS OLGHUL WHUDSLVW GDQÖûPDQ \|QHWLFL RODUDN J|UHY DODUDN DUDûWÖUPD \DSPD\Ö SODQ YH SURJUDP KD]ÖUODPD\ÖVWOHQPLûRODQYHEXoHUoHYHGHPHVOHNHøLWLPLDOPÖûEXOXQDQNLûLGLU 6RV\DO+L]PHW(øLWLPLQLQYHgUJWOHQPHVLQLQ7UNL\H·GHNL7DULKoHVL 6RV\DOdDOÖûPDFÖ+DON6DøOÖøÖ%LOLP8]PDQÖdXNXURYDhQLYHUVLWHVL7ÖS)DNOWHVL'HRQWRORML YH7ÖS7DULKL$QDELOLP'DOÖ 8OXVDO8\JXODPDOÖ(WLN.RQJUHVL 6RV\DO KL]PHW \D GD ùQJLOL]FH·GHQ ELUHELU oHYLUL LOH VRV\DO oDOÖûPD PHVOHøL ONHPL]H EDûODQJÖFÖQÖQLONDGÖPÖ\ÖOÖQGD6DøOÖN%DNDQOÖøÖQDEDøOÖRODUDNG|UW\ÖOOÖNELU6RV\DO +L]PHWOHU $NDGHPLVL NXUXOPDVÖ NDUDUÖQÖQ DOÖQPDVÖGÖU %X RNXO LON PH]XQODUÖQÖ \ÖOÖQGDYHUPLûPH]XQODUNDPXVDOYH|]HONXUXOXûODUGDoDOÖûPD\DEDûODPÖûODUGÖU6RV\DO oDOÖûPD HøLWLPL JHOLûPLû ONHOHUGH ROGXøX JLEL ELUoRN RNXOGD GHøLO PDDOHVHI WHN ELU PHUNH]GH \DOQÖ]FD +DFHWWHSH hQLYHUVLWHVL 6RV\DO +L]PHWOHU <NVHN 2NXOX·QGD YHULOPHNWHGLU 6RV\DO +L]PHWLQ gUJWOHQPHVL \ÖOÖQGD 6DøOÖN YH 6RV\DO <DUGÖP %DNDQOÖøÖQD EDøOÖRODUDN6RV\DO+L]PHWOHU*HQHO0GUOøNXUXOPXûWXU%XJHQHOPGUON \ÖOÖQGD 6RV\DO +L]PHWOHU *HQHO 0GUOø .DQXQX LOH %DûEDNDQOÖN EQ\HVLQH NDWÖOPÖûWÖU 7ÖEEL6RV\DO+L]PHW 7ÖEEL 6RV\DO +L]PHW WÖEEL NXUXPODUGD oDOÖûDQ VRV\DO oDOÖûPDFÖ WDUDIÖQGDQ VXQXODQ KL]PHWWLU7ÖEELVRV\DOoDOÖûPDFÖQÖQVXQGXøXKL]PHWWHPHOLQLYHLoHULøLQL'Q\D6DøOÖN gUJW·QQ VDøOÖN WDQÖPODPDVÖQGDQ DOPDNWDGÖU '6g VDøOÖøÖ ELUH\LQ EL\RORMLN SVLNRORMLN YH VRV\DO \|QGHQ WDP L\LOLN KDOL RODUDN WDQÖPODU %LU EDûND GH\LûOH VDøOÖN o ER\XWOXGXU %X ER\XWODU EL\RORMLN VDøOÖN SVLNRORMLN VDøOÖN YH VRV\DO VDøOÖNWÖU 6DøOÖN GHQLOGLøLQGH JHQHOOLNOH YH |QFHOLNOH EL\RORMLN PHGLNDO VDøOÖN DQODûÖOPDNWDGÖU 6DøOÖøÖQ EL\RORMLN ER\XWXQGDQ VRUXPOX RODQ NLûLOHU KHNLPOHUGLU 3VLNRORMLN VDøOÖN NDYUDPÖ \]\ÖOÖQ LNLQFL G|QHPLQGHQ LWLEDUHQ OLWHUDWUGH YH NDPXR\XQGD NDEXO J|UPH\H EDûODPÖûWÖU 3VLNRORMLN VDøOÖN ER\XWXQXQ VRUXPOXODUÖ SVLNL\DWUODU YH SVLNRORJODUGÖU %XQD NDUûÖQ VRUXPOX PHVOHN HOHPDQODUÖ VRV\DO oDOÖûPDFÖODU RODQ 626<$/ 6$÷/,. NDYUDPÖ OLWHUDWUGH WDQÖPODQPDPÖûWÖU 6RV\DO VDøOÖN WHULPL LNL IDUNOÖ oDøUÖûÖPD \RO DoDELOLU %X ELOGLUL oHUoHYHVLQGH ´VRV\DO VDøOÖNµ WRSOXPVDO PHNDQL]PDODUÖQ VDøOÖNOÖ LûOH\LûLDQODPÖQGDGHøLO'Q\D6DøOÖNgUJW·QQVDøOÖNWDQÖPÖQGD\HUDODQWRSOXPVDO DoÖGDQ L\LOLN KDOLQL EHOLUWPHN LoLQ NXOODQÖOPÖûWÖU 3VLNRORMLN YH EL\RORMLN VDøOÖøD \|QHOLN JLULûLPOHULQ DQFDN VRV\DO VDøOÖN oDOÖûPDODUÖ\OD WDP L\LOLN KDOLQH XODûÖODELOHFHøL JHUoHNOHûHELOHFHøLVDøOÖNSURIHV\RQHOOHULWDUDIÖQGDQNDEXOHGLOPHNWHGLU 6RV\DO VDøOÖøÖQ QHW ELU WDQÖPODQPDVÖQÖQ \DSÖOPDPÖû ROPDVÖQD NDUûÖQ WÖEEL NXUXPODUGD \DNODûÖP EL]H VRV\DO VDøOÖøÖQ |QHPVHQGLøLQL YH VDøOÖøÖQ GLøHU ER\XWODUÖ\OD HûGHøHU ELU NDEXO J|UGøQ J|VWHUPHNWHGLU g]HOOLNOH $QJOR$PHULNDQ VLVWHPLQGHNL |QFHOLNOLRODUDNROXûWXUXODQWHGDYLHNLELQGHDNODJHOHQLONoSURIHV\RQHOGHQELULVRV\DO oDOÖûPDFÖGÖU 7HGDYL HNLELQLQ EWQQ ROXûWXUDQ |QHPOL \HOHULQGHQ ELULGLU 7HGDYL HNLELQGH GRNWRU KHPûLUH\OH HûGHøHU ELU NRQXPD VDKLSWLU 6RV\DO oDOÖûPDFÖQÖQ VRV\DO VDøOÖøÖQ VRUXPOXVX RODQ WHN PHVOHN ROGXøXQX EHOLUWPLûWLN 'LøHU VDøOÖN SURIHV\RQHOOHUL\OH DUDVÖQGD |QHPOL \DNODûÖP IDUNÖ EXOXQPDNWDGÖU +HNLP YH SVLNRORJ KDVWD PHUNH]OL oDOÖûPDODU SODQODUNHQ VRV\DO oDOÖûPDFÖ KDVWD YH KDVWD \DNÖQODUÖQÖ LoHUHQ oDOÖûPDODU SODQODPDNWDGÖUODU gUQHN RODUDN WÖEEL VRV\DO KL]PHWLQ EHûLøL ONHOHUH \DQL $QJOR$PHULNDQ ONHOHULQGHNL WÖEEL VRV\DO KL]PHW X\JXODPDODUÖQD EDNWÖøÖPÖ]GD KDVWD YH KDVWD \DNÖQODUÖQÖQ ELU EWQ RODUDN HOH DOÖQÖS oHûLW KL]PHW GHøLO KL]PHWOHU SDNHWLQLQ KD]ÖUODQGÖøÖQÖ J|UPHNWH\L] dQN KDVWD YH KDVWDQÖQ DLOHVL KDVWDOÖøÖQ JHWLUGLøL DNXW NURQLNYHWHUPLQDOG|QHPKDVWDODUÖQÖQ\DûDGÖøÖEL\RORMLNDøUÖYHLûOHYND\EÖQÖQ\DQÖVÖUD KDVWDOÖNWDQ ND\QDNODQDQ NRUNX HQGLûH VWUHV oDUHVL]OLN WNHQPLûOLN o|]PV]ON ELOLQPH]OLN JLEL oRN oHûLWOL GX\JXODUOD GD EDû HWPHN GXUXPXQGDGÖU 6RV\DO oDOÖûPDFÖ KDVWD YH KDVWDQÖQ DLOHVL LOH KDVWDQH\H EDûYXUXGDQ LWLEDUHQ WHGDYL YH WHGDYL VRQUDVÖQGD \DNÖQ LUWLEDW KDOLQGH RODQ YH JHUHN NOLQLNWHNL WHGDYLVL VUHVLQFH JHUHNVH WHGDYL VRQUDVÖ úNUDQ6HYLPOL³7ÖEEL6RV\DO+L]PHW(WLøL RUWDPD X\XP VDøODPDVÖQGD \DUGÖPFÖ RODQ VDøOÖN SURIHV\RQHOLGLU 6RV\DO oDOÖûPDFÖ KDVWDQÖQ NRUX\XFX VDøOÖN YH JYHQOLN KL]PHWOHULQGHQ ELOLQoOL YH VLVWHPOL ELU ûHNLOGH \DUDUODQPDODUÖQD \DUGÖPFÖ ROXU 6RV\DO dDOÖûPDFÖ WHGDYL HNLELQLQ ELU SDUoDVÖ RODUDN KDVWDODUÖQRSWLPDOEDNÖPKL]PHWLQGHQ\DUDUODQPDODUÖQGDUROVWOHQLU 7ÖEEL6RV\DO+L]PHWLQ7DULKVHO.|NHQL ùQVDQRøOXQXQ NHQGLVL\OH YH VDøOÖøÖ\OD LOJLOHQPHVL KHUKDOGH GûQPHVL NDGDU HVNL ROPDNOD ELUOLNWH VDøOÖNOD LOJLOL PHVOHNOHULQ RUWD\D oÖNÖûÖ YH KL]PHW SURJUDPODUÖQÖQ ROXûWXUXOPDVÖ QLVSHWHQ \HQLGLU 7ÖS WDULKL ER\XQFD X]XQ VUH VDøOÖøÖ NRUXPDN YH VUGUPHNWHQ oRN KDVWDOÖNOD PFDGHOH HWPH oDEDODUÖ DøÖU EDVPÖûWÖU +HP KHNLPOHULQ PHVOHN DQOD\ÖûÖQGD KHP GH VDøOÖN SROLWLNDODUÖQGD KDVWDOÖøÖ RUWDGDQ NDOGÖUPD GûQFHVL |QSODQGD\HUDOPÖûWÖU.DGLP<XQDQSDQWHRQXQXQWÖSWDQUÖVÖ$VNOHSLRVND\EHGLOHQYH DQFDN KHNLP WDUDIÖQGDQ JHUL JHWLULOHQ ELU VDøOÖN NDYUDPÖQÖQ WHPVLOFLVL ROPXû $VNOHSLRV·XQ NÖ]Ö VDøOÖøÖ NRUXPD YH JHOLûWLUPHQLQ VLPJHVL +\JHLD LVH \]\ÖOODU ER\X EDEDVÖQÖQJ|OJHVLQGHNDOPÖûWÖU 7ÖEEL VRV\DO KL]PHWOHU LVH GRøDVÖ JHUHøL WHGDYL HGLFLGHQ oRN NRUX\XFX VDøOÖN KL]PHWOHUL EQ\HVLQGH\HUDOPDNWDNRUX\XFX YH |QOH\LFL KL]PHWOHU oHUoHYHVLQGH WHGDYL HGLFL KL]PHWOHUH J|UH oRN GDKD LûOHYVHO ELU URO DOPDNWDGÖU %X oHUoHYHGH WÖEEL VRV\DO KL]PHW PHVOHøLQLQ WÖS GQ\DVÖQÖQ ELU SDUoDVÖ RODUDN RUWD\D oÖNÖûÖ DQFDN NRUX\XFX YH |QOH\LFL DQOD\ÖûÖQ JoOHQGLøLJQP] NRûXOODUÖQGD ROPXûWXU.XûNXVX] NDUPDûÖNODûDQ WRSOXP\DSÖVÖYH]D\ÖIOD\DQLQVDQODUDUDVÖLOLûNLOHUGHE|\OHELUPHVOHøLQRUWD\DoÖNÖûÖQGD |QHPOLUROR\QDPÖûWÖU YH \]\ÖOODUGD JHOLûHQ EL\RPHGLNDO WÖS PRGHOL \]\ÖOÖQ RUWDODUÖQD GRøUX VDøOÖøÖQ EL\RORMLN \|QQQ \DQÖ VÖUD SVLNRVRV\DO \|QOHUL\OH ELUOLNWH HOH DOÖQPDVÖ GRøUXOWXVXQGD J|UûOHU EHQLPVHQPH\H EDûODPÖûWÖU 3VLNRVRV\DO DODQGD GDKD \RøXQ KL]PHW YHUPH ND\JÖVÖ |]JQ PHVOHNOHUH JHUHNVLQLP GX\XOPDVÖQD \RO DoPÖûWÖU 7ÖEEL VRV\DO oDOÖûPDFÖODU YH NOLQLN SVLNRORJODU EX JHUHNVLQLPLQ UQGU 6RV\DO VDøOÖøÖQ \]\ÖOGD oRN |QHPVHQLS ]HULQGH GXUXODFDN ELU DODQ RODFDøÖ GûQOPHNWHGLU %L\RPHGLNDO WÖS DQOD\ÖûÖQÖQ \NVHN HNRQRPLN EHGHO SDKDVÖQD WDWPLQ HGLFL VRQXoODU YHUHPH\LûL EL\RSVLNRVRV\DO VDøOÖN DQOD\ÖûÖQÖQ YH NRUX\XFX |QOH\LFL WÖS \DNODûÖPÖQÖQ |QHPLDUWWÖUPDNWDGÖU 7ÖEEL6RV\DO+L]PHWLQùûOHYL3VLNRVRV\DO'HVWHN +DVWDOÖN RUJDQL]PDGD ELUWDNÖP GHøLûLNOLNOHULQ PH\GDQD JHOPHVL\OH IL]\RORMLN LûOHYOHULQ ER]XOPDVÖ KDOLGLU ELU NUL] GXUXPXGXU %X NUL]GHQ JHUHN KDVWD RODQ ELUH\ JHUHNVH \DNÖQODUÖ HWNLOHQLU 7P NUL] GXUXPODUÖQGD ROGXøX JLEL VRV\DO LOLûNLOHU EHNOHQWLOHU \DûDPÖ DOJÖOD\Öû JLEL SHN oRN ER\XWWD GHøLûLNOLN RUWD\D oÖNDU %LU WU \HQLOHQPHGHøLûPHG|QHPLGLU%X\HQLOHQPHYHGHøLûLPLQROXPOXYHVDøOÖNOÖELU\|QGH ROPDVÖ NUL]OH KHP KDVWD KHP GH KDVWD \DNÖQODUÖQÖQ EDû HGHELOPHVL LoLQ SURIHV\RQHO \DUGÖPD JHUHNVLQLP YDUGÖU %X YH EHQ]HUL QHGHQOHUOH VDøOÖN YH KDVWDOÖøD \|QHOLN oDOÖûPDODUGD EL\RSVLNRVRV\DO ELU PRGHO KD]ÖUODQPDVÖ HWNLQ RODUDN KL]PHW YHULOPHVL JHUHNPHNWHGLU7HGDYLHNLELQLQ|QHPOLELU|øHVLRODQVRV\DOoDOÖûPDFÖNHQGLQL\HWHUVL] oDUHVL]o|]P\ROODUÖWÖNDQPÖû\DUÖQGDQND\JÖYHNRUNXLOHEDKVHGHQXPXGXQoRND] ROGXøX GX\JXVDO YH GûQVHO oÖNPD]D JLUHQ KDVWD YH KDVWD \DNÖQODUÖQD SURIHV\RQHO GHVWHN LOH \DûDPÖ \HQLGHQ VHYPH LVWHPH ND\JÖ YH NRUNXODUÖQGDQ NXUWXODUDN KDVWDOÖNOD PFDGHOH HWPH\H YH VDøOÖNODUÖQÖ NRUXPD\D \|QHOLN |QOHPOHUL JHUoHNOHûWLUPHOHULQH \DUGÖPFÖROXU 8OXVDO8\JXODPDOÖ(WLN.RQJUHVL 3VLNRVRV\DO GHVWHøLQ KDVWDOÖøÖQ VH\UL ]HULQH \DSÖODQ DUDûWÖUPDODU |QHPVHQHFHN GHUHFHGHROXPOXHWNLOHULROGXøXQXEHOLUWPHNWHGLU$UWÖNVDøOÖNVRUXQODUÖYHKL]PHWOHULQ ROXûWXUGXøX \HQL JHUHNVLQLPOHU WÖS DODQÖQGD GLøHU GLVLSOLQOHULQ NDWNÖODUÖQÖ YH RUWDN oDOÖûPD\Ö GD ]RUXQOX NÖOPDNWDGÖU gUQHøLQ EL\RPHGLNDO JHOLûPHOHU |PU X]DWPDNOD ELUOLNWH NURQLN KDVWDOÖNODUÖQ JLGHUHN DUWPDVÖQD GD QHGHQ ROPDNWDGÖU g]HOOLNOH NURQLN UDKDWVÖ]OÖNODUÖ RODQ ELUH\OHULQ \DOQÖ] NHQGLOHUL GHøLO DLOHOHUL GH SVLNRVRV\DO DoÖGDQ HWNLOHQPHNWHGLUOHU +DVWD\OD LOHWLûLPOHUL NRQXVXQGD oHûLWOL VRUXQODU \DûDPDNWDODU +DVWD ELUH\LQ \DûDPÖQÖ VUGUPHVLQGH VRV\DO GHVWHøLQ oRN |QHPOL ROGXøX ELOLQPHNWHGLU )DNDWEXVRV\DOGHVWHøLQGHELOLQoOLRODUDNYHULOPHVLGR]XQXQL\LD\DUODQPDVÖJHUHNOLGLU 'HQJHOL YHULOPH\HQ VRV\DO GHVWHN |UQHøLQ KDVWD ELUH\LQ WP LûOHULQL \DSPDN KDVWD \DNÖQÖQÖ DûÖUÖ GHUHFHGH \RUDFDN YH KDVWD WDUDIÖQGDQ LVWLVPDUÖQD GD QHGHQ RODELOHFHNWLU .ÖVD VUHGH \HQL GXUXPD DOÖûDQ KDVWD EX GXUXPX GHYDP HWWLUPHN LVWH\HELOLU %X YH EHQ]HUL QHGHQOHUOH KDVWD NDGDU KDVWD \DNÖQODUÖQÖQ GD HøLWLPL ELOJLOHQGLULOPHVL YH \|QOHQGLULOPHOHULQGH VRV\DO oDOÖûPDFÖQÖQ KD]ÖUODGÖøÖ KDVWD YH KDVWD \DNÖQODUÖ KL]PHW SURJUDPÖ WHGDYL VUHFLQH GLUHNW NDWNÖGD EXOXQDFDN YH \HQL KDVWDODUÖQ ROXûPDVÖQGD GD NRUX\XFX|QOHPRODFDNWÖU dQN KDVWDOÖN VRV\DO ELU ROJXGXU YH DVOD WHN ELU NLûL\L HWNLOHPHNOH \HWLQPH] +DVWDOÖNOD PFDGHOHGH KDVWDQÖQ \DQÖ VÖUD KDVWD \DNÖQODUÖQD GD oRN |QHPOL J|UHYOHU GûPHNWHGLU +DVWDQHGHNL WHGDYL HNLEL ROXûWXUPDQÖQ DUND SODQÖQGDNL KDVWDOÖøÖ GHWD\OÖ GHøHUOHQGLUPH GûQFHVL ROD\GDQ HWNLOHQHQ WP NLûLOHULQ GH GHøHUOHQGLULOPHVL\OH EWQFOELUWXWXPJHUoHNOHûWLULOLU 6RV\DO6DøOÖNWD.OWUHOgøHOHULQgQHPL 6RV\DO VDøOÖN GHQLOGLøLQGH NOWU YH NOWU ROXûWXUDQ |øHOHU GLQ JHOHQHN YH J|UHQHNOHU HNRQRPL SROLWLND YH SVLNRORMLN VDøOÖN DoÖVÖQGDQ |QHPOL RODQ JYHQ VD\JÖ NDEXO VHYJL LOHWLûLP NHQGLQL LIDGH HWPH EHFHULVL GH \HU DOPDNWDGÖU %X oOGHQ ELULQL |QHPVHPHGLøLPL]GH VDøOÖøÖ \D GD GLøHU ELU GH\LûOH \DûDPÖ ELU EWQ RODUDN |QHPVHPHPLû YH JHUoHNOHûPHVLQL HQJHOOHPLû ROXUX] g]HOOLNOH GLQ NOWUQ HQ JoO |øHVLGLU +DVWD YH KDVWD \DNÖQODUÖ WHGDYL VUHVL YH VRQUDVÖQGD GD LQDQoODUÖ\OD X\XPOX GDYUDQÖûODUÖQ VHUJLOHQGLøL ELU WHGDYL SURJUDPÖQÖ WHUFLK HGHELOLU dQN LQVDQÖQ \DûDPÖ YH |OP DOJÖOD\ÖûÖQÖQ GD LS XoODUÖQÖ YHULU ùQDQPDN EHUDEHULQGH LQVDQÖQ \DûDPD LVWHøLQLQ JFQ GH YXUJXODU 'LQOHU FHQQHW FHKHQQHP \D GD UHHQNDUQDV\RQ NDYUDPODUÖ\OD LQVDQÖQ VRQVX] \DûDPD LVWHøLQH GH \DQÖW YHUPHNWHGLUOHU dQN FHQQHWWH GH FHKHQQHPGH GH |OP \RNWXU %X GXUXP \DûDPD LVWHøL oRN JoO RODQ SHN oRN LQVDQ LoLQ |QHPOLGLU %LU VU VRUXQ DFÖ LûNHQFH YH EHQ]HUOHULQH UDøPHQ LQVDQ \DûDPD\Ö oRN VHYPHNWH \DûDPGDQ DQFDN YH DQFDN NÖVD VUHOL YD]JHoPH\H UD]Ö ROPDNWDGÖU )DQL GQ\DGD |OP YDUGÖU gOP LQVDQÖQ o|]HPHGLøL DOJÖODPDNWD YH NDEXOOHQPHNWH ]RUODQGÖøÖ ELU NDYUDPGÖU 2\VD |EU GQ\DGD DFÖ oHNVH GH oHNPHVH GH J]HO ûH\OHU VXQXOVD GD VXQXOPDVD GD |OP \RNWXU %LU EDûND GH\LûOH |EU GQ\D |OPQ XODûDPDGÖøÖ ELU PHNkQGÖU ùQVDQ R PHNkQD KD]ÖUODQPDN LoLQ WP JHUHNOHUL VHYHUHN\HULQHJHWLUPHNWHGLU%XQHGHQOHUOHGLQLLQDQÖûODUoRNSHNoRN|QHPOLGLU'LQL LQDQÖûÖQ EHUDEHULQGH JHOHQHN YH J|UHQHNOHU GH |QHPOL ELU URO R\QDU *HOHQHN YH J|UHQHNOHUKDVWDQÖQ\DûDGÖøÖGQ\D\DLOLûNLQEHNOHQWLOHULQLDQODWPDNWDGÖU 6RV\DO oDOÖûPD DNVDWPDPDVÖ LoLQ PHVOHøL oRN L\L X\JXODPDODUÖQGD GHøHUOHQGLULOLS GHøHUOHQGLULOPLûROPDNGXUXPXQGDGÖU 7ÖEEL6RV\DO+L]PHW8]PDQÖQÖQ*|UHYOHUL NOWUHO VXQXODFDN IDNW|UOHULQGH KL]PHW X\JXODPD\Ö SURJUDPÖQGD GD úNUDQ6HYLPOL³7ÖEEL6RV\DO+L]PHW(WLøL # +DVWDYHKDVWD\DNÖQÖ\ODJ|UûPHYHGDQÖûPDQOÖNKL]PHWL # +DVWDLOHLOJLOLoHûLWOL|QHPOLELOJLOHULWRSODPDYHGHøHUOHQGLUPH # +DVWDQÖQELUH\VHOYHVRV\DOJ|UHYOHULQLJHUoHNOHûWLUPHOHULQH\DUGÖPFÖROPD # .LûLVHOSODQODUÖQD\DUGÖPHWPH # 'LøHUSURIHV\RQHOYHWRSOXPND\QDNODUÖQGDQKDVWDQÖQ\DUDUODQPDVÖQÖVDøODPD # 6RV\DOSUREOHPOHULQo|]PLoLQNRRUGLQHoDOÖûPDODUSODQODPDYHNDWÖOPD # *|UHY\DSÖODQNOLQLN|]HOOLNOHULQLL\LDQODPDEXNRQXGDKDVWD\ÖYHKDVWD\DNÖQÖQÖ ELOJLOHQGLUPH 7ÖEEL6RV\DO+L]PHW8]PDQÖQÖQ6DKLS2OPDVÖ*HUHNHQg]HOOLNOHU # 2OJXQOXN # .HQGLQHJYHQOLROPDN # 7HPL]YHEDNÖPOÖROPDN # *]HONRQXûPDYHJ]HO\D]PDEHFHULVLQHVDKLSROPDN # 'LQOHPHVLQLELOPHN # 3URIHV\RQHOYHVLVWHPOLGûQPHN # 'HøHUOHULDoÖNELUûHNLOGHDQODPDHWLN # 3URIHV\RQHO\DUGÖPEHFHULVLQHVDKLSROPDN # 6RV\DO HNRQRPLN \D GD ELUH\VHO GHøHUOHULQ |WHVLQGH HYUHQVHO GHøHUOHUH X\JXQ EDøÖPVÖ]|]JUGûQPH\HWHQHøLQHVDKLSROPDN # 7HGDYL HNLELQLQ GHøHUOHULQL ELOPHN DQODPDN YH KDVWD YH KDVWD \DNÖQODUÖQÖ EX NRQXGDELOJLOHQGLUPHN # +DVWD YH KDVWD \DNÖQODUÖQÖQ GHøHUOHULQL DQODPDN YH WHGDYL HNLELQL EX NRQXGD ELOJLOHQGLUPHN # <DûDPDROXPOXYHVÖFDNEDNPDDOJÖODPDEHFHULVLQLJHOLûWLUPLûROPD # (WNLOLLOHWLûLPEHFHULVLQHVDKLSROPDN 7ÖEEL6RV\DO+L]PHWLQ(WLNùONHOHUL 7ÖEELVRV\DOKL]PHWHWLøLVDøOÖNSURIHV\RQHOOLøLoHUoHYHVLQGHEHQLPVHQHQJHQHOHWLN LONHOHULQDODQD|]JQLWHOLNOHUHX\DUODQPDVÖ\ODRUWD\DoÖNPÖûWÖU %LOLQGLøL JLEL WÖS HWLøLQLQ JHQHOOLNOH EHQLPVHQHQ |QFHOLNOL G|UW WHPHO LONHVL \DUDU VDøODPD]DUDUYHUPHPH|]HUNOLøHVD\JÖJ|VWHUPHYHDGLOROPDGÖU)DUNOÖELU \DNODûÖPLVH\DûDPDVD\JÖGX\PD\ÖWHNDQDLONHRODUDNJ|UPHNWHGLU 7ÖEEL VRV\DO KL]PHW GLøHU VDøOÖN SURIHV\RQHOOLNOHULQH J|UH NLûLVHO LOLûNLQLQ GDKD |Q SODQDJHoWLøLWRSOXPVDOGHøHUOHULQGDKDID]ODGHYUH\HJLUGLøLWRSOXPVDO|UJWOHQPHQLQ NXUXPVDO \DSÖODUÖQÖ YH NXUDOODUÖQÖ L\L WDQÖPDQÖQ JHUHNWLøL ELU DODQGÖU 7ÖEEL VRV\DO KL]PHW HWLøL GH WÖEEL VRV\DO KL]PHWLQ EX |]HOOLNOHULQH X\JXQ ELoLPGH JL]OLOLN |]HUNOLN \DUDUOÖOÖN ]DUDU YHUPHPH DGDOHW LONHOHUL EHQLPVHQPLû YH VRV\DO KL]PHWSUDWLøLQGH|QFHOLNOLRODUDN\HUDOPDNWDGÖU *L]OLOLN PDKUHPL\HW LONHVL VRV\DO oDOÖûPDFÖQÖQ KDVWD YH KDVWD \DNÖQODUÖ LOH \DSWÖøÖ oDOÖûPD VUHVLQFH YH oDOÖûPD ELWWLNWHQ VRQUD GD JHoHUOL RODQ ELU LONHGLU *L]OLOLN LONHVL oRN |]HO GXUXPODU V|] NRQXVX ROGXøXQGD ER]XOXU *L]OLOLN LONHVLQH X\XOPDGÖøÖ GXUXPODULVWLVPDUVXoLûOHPHoQFELUNLûL\HKHUKDQJLELUûHNLOGH]DUDUYHUPHVLV|] NRQXVX RODQ GXUXPODU g]HUNOLN LONHVL HWLN GRQDQÖPOÖ VRV\DO oDOÖûPDFÖ KDVWD YH KDVWD \DNÖQODUÖQ NDUDUODUÖQÖ GHøHUOHQGLULUNHQ |QFHOLN GXUXPXQD J|UH NHQGL NDUDUODUÖQÖ NHQGLOHUL YHUPHOHUL GRøUXOWXVXQGD KDUHNHW HGHU YH IDUNOÖ KL]PHW DOÖPODUÖ VUHVLQFH GH EXQDKLINXUDOÖJ|]|QQGHEXOXQGXUXU2OGXNoDLQFHELUoL]JLRODQ|]HUNOLNKDVWDQÖQ \DQÖ VÖUD KDVWD \DNÖQODUÖQÖQ GD |]HUNOLøL V|] NRQXVX ROXQFD oRN GDKD |]HQOL ROPD\Ö 8OXVDO8\JXODPDOÖ(WLN.RQJUHVL JHUHNWLULU <DUDUOÖOÖN LONHVL VRV\DO oDOÖûPDFÖ KDVWD YH KDVWD \DNÖQODUÖQÖQ PDNVLPXP G]H\GH YDU RODQ NRûXOODUGDQ \DUDUODQPDVÖQD GLNNDW HGHU JHUHNOL RODQ QRNWDODU GD GDQÖûPDQOÖN \DSDU +DVWD NXUXPD EDûYXUGXøX GDNLNDGDQ LWLEDUHQ YH WDEXUFX ROGXNWDQ VRQUD GD VXQXODQ KL]PHWWHQ \DUDUODQPDVÖ YH ]DUDU J|UPHPHVL LoLQ JHUHNHQ |]HQ J|VWHULOLUEXoDOÖûPDODUDGDOHWLONHVLGHJ|]|QQGHEXOXQGXUXODUDN\DSÖOÖU <XNDUÖGD EHOLUWLOHQ WÖEEL VRV\DO KL]PHW HWLøL oHUoHYHVLQGH VRV\DO oDOÖûPDFÖQÖQ QHOHU \DSDELOHFHøLQH ELUD] GDKD DoÖNOÖN ND]DQGÖUPDN LoLQ 1HZ <RUN (\DOHWLQGHQ ELU |UQHN YDND7UNL\H·GHWÖEELVRV\DOKL]PHWLQHWLNER\XWXQGDQVRQUDWDUWÖûÖODFDNWÖU 7UNL\H·GH7ÖEEL6RV\DO+L]PHWLQ(WLN%R\XWX 7UNL\H·GH QLWHOLNVHO YH QLFHOLNVHO G]H\GH ROPD\DQ VRUXQODUD \DQÖW YHUHFHN |OoGH JHOLûHPHPLû RODQ VRV\DO oDOÖûPD PHVOHøLQGHQ V|] HWPHN LVWL\RUXP dQN VRV\DO oDOÖûPDFÖVRV\DOVDøOÖNKL]PHWOHULQLJHUoHNOHûWLUHFHNEXDODQGDHøLWLPDODQNLûLGLU'LøHU ELU GH\LûOH VRV\DO oDOÖûPDFÖ VRV\DO VDøOÖøÖQ |QFHOLNOL ROGXøX EX DODQODUGD JUXS OLGHUL WHUDSLVW GDQÖûPDQ \|QHWLFL RODUDN J|UHY DODQ DUDûWÖUPD YH SODQ SURJUDP KD]ÖUODPDN ]HUHPHVOHNHøLWLPLDOPÖûNLûLGLU hONHPL]GH VRV\DO oDOÖûPDFÖODU 6+d(. GD J|UHY \DSPDNWDGÖUODU +DVWDQHGH WÖEEL VRV\DO oDOÖûPDFÖ RODUDN J|UHY \DSDQ oRN D] NLûL ROPDVÖ YH GROD\ÖVÖ\OD GD EX DODQGD KHUKDQJL ELU X]PDQOÖøÖQ V|] NRQXVX ROPDPDVÖ QHGHQL\OH WÖEEL VRV\DO KL]PHW YH WÖEEL VRV\DOKL]PHWHWLøLROXûPDPÖûWÖU \ÖOÖQGD \DSÖODQ 2ODøDQ *HQHO .XUXOXQGD 8OXVODUDUDVÖ 6RV\DO +L]PHW 8]PDQODUÖ )HGHUDV\RQX (WLN LONH YH NXUDOODUÖ NDEXO HWPLûWLU 6RV\DO oDOÖûPDFÖODU KD]ÖUODQDQEXHWLNLONHOHUoHUoHYHVLQGHKDUHNHWHWPHNWHGLUOHU*HQHOVRV\DOKL]PHWHWLøL LONHOHUL KHU ELU DODQD X\JXODQDELOLU ROPDNOD ELUOLNWH KHU ELU DODQ LoLQ D\QÖ LONHOHUL LoHUHQ IDNDW D\UÖQWÖODUGD DODQÖ J|] |QQGH EXOXQGXUDFDN HWLN LONHOHU JHOLûWLULOPHVL \DUDUOÖ RODFDNWÖU dQN ELU VXoOXODU LoLQ KD]ÖUODQDQ VRV\DO KL]PHW PRGHOL YH KL]PHW SDNHWL oRFXN\XYDVÖQDWHUNHGLOHQ\DGDEÖUDNÖODQoRFXNODUÖQNL\OH\DGDKX]XUHYOHULQLQoDOÖûPD SDNHWLQGHQ IDUNOÖ RODFDNWÖU 7ÖEEL VRV\DO KL]PHW HWLøL LVH WP EX DODQODUGDQ GD IDUNOÖ RODFDNWÖU 9DND 0U -RQHV \DûÖQGD KD\DWÖ oRN VHYHQ ELU NLûLGLU +HU ]DPDQ 7DQUÖ·QÖQ NHQGLVLQL NLPVH\H PXKWDo HWPHPHVL LoLQ GXD HWPHNWHGLU %DøÖPVÖ]OÖøÖQD oRN |QHP YHUHQ ]HULQGH KDVVDVL\HWOH GXUDQ ELU NLûLOLøH VDKLSWLU 0U-RQHV VRQ D\GÖU VUHNOL NLOR ND\EHWPH\H YH VUHNOL |NVUPH\H EDûODPÖûWÖU 0HGLNDO WHVW VRQXFX NRUNXWXFX KDEHUL |øUHQLU$NFLøHU&$WHûKLVLNR\XOPXûWXU$NFLøHU&D·QÖQWHUPLQDOG|QHPGHROGXøXYH DQFDND\OÖNELU\DûDPVUHVLQLQRODELOHFHøLQGHQV|]HGLOLU0U-RQHVoRFXøXQXQKHU ELUL IDUNOÖ UHDNVL\RQ YHULU .Ö]Ö WHûKLVLQ GRøUXOXøXQX NDEXOOHQPHN LVWHPH] 2øOX LVH EDEDVÖ LoLQ JHUHNOL KHU WUO PGDKDOHQLQ \DSÖOPDVÖQÖ YH EDEDVÖQÖQ \DûDP VUHVLQLQ X]DWÖOPDVÖQÖ LVWHU 'LøHU WDUDIWDQ ILQDQV LOH LOJLOL HQGLûHOHUL YDUGÖU oQN NHQGL LûVL]GLU YH EDEDVÖQÖQ WHGDYL JHUHNVLQLPOHUL 7ÖEEL <DUGÖP %URVX 0HGLFDLG WDUDIÖQGDQ NDUûÖODQDFDNWÖU EX PLNWDU oRN VW G]H\GH ELU WHGDYL SURJUDPÖQGDQ \DUDUODQPDVÖQD RODQDN WDQÖPDPDNWDGÖU %X DUDGD 0U -RQHV LVH ROGXNoD ]JQGU oQN DLOHVLQH |QHPOL ELU VRUXPOXOXN \NOHPHNWHGLU $LOHVLQLQ HNRQRPLN GXUXPXQXQ EX \N NDOGÖUDPD\DFDøÖQÖGûQHQ0U-RQHV·XQDNOÖQDELU
Benzer belgeler
Modern Algı Teorisinin Teolojik Kökenleri
LQúDHGLOPHVLGHEXG|QHPGHJHUoHNOHúWL%LUELUOHULLOHLOHWLúLPNXUDPD\DFDN
NDGDU IDUNOÕ OHKoHOHUL NRQXúDQ \HUHOOLNOHU NOWUHO ELUOLNWHOLNOHULQL SROLWLN
PHUNH]OHULQHWUDIÕQGDELUDUD\D...